Tokyo Allots $425M For Olympics In Draft Of Fiscal 2017 Budget

The Tokyo metropolitan government released a draft of its fiscal '17 budget Wednesday earmarking 48.3B yen ($425M) for preparations for the 2020 Olympics and Paralympics in the capital, according to KYODO. The first metropolitan budget compiled by Governor Yuriko Koike, who was elected last July, has an outlay for the Tokyo Games that is 13.8B yen ($120M) smaller than the previous year. The decline "is largely due to trimming of expenses for purchasing athlete's village sites under the draft budget for the year starting in April." The draft budget covers the governor's plans to boost funds for the Tokyo Organizing Committee of the Olympic and Paralympic Games. The metropolitan government, the state and the organizing committee "are negotiating their shares of costs for holding the sports events." The shares were not included in the draft. Meanwhile, the 6.95T yen ($6.7B) draft budget "does not include compensation costs related to the delayed relocation of a fish market" (KYODO, 1/25).