The government has admitted that the cost of certain London 2010 Olympic and Paralympic venues have increased by as much as £196m, although it insists preparation for the Games is "on track and on budget".

According to the government's Olympic Executive Annual Report, the cost forecast for the Olympic stadium – one of five permanent venues at the east London site – has risen to £547m, an increase of £22m since July 2008, and £51m since 2007. The aquatics centre has also increased by £5m to £251m ( the 2007 forecast was £214m), and the veldrome has risen from £80m to £105m; nearly a third of the original cost.

Olympic Delivery Authority (ODA) chair, John Armitt, said: “We are managing the budget as an overall envelope. Where there are cost pressures in some areas, such as on venues, we are working to offset these by making savings in other areas, such as the clean up of the site and infrastructure projects. “Work continues to make good progress on site and at this point we are not asking for any more contingency."

In January, following a shortfall in private sector funding, £394m was allocated to the development of the Olympic Village and media centre from the Olympic Funders’ Group contingency, the part of the budget designed to guard against risks outside the control of the ODA. The ODA’s programme contingency has also provided £67m, although the government assures that the £9.3bn overall budget (announced in March 2007) remains the same.

Olympics minister, Tessa Jowell, said: “While cost forecasts have risen on some venues, these increases have been offset by savings in infrastructure around the venues and work to clean up the park. “We are now halfway through the project with three quarters of the contingency left available, and we are confident that we can deliver on time and within budget.”