If LA bids for 2024 Olympics, will taxpayers be on the hook? – Los Angeles Times

When Los Angeles City Council members vote on pursuing the 2024 Summer Olympics this week, they will be deferring an issue that will probably return to haunt them: Whether city taxpayers should be made liable for budget overruns on the event, which is expected to cost at least $5.8 billion.

Boston’s bid for the Games collapsed in July after the city’s mayor balked at the fiscal guarantee, which the International Olympic Committee typically demands of host cities. In recent weeks, as preliminary plans and financial projections for L.A.’s bid have taken shape, city analysts have questioned the wisdom of consenting to cover excess costs.

On Tuesday, the council will vote on whether to authorize Mayor Eric Garcetti — who says he is willing to commit taxpayers to cover cost overruns — to move ahead with the bidding process by entering an agreement with the U.S. Olympic Committee.

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