Dozens of Pan Am executives will be getting their bonuses from Queen’s Park after keeping this summer’s Pan Am Games on schedule and under budget.

CTV News initially reported about 53 executives will split $5.7-million in bonus pay after the sporting event came in $50-million under budget.

However, Pan Am Games chair David Peterson told 680 NEWS on Wednesday morning they are at least $70-90 million under budget or “probably more” – it could be close to $100 million.

“The capital expenditures are $57 million under. In addition, there’s at least another $10 million on the capital of unused contingency, and on the operating side … it’s tens of millions,” Peterson said.

Listen to the full interview below:

In June, the bonus pool for executives on the TO2015 Games’ organizing committee was reduced from $7 million to $5.7 million. But it’s being split among fewer executives – 53 instead of 64.

At the time, officials said Pan Am executives paid as much as $250,000 are eligible for bonuses of up to 100 per cent of their annual pay when the Games are over – half for staying on the job and half conditional upon performance.

Executives also had to hit “all targets on capital and operating and they’ve more than hit the targets, they hit it out of the park,” Peterson said.

Opposition parties have been critical of the bonuses to its executives but the government said they are common.

“Do you approve that when you do a good job in your company, you get a bonus, do you approve of that?,” Peterson said, adding the bonuses were contractually built in when the executives were hired.

“They’ve all earned the bonuses and everyone who saw the Games I think would agree with that.”

Minister of Tourism, Culture and Sport Michael Coteau said the bonuses are standard practice and the cost was already calculated in the Games’ $2.5-billion budget, CTV News reports.

The $50-million surplus means the province and federal governments will be getting some money back.

The Games’ budget was pegged at around $2.5 billion with $239 million for security.

With files from John Stall and The Canadian Press