The Rio de Janeiro 2016 Olympic Games will cost Brazil initially $2.3bn in infrastructure costs and authorities added that this hefty bill is set to rise further.
Plans for the Olympic Games are already behind schedule and since Rio is also hosting the World Cup, scrutiny has fallen onto whether Brazilian authorities will be prepared enough for the huge event in two years' time.
"We are committed to being on schedule," said Sports Minister Aldo Rebelo said at a press conference.
"It is the first time we have a consortium of three levels of government. It is in an effort to ensure the success and execution of all the commitments to deliver the Olympics in Rio in 2016."
The International Olympic Committee has already expressed deep concern over the progress of Rio's plans for the Olympic Games as the Deodoro sports complex has not been incorporated into the budget.
Brazilian officials are already under the spotlight following mass delays and breaking the budget for this year's football World Cup.
In 2013, millions of Brazilians protested against billions of dollars being lavished on sporting events after authorities neglected to set aside any funds to invest in a new subway line and port. Authorities originally pledged to spend $9.5bn (£5.7bn, €7bn) in 'infrastructure projects.'
"We understand we have to communicate in a clearer fashion, that's what we're trying to do here now," said Deputy Sports Minister Luis Fernandes, after also highlighting that lumping all World Cup costs together confused the Brazilian public.
"That's part of what we learned. People were confusing basic investments in infrastructure, which serve the country as a whole, as part of the costs of the games. They're not part of the games."
He added that authorities will hold a press conference in March to outline details related to rail, port, and road upgrades.
Britain more than tripled its £9.3bn budget when it hosted the London 2012 Olympic Games.