"Imagine Belfast" spent £1.2 million of public money and £100,000 of private funding in developing their bid. However, Belfast City Council insist this money was not wasted. The legacy of the failed bid was a new "Culture and Arts Plan 2003–2006" to take forward the spirit of the "Imagine Belfast" bid. The chief executive of Belfast City Council described the bid as "a catalytic event leading to a step change in the development of arts and culture in the city". Indeed, the statistics show this to be true. In 2004–05, culture and arts events in Belfast were attended by 1.8 million people (400,000 more than the previous year). The same year, 80,000 people participated in culture and arts activities, twice as many as in 2003–04.