Los Angeles proposes $4.1B budget, says significant profit if chosen as Olympic candidate

A mayor's adviser says that if the city of Los Angeles becomes the U.S. candidate for the 2024 Olympics after Boston's recent drop from contention, the organizers' proposed budget for the Summer Games would be $4.1 billion.

Jeff Millman, a senior adviser to Mayor Eric Garcetti, told The Associated Press on Monday that the budget also includes a $400 million contingency, half of which is to cover city expenses.

Millman says they city's projection anticipates revenues far in excess of $4.5 billion and a significant profit.

The budget is not from city funding, but would instead come to the Los Angeles organizing committee from such sources as broadcast revenue, sponsorships and tickets.

Boston had proposed a budget under $5 billion, but its candidacy flamed out late last month.