The City of Vancouver spent about $554 million on the Olympics a staff report said. (CBC)

The City of Vancouver spent nearly as much on the Olympic and Paralympic Games as it needs to run the city for an entire year, but a staff report says the money was well spent on infrastructure that provided a sustainable legacy for residents.

The report going before city council next week estimates the city spent $729.2 million on infrastructure and operations to host the world for the 27 days of the Games.

The city's overall operational budget for 2010 was $961 million.

It recouped $174.9 million of it from the provincial and the federal governments, leaving a bill of $554.3 million.

The lion's share of the expenses were for infrastructure.

The city spent $73.8 million on competition venues, including $12.8 million to convert the curling venue into a community center with a pool.

An estimated $120.9 million was spent on non-competition venues, like an Olympic street car demonstration line, road repairs and the renovation of theatres.

The biggest chunk was for civic infrastructure at the Olympic village site. The city spent an estimated $299.8 million there, including on a waterfront park, a community centre, a heritage facility and 252 units of social housing that are supposed to be part of the project.

The report did not appear to encompass the estimated $1 billion cost of the Olympic Village construction, which the city took on after the original New York financiers bailed out during the 2008 economic crisis. The city has said it expects to recover that money with the sale of the condominium units.

The entire cost of the Games was shared by three levels of government, including other municipalities, various Olympic and Paralympic sponsors and the Vancouver Organizing Committee, which paid to run all the events.

With files from The Canadian Press