The event will bring together the leaders of the 21 Asia-Pacific Economic Cooperation member states, which include economic giants China and the United States, and cumulatively account for about half of the global economy.
"Both the regional and federal authorities are to blame for the failure to meet the schedule," the head of Russia's Audit Chamber, Sergei Stepashin, said during a working visit to the Komi republic in the Urals.
Russia suggested last November holding the 2012 summit on Russky Island, in Peter the Great Bay, to the south of Vladivostok. There are plans for major infrastructure projects including transport links, to be completed by 2012.
The Russian government had earmarked 149 billion rubles ($62 billion) for summit preparations, but experts believe that figure may have to be doubled.
"The situation with the preparation for the summit is a sad example of what happens when a project has many participants but the effect is minimal," Stepashin said, adding that Russia overestimated its capabilities in offering to host an APEC summit in a poorly-developed and remote region of the country.
For instance, the allocated funds do not include the cost of building a huge bridge linking Vladivostok and Russky Island, where the summit is to be held.
Experts say it will cost at least $10 billion to construct the bridge, and that if construction does not begin this year, it may not be ready by 2012. Without the bridge, the cost of other projects will be substantially higher.
In addition, a large ammunition depot has to be removed from Russky Island before any construction of infrastructure can begin.
Stepashin said Russia will do everything possible to ensure the success of the 2012 summit, but poor planning and decision-making during preparations could harm Russia's image as a regional power.
