The New York Post reports that the new and improved TKTS outlet that's set to open this month in Times Square is reportedly is way over budget -- but officials with the project say the Post's numbers are incorrect.

The Post says the booth, which sells discount same-day theater tickets, is $11 million in the red, forcing taxpayers to pick up the tab.

However officials with the Times Square Alliance released a statement Sunday refuting the report.

"The project to rebuild Father Duffy Square, which includes a new TKTS booth surrounded by a glowing red glass staircase along with a 100% expansion of the plaza, was originally budgeted at $12.5 million at its groundbreaking on May 1, 2006," the statement said. "Of the $12.5 million, $9.5 million was allocated by the city. In 2007, the city allocated $1.5 million of the total cost overrun of $6 million -- not $11 million as reported in the N.Y. Post. All other costs overruns have been absorbed by the Times Square Alliance and its partners."

The new building will have an all-glass exterior with an amphitheater-style roof.