Speaking in a media conference during the International Olympic Committee (IOC) Coordination Commission visit to the host city, Paris 2024 President Tony Estanguet and chief executive Etienne Thobois made it clear cost-cutting would be considered.

Some of those cuts are expected to come in transport and venue hiring.

Estanguet also thanked the IOC for its "flexibility" on the Olympic Agenda due to the current economic climate, adding that building works for the Olympic and Paralympic Village were on track despite recent financial difficulties globally.

"We are particularly grateful for the IOC's flexibility in line with Olympic Agenda 2020, which allows us to optimise our project in response to the current economic climate," said Estanguet.

"The encouragement from the Coordination Commission gives us the confidence we need to maintain the same level of ambition - to deliver the most ambitious Games in living memory."

He added the two parties were co-building a model to be used for future Games.

To deliver those Games, the President admits money will have to be shaved from budgets.

"There is no country left unscathed by inflation and we need to continue to optimise the different elements linked to Paris 2024," said Estanguet.

"We have a budget that has been met up until now and that this will be a balanced budget.

"The balancing act is very important, it has not been easy, however in the preparations there have been 2,500 initiatives and this has helped us to deliver on the Games.

"We are going to turn over all of those stones to find efficiency and we are going to think outside the box, be flexible and get those creative juices flowing so that we can optimise the costs."

Estanguet added that deadlines were looming for the volunteer programme, ticketing, the mascot reveal and the annual budget review.

Thobois acknowledged issues with inflation and rising energy costs later in the media conference, while reiterating his aim to stay out of the red.

"We're trying to balance out the budget, so it’s down to the flexibility of the IOC of work and marketing plan," said Thobois.

"There's a great deal of collaboration that means we can go further in terms of revenue, but also there's work being carried out on expenditure.

"We are talking about adapting systems with one of them being transport.

"Because of the quality of our transport systems, we will be able to do this."

Thobois explained less private transport would be available as the public services were strong and said organisers were looking into cutting rental times of facilities as much as possible to bring down costs of using venues.

"Do we need to activate 100 per cent of training sites from day one of the opening of the Village?" said Thobois.

"These are questions we are trying to find answers to.

"We talk in sport about marginal gains and we will use those marginal gains to balance out the budget.

"The target is to look at each expenditure internally to make suggestions to optimise and cut costs. 

"The more we have visibility and knowledge what we need, we can be more precise in our forecasts and make extra savings."

The Paris 2024 Olympics are scheduled for July 26 to August 11 2024, followed by the Paralympics from August 28 to September 8.