Venue construction for the 2010 Winter Olympics is on schedule with about half of the construction budget now spent, organizers said in a financial report on Thursday.

The Vancouver Olympic Organizing Committee said it spent about C$2 million ($1.9 million) from a contingency fund during the financial quarter ended April 30, but still believes the C$580 million construction budget will be adequate.

VANOC has estimated it will cost about C$1.6 billion to host the Winter Games, including venue building, although that figure does not include public money for related projects such as highway improvements or government security costs.

Competitions will be held in the Vancouver area and at the mountain resort community of Whistler, about 125 km (77 miles) away.

Games organizers have said they expect to have all but three of the competition venues completed by next winter so they can be used by athletes in two years of pre-Olympic events.

($1=$1.16 Canadian)