The Scottish Government is set to foot the majority of the bill for the increased cost of funding the V&A at Dundee.
Friday brought the shocking news that the project budget has rocketed by over £31 million.
However, any future construction cost rises will be met by the company carrying out the project.
A Dundee City Council spokesman said: “Further private fundraising is anticipated to secure an additional £6.6 million while a further £4.5 million is being sought from the Heritage Lottery Fund.
“Meanwhile, the city council is in detailed discussions with the Scottish Government regarding a request for funding totalling £22.61 million through the creation of a Growth Accelerator Model (GAM) Fund for the Dundee Waterfront Project and further capital funding.
“The remaining £6.5 million can be accommodated within the city council’s capital programme for 2015-18 without impacting on council services.”
A council report has revealed that £39.9 million has already been secured for the project’s construction.
This consists of £15 million from the Scottish Government, £4 million from the Dundee Waterfront Project, £8 million of Heritage Lottery funding, £4.5 million from Creative Scotland and £8.4 million in private funding.
BAM Construction Ltd, the winning bidders to build the V&A, have offered a final fixed price tender of £76.16 million, with fees, fixtures and fittings making up the balance.
The report adds: “With regards to any future risks of possible cost escalation, it should be noted that the council has secured a fully fixed price tender from BAM Construction Ltd for the delivery of the building.
“This puts the risk of future cost increases during the construction period wholly with the main contractor other than where they are due to extraordinary events or client changes.”
The report concludes: “The final cost of the project has increased significantly above that which was originally estimated. Nevertheless, an additional funding package can be delivered to enable the project to proceed as programmed and to the quality and standard expected by the citizens of Dundee and beyond.”