The Yorkshire leg of the Tour de France will cost Bradford Council £731,000 but is expected to bring millions of pounds into the district.

For the first time since January’s announcement that the Tour would pass through the area – including Silsden, Steeton, Keighley, Oxenhope, Haworth and Stanbury on July 5 and 6 next year – the council has announced how much the taxpayer will have to pay to fund the race.

The figure includes the already announced £350,000 towards tourism group Welcome To Yorkshire’s bid to bring the race to the district, £200,000 for highway repairs along the route and £151,205 towards managing the race.

The remainder is made up of a £5,000 contribution to York Council, which is developing a cycle strategy that could see bikes for hire across Yorkshire streets, and £25,000 towards tourism costs.

Money will come from a reserve of £330,000 from the 2013 budget, and a previously approved one-off £130,000 designated to the race earlier this year. The remainder will come from the council’s contingency fund.

A report to a meeting this week of the executive, detailing the costs, said: “The delivery team are working to ensure value for money on all aspects and there is no appetite nor resource from any partner to support overspend.”

The government is providing the council with £221,000 for staffing and volunteering.

In total the race will cost £20,975,979 – shared between various councils and organisations.

It is hoped Le Tour will attract one million visitors a day.

Councillor Andrew Thornton, executive member for environment, sport and sustainability, said: “This is the greatest annual sporting event in the world and it is essential that the competitors and spectators have the best possible experience.

“We must grasp this opportunity to show the world the glorious countryside Yorkshire has to offer and secure a positive impact to boost local tourism and business.”

Conservative councillors had criticised the council for not being more open over the cost of the race to taxpayers.

But after hearing the latest figures, Councillor Glen Miller, Conservative group leader, said: “I am pleased we now have some clarification regarding how the cost and benefits of the Tour de France stack up from a Bradford perspective.

“Overall it looks as though the event will provide a healthy boost to local economies in relation to the cost.”