CHICAGO — Chicago’s $4.8 billion operating budget for its bid to host the 2016 Summer Olympic Games is reasonable and has adequate protections against financial risks, but additional insurance is needed to protect against the construction risks of building the privately financed Olympic Village, an independent review has found.

“Overall, the fiscal viability of hosting the games depends heavily on continued effective and professional management that adheres to the plan as proposed by Chicago 2016,” the review by the Civic Federation of Chicago found.

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