City leaders held a parade in Pomona Saturday afternoon to celebrate the 2028 Olympic Games returning to Los Angeles.
The French capital has set a relatively modest budget of 6.6 billion euros ($7.9 billion), but London in 2012, Athens in 2004 and Sydney in 2000 all saw their budgets for hosting the Summer Olympics at least double from the time of their bids to the final bill.
The Californian city will welcome the Olympic Games for a third time, after also playing host in 1932 and 1984, and the Paralympic Games for the first time. IOC President Thomas Bach said the votes for both cities were "unanimous".
The Los Angeles planning committee estimates that the games will cost $5.3 billion.
International Olympic Committee sports program commission chairman Franco Carraro outlined the proposal to the Session in Lima, Peru, seeking no changes to the sports program following what he deemed "really successful" games in Rio de Janeiro previous year.
Paris played host to the second edition of the modern Olympic Games in 1900, and then staged the even once more in 1924.
Vladimir Andreff, a sports economist at Paris' Sorbonne university, described Olympic budget inflation as "the curse of winning an auction".
A decision on the core sports program for Los Angeles 2028 has been pushed to 2021 despite the city's election as a host city at this Session.
They followed that up with the Games of the 23rd Olympiad, in 1984.
Global sports and entertainment design practice Populous and Egis, the Paris-based, worldwide consultancy, engineering and operation group, were chosen in 2016 to collaborate on the Paris 2024 bid, which was confirmed this week. "That proves that the United States and Los Angeles in Southern California in particular feel very much part of Olympic and Paralympic movement that other countries around the world show respect for and enthusiasm for", Sykes told Xinhua news agency.
Both the 2014 winter Games in Russia's Sochi and the 2016 Rio de Janeiro Olympics were mired in controversy over corruption, embezzlement and doping allegations, dealing a major blow to the reputations of the event and the IOC.
"As a three-time Olympics host, we intend to make sure that all of the participants feel that they are welcome and have a great experience with us", he added.