Boston is on the cusp of history with its first Olympics bid – a bold, innovative and thoughtful effort that has been a focal point for important conversations about our long-term urban planning.

But these early conversations are just the beginning. Should Boston host the 2024 Summer Games, it would be transformative – and the necessary planning would set the course for what we want our city and the commonwealth to look like for decades to come.

The public discussion about financing has been one-sided and has created confusion with regard to the full financial picture. The cost of hosting the Games has certainly increased over the past several decades. But at the same time, key revenue streams for the Olympics have grown exponentially, especially TV broadcast revenue.

Olympic TV broadcasts provide the largest revenue stream for host cities and the figures have skyrocketed. In the 1960 Summer Games in Rome, TV coverage generated just $1.2 million. In Los Angeles in 1984, the number soared to $484 million and in London in 2012 it was an incredible $2.6 billion.

In fact, TV revenues have outgrown costs tenfold. The combination of soaring broadcast rights fees and increasing revenue from sponsorships, tickets and licensing fees will provide ample funding to cover operating expenses.

While some Games hosted outside the United States have suffered losses, the Olympics in America have been run responsibly by private enterprise and within reasonable budgets. Some, such as Salt Lake City, have ended with a charitable surplus. Boston 2024 has studied these Games and built a sound financial plan that builds on these valuable lessons.

Our fiscal philosophy is laid out plainly in our guiding principles: “Tax dollars will not be used to build venues or pay for the operation of the Games.” This is our pledge and it is nonnegotiable. To be a member of the governing board, this pledge must be signed.

There are contingencies built into the budget to cover potential cost overruns and robust insurance policies to protect the city of Boston against liability. We recognize this is a complex undertaking, but the committee has spent thousands of hours working with experienced Olympic planners, finance professionals and architects. We have built a fact-based financial model that incorporates the best practices of past Games. We have also built a broad coalition of university, government, business, civic and labor leaders, and Olympic and Paralympic athletes, all of whom have come together with the goal of making this vision a responsible reality.

Long-Term Benefits

The International Olympic Committee (IOC), meanwhile, has realized that the capital costs of hosting the Games have become somewhat prohibitive. They have taken bold steps toward reducing the burden on host cities with the Agenda 2020 plan. For example, the IOC has required 80,000 seat Olympic stadiums, but under the proposed plan host cities will need only 60,000 seats – a key reduction that would mean millions in savings.

In addition, the IOC plan encourages more temporary venues, modular housing, easily re-purposed facilities and an overall more sustainable approach to keep budgets affordable for local organizing committees. These progressive changes, the record increase in Olympic revenues, the fact that Boston already has several professional sports venues and dozens of universities with quality housing, athletic fields and arenas, are key factors that will enable us to operate the Games without public financing.

An Olympics in Boston constructed in this manner will bring thousands of new temporary and permanent jobs. It dovetails perfectly with existing long-term infrastructure, transportation and economic development plans. The net result would be a smartly financed plan that would turbocharge the city’s economy and continue to enhance Boston’s commercial and residential communities.

The urban planning necessary to host the Games would help link disconnected neighborhoods and improve transportation between Boston and outlying cities and towns. The long-term benefits would be substantial, including more affordable housing, new construction and service jobs and enhancements to our innovation, technology, medical, research, and tourism sectors. It would also dramatically increase Boston’s visibility as a global business hub.

This is a well thought-out plan that will make the commonwealth a better place for all, and showcase Boston as a world-class city. Hosting the Olympic Games in 2024 will be transformative for the region. Just like the cleanup of Boston Harbor, construction of the Massachusetts Turnpike and the creation of mass transit through the MBTA, the 2024 Games would be another landmark step in Boston’s progress and a celebration of our beloved city’s contributions to America and the world.