11/26/2012 11:42 EST | Updated 01/26/2013 05:12 EST

Pan Am Games on budget, with five venue projects under construction

TORONTO - Organizers for the Toronto 2015 Pan Am Games says they're on budget and have five venue projects under construction.

TO2015 has released its first quarterly report to the public, saying it remains on track with its $1.44-billion budget.

Out of a total of $674 million slated for capital projects, the committee says it's currently $57.5 million under budget.

That figure takes into account the Milton Velodrome that is projected to come in $6 million more than planned.

But the organizers say financial contingencies are built into each budget and the risk of cost increases have been shifted to private sector contractors.

Five construction projects are currently underway — including Toronto's athletics stadium, aquatics centre and fieldhouse — with four other venue projects expected to start over the next two years.

"This means we're in excellent shape moving forward with financial cushion that bodes well for any future flexibility we need," CEO Ian Troop said in a conference call Monday.

"It also means that we're on time to be able to have our venues ready for test events in 2014."