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The Los Angeles bid committee for the 2024 Olympics is projecting a $5.3 billion budget, less than half the cost of the recently completed Rio Games.

The LA bid committee released the budget on Friday. The bid is about a quarter of Tokyo's current ballooning budget for the 2020 Olympics.

The $5.3 billion includes a $491 million contingency fund. Bid organizers call the figure conservative and say it's realistic because they won't have to build any new, permanent stadiums.

Los Angeles is in the running for 2024, along with Paris and Budapest, Hungary. The games will be awarded in September.

The budget includes $1.2 billion for infrastructure, which will primarily be used to bring existing venues up to Olympic standards. The bid touted more than $200 billion in previously approved funding for the airport and transit that wasn't related to the Olympics.