The report included a first quarter update to the city, outlining "significant progress" made during 2021.

Los Angeles 2028 said it had made progress in expanding its business operations, maturing Games planning with key delivery partners, growing the LA28 brand awareness and engagement, engaging the Los Angeles community, and solidifying its commercial future.

"LA28 states that business operations continued adjusting for the evolving public health environment," the report said.

"Activities were focused on ensuring a solid financial foundation to prepare for any potential near-term business disruption caused by COVID-19.

"Operating reserves remain healthy due to a combination of the International Olympic Committee’s quarterly payments ($9 million) for a total of $36 million in 2021, as well as a substantial reduction or deferral of planned contractual, administrative, and travel spending.

"In 2021, LA28 entered into key commercial agreements including partnerships with Salesforce, Comcast, and Deloitte, and a hospitality service agreement with On Location.

"The 2028 Games Budget remains consistent with the prior reported budget totalling $6,884 billion.

"LA28 notes that the execution of the Games Agreement between the City and LA28 was a major milestone in Games planning activities.

"Central to the Games Agreement is a framework for the reimbursement of City services to support the 2028 Games and commitments in support of workforce development, accessibility, sustainability, arts and culture, human rights, and legacy."

The report said it reiterated the commitment to provide $160 million (£123 million/€148 million) in funding to support youth sport participation.

A total of $9.6 million (£7.3 million/€8.8 million) was committed to the 2021 to 2022 youth sports plan, with the remainder granted in subsequent cycles.

The Organising Committee reported a deficit of $33.9 million (£26 million/€31 million) in 2021, with the net deficit standing at $74.4 million (£57 million/€69 million) on December 31 in 2021.

The organisation’s cash balance stood at $59 million (£45 million/€54 million).

The International Olympic Committee (IOC) is providing an initial $180 million (£138 million/€166 million) to Los Angeles 2028, comprising of quarterly instalments of $9 million (£6.9 million/€8.3 million) over a five-year period starting in 2018.

The figure forms part of the IOC’s contribution to the Organising Committee through television revenues for the Games.

The report notes upcoming financial commitments, including through the joint venture agreement.

The U.S. Olympic and Paralympic Properties (USOPP) is the commercial joint venture between the Los Angeles 2028 and the United States Olympic and Paralympic Committee (USOPC).

The report says the USOPP is obligated to pay USOPC fixed quarterly distributions from 2021 to 2028, with payments to be made in either cash or via usage of value-in-kind that USOPP receives as consideration under certain domestic rights agreements.

The USOPC was due to receive $46 million (£35 million/€42 million) in 2021 from the USOPP, with $58 million (£45 million/€54 million) due for the next three years.

The final four years will see payments of $64 million (£49 million/€59 million), taking the total obligations to the USOPC to $476 million (£366 million/€439 million).

Los Angeles 2028 is seeking $2.5 billion (£1.9 billion/€2.2 billion) in sponsorship revenue for the Games.

Commercial agreements have been reached with brands such as telecommunications firm Comcast, financial and consultancy company Deloitte and software enterprise Salesforce.

Los Angeles is set to host the Olympic Games for the third time after 1932 and 1984 and the Paralympics for the first time in 2028.

It signed the Host City Contract with the IOC in September 2017.