£100m a month spent on 2012 Olympics

Noting the scale of the £9.3 billion Olympic budget, she said: "The Delivery Authority (in charge of Olympic build and infrastructure) is now spending at the rate of £100 million a month - 23% of the construction having been committed and only 9% of the contingency to this date."

She told local authority officials at a London conference there would be "no more public money" for the £9.325 billion budget which is treble original estimates.

She said: "The Exchequer is contributing 64% of that cost, the Lottery is contributing 23%, broadly in line with Lottery contribution to the Millennium and London taxpayers are contributing somewhere around 11% of the total.

"The budget is identified and remains the same now as it did when I made the revised budget which I said we would always have to do. There is no more money and as I have said before we are on time and on budget."

Meanwhile, sports chiefs have taken a hard-line approach to the chase for medals at the London 2012 Olympics by allocating the bulk of the £292 million funding announced to sports which can win.

Despite a £50 million shortfall in its budget for elite athletes, UK Sport is still targeting a top four place in the medals table at the 2012 Olympics and second place at the 2012 Paralympics.

They also declared their intention to win more medals across more sports than ever before in the hope of producing the best performance by British teams for 100 years.

Funding was confirmed for 19 Olympic and 14 Paralympic sports for the 2009 to 2013 period. Another £12 million is to be announced for another eight Olympic and four Paralympic sports.

UK Sport's chair Sue Campbell said the funding agency is taking a "brutal no compromise approach" based on past performance and future potential.