LONDON, Jan. 28 (UPI) -- According to a House of Commons Public Accounts Committee report, the royal family overspent their $51.4 million 2012-2013 budget, and has been told to rein in current spending so as not to dip again into reserve coffers.
The reserve fund dipped from $58 million in 2001 to $1.6 million in 2014.
In the report, politicians criticized Queen Elizabeth II for failing to use some of the funds on necessary repairs to Buckingham Palace, a need allegedly cited by the Queen as reason for a "raise" toward last year's budget.
PAC Chairman Margaret Hodge said "The Household needs to get better at planning and managing its budgets for the longer term - and the Treasury should be more actively involved in reviewing what the Household is doing."
[The Telegraph] [International Business Times]