SAN FRANCISCO (AP) -- The America's Cup sailing races this year generated far less economic activity in the San Francisco Bay Area than projected, and have cost taxpayers more than $5 million, a newspaper reported.

Draft figures from the Bay Area Council Economic Institute reviewed by the San Francisco Chronicle show the races generated at least $364 million in economic impact. That figure rises to $550 million if the construction of a new cruise ship terminal is factored in.

That is far below the $900 million projected just a few months before the races were set to begin and the $1.4 billion originally estimated in 2010.

Based on figures from Mayor Ed Lee's office, the newspaper also reported the races have cost city taxpayers more than $5 million so far despite private fundraising and a boost in city tax revenue.

The numbers come as Lee prepares to submit a proposal by Dec. 22 to host the next Cup. In a statement, he said the races "showcased our beautiful city to the world and brought thousands of new jobs, long-overdue legacy waterfront improvements, international visitor spending, and a boost to our regional economy."

But Supervisor John Avalos said city money was better spent in outlying neighborhoods rather than its waterfront, which was spruced up for the races.

"A $5.5 million deficit, all for a yacht race for billionaires," Avalos said. "The whole event has been nothing more than a stupefying spectacle of how this city works for the top 1 percent on everyone else's dime."

The event faced numerous setbacks, including the death of Olympic gold medal-winning sailor Andrew "Bart" Simpson during a training run in May.

The $100 million price tag to compete in the race whittled down the list of competitors.

Still, the finish was thrilling, with defending champion Oracle Team USA coming back from an 8-1 match deficit to defeat Emirates Team New Zealand.

"While the economic boost fell short of initial expectations, it's definitely worth a modest city investment to generate hundreds of millions of dollars for our local economy," said Board of Supervisors President David Chiu. "The race ended up being pretty exciting, too."