Yesterday Olympic silver medallist Gail Emms presented the flag to Mayor Cllr Asghar Majeed at the Magnet Leisure Centre.
The borough will take part in the Torch Relay on July 10 and will host rowing events at Eton Dorney during the Olympic and Paralympic Games
Cllr Majeed said: "We are delighted to be an official host local authority for the 2012 Games and very proud to be receiving the flag from an Olympian of Gail's standard."
"We are also acquiring another flag to fly from the Guildhall, so the borough can show it is a proud supporter of the Games and will be cheering the athletes as they bid for glory."
Badminton player Gail, who won a silver medal at the 2004 Athens Olympics, has recently visited six borough schools and took part in a badminton session for members of the s.m.i.l.e. exercise group at the Magnet.
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The crash, which took place at about 7am today (Thursday), involved three vehicles. One man sadly died as a result of the collision and his next of kin have been informed.