A public spending watchdog has declared this year's London Olympics and Paralympics a success, stating the total public sector spend is likely to come in under budget.

The National Audit Office post-Games review, presented to parliament on Wednesday, revealed there is likely to be a £377m underspend in the £9.3b Public Sector Funding Package, which was set in 2007.

Areas of uncertainty, such as the final cost of converting the Athletes' Village and settling outstanding contracts with suppliers, mean the exact public expenditure will not be known until 2014.

Head of the National Audit Office, Amyas Morse, said the Games were a success by any reasonable measure.

He said: "The construction programme was completed on time and within budget, 11 million tickets were sold and our athletes excelled.

"Crucially, the Games passed off without major transport disruption or security incident."

The report noted £500m for venue security was not factored into the original budget, but the total spend was still less than expected despite this omission.

Cabinet is now responsible for the legacy of the Games and the report notes tenants and long-term uses have been found for most venues and facilities at Olympic Park.

The report has recommended skills gained by officials working on the Games, such as project management, contracting and risk management, now need to be utilised on other project sector projects.