COUNCIL chiefs have revealed the final sign-off cost of the Edinburgh tram project will be almost £1 billion.
The capital's councillors will be asked to approve the breakdown, confirming the shortened route was delivered on its revised budget of £776 million, next week.
Details of the single largest contract have also been revealed, with £427,238,356 going to the InfraCo consortium, including contractors Bilfinger Berger and Siemens. The figure represents four-fifths of the original budget, and is more than £100m higher than the £300m anticipated when the project launched in 2007. With interest payments of £228m on a £231m loan to cover the budget overrun, the true cost to the City of Edinburgh is nearer £1bn.
Council leader Andrew Burns admitted the project had been "problematic" but the figures drew a line under the total cost.
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