BY SCOTT M. REID / STAFF WRITER
The state’s Legislative Analyst’s Office is recommending the legislature appoint an oversight committee to the Los Angeles bid to host the 2024 Olympic Games.
A LAO report on the Los Angeles bid released Thursday also concludes that the Games will have little long-term economic impact on the region and raises questions about whether state agencies will demand to be reimbursed for Olympic-related costs.
Governor Jerry Brown recently signed SB 1465, which created the state-funded Olympic Games Trust, which would pay up to $250 million to cover cost overruns related to the Games. The would begin only after LA 2024’s private insurance payouts are exhausted and the City of Los Angeles contributes $250 million.
Los Angeles 2024 officials have projected a $4.27 billion budget for the Games, which are expected…