The Board of Directors for the Milan Cortina 2026 Organising Committee unanimously approved "Business Plan 22-26" and "Budget 2022" at a hybrid meeting at its headquarters at the Allianz Tower in Milan.

Milan Cortina 2026 said the updated documents follow an "in-depth analytical estimate of the main revenue and cost" of the Games.

Organisers had originally planned for a total budget of €1.5 billion (£1.28 billion/$1.69 billion) after securing the hosting rights in 2019.

The new forecasted figure is higher than original projections with Milan Cortina 2026 citing "increase in sustainability commitments" and a "timely assessment of technological and cybersecurity investments" as reasons for the updated budget.

"The multi-year budget confirms the objective of economic-financial balance over the life of the Foundation, with costs and revenues estimated at around €1.58 billion," a statement from Milan Cortina 2026 read.

"The exercise is the result of an in-depth analytical estimate of the main revenue and cost areas, with an increase in sustainability commitments and a timely assessment of technological and cybersecurity investments, a central element to guarantee the Olympic and Paralympic project the realisation of a cutting-edge event in terms of digital engagement, services and customer experience.

"The involvement of the territories will also contribute to the objectives of the business plan through the association with local committees capable of guaranteeing competence and economic efficiency in the organisation of competitions."

As well as setting out its budget and business plan, the Milan Cortina 2026 Board agreed to increase the number of its directors from 22 to 26.

Milan Cortina 2026, chaired by Italian National Olympic Committee (CONI) President Giovanni Malagò, said the move was made to "ensure the balance between the various sports, institutional and territorial components".

Swimmer Federica Pellegrini and Para sprinter Martina Caironi were appointed as new members of the Board.

Pellegrini, a gold medallist at Beijing 2008, was elected to the International Olympic Committee (IOC) Athletes’ Commission at the conclusion of Tokyo 2020.

The 33-year-old’s new status as an IOC member also saw her automatically join the CONI Board.

Caironi joins the Milan Cortina 2026 Board after being elected to the International Paralympic Committee Athletes’ Council this year.

The 32-year-old claimed gold in the women’s 100 metres T42 at London 2012 and Rio 2016 before earning silver in the women’s 100m T63 at Tokyo 2020.

The Milan Cortina 2026 Winter Olympics are scheduled to take place from February 6 to 22 2026, followed by the Paralympics from March 6 to 15.