Answer: When it is an Olympics "budget" cut.
Yesterday I noted that Jeremy Hunt, the minister responsible for the Olympics, had told Newsnight that his department faced a £66M cut and that the Olympics was "not protected".
In the real world, this would mean that cuts would have to be made in the actual amount of money spent on the London 2012 Olympics.
However, in the fantasy world of the Olympics "budget" this may not be the case. It seems that instead of the the cuts actually being made, the amount cut from the government contribution may in fact simply be added to the council tax bills of London residents.
Neat accounting trick isn't it?
Olympic Medals won during the Beijing 2008 Olympics