Los Angeles is prepared to invest $4.5 billion if it is picked by the United States Olympic Committee (USOC) as its nominee to host the 2024 Summer Olympics, according to reports Monday, citing the city's mayor. The proposed budget, which is reportedly half a billion dollars less than Boston's bid, also includes $200 million to cover cost overruns.

Los Angeles, which hosted the Summer Games in 1932 and 1984, joined the bidding field after Boston -- the committee’s original choice -- dropped out last month due to financial constraints. The USOC is expected to announce its decision by the end of the month and forward its nominee to the International Olympic Committee (IOC) by Sept. 15.

"I think it is right for this city. I think it's who we are," Mayor Eric Garcetti told the Los Angeles Times Monday. "I think we benefit from it economically," he added, expressing confidence the USOC will pick his city as its nominee.

The money that Los Angeles is anticipating to spend will come from sources such as broadcast revenue, sponsorships and tickets rather than from the city's coffers, the Associated Press (AP) reported, quoting Garcetti’s senior adviser Jeff Millman.

Boston’s proposed budget to host the games was under $5 billion, and after it stepped back from the bid, USOC reportedly contacted Los Angeles, San Francisco and Washington, D.C. According to AP, Los Angeles is widely seen as a possible choice for the bid as it has existing venues that would help the city to keep costs low, and the city plans to renovate and use the Los Angeles Memorial Coliseum as the main stadium for the games.

If nominated by USOC, Los Angeles will face tough competition from Paris, Rome, Hamburg, Budapest and Toronto in its bid to host the 2024 games. The IOC will announce its final decision in 2017.