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Publishing the report, Chairman John Armitt said: "Thanks to the hard work of the team, impressive progress has been made over the last year with the Olympic Park transformed and construction already underway ahead of schedule. This has been reflected by the International Olympic Committee (IOC) who praised the progress and gave us a 9.75 out of 10.
"We have created strong foundations and we are firmly on track to deliver but there is no room for complacency. This is a unique project with an immoveable deadline. It is one of the biggest business challenges in the world and one of the biggest projects in the construction industry.
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"75p of every pound we spend is for long-term regeneration so a great deal of work is already being done to create a lasting legacy."
Olympics Minister, Tessa Jowell (pictured) said: "We are now very well set for the next crucial big build stage that has already begun in earnest with construction starting early on the Stadium and the Aquatics Centre.
"I am confident that with the world class team we have in place at the ODA, we will continue to make good progress and deliver a fantastic games for London and the whole UK.
"No one is complacent, but to have got so far on budget and on time is cause for congratulations to the whole team."
The milestones hit by the ODA in the past year include:
- 192 buildings demolished
- Over one million cubic metres of soil excavated to shape the park
- Two six kilometre tunnels and 200km of cabling complete
- Contractors appointed to build the ‘Big Four’ Olympic Park venues and design work well-advanced
- Construction started on the Olympic Stadium three months ahead of schedule
- Construction started two months early on Aquatics Centre
- Construction started on the Olympic Village.
