The Queen is getting a multi-million dollar raise

Queen Elizabeth II is set to receive an increase in the official funding she receives each year.

Buckingham Palace said Tuesday the “sovereign grant” will be around $138 million Cdn — an increase of more than $10 million Cdn.

The increase is derived from a formula based on the financial performance of the Crown Estate, which has extensive real estate holdings throughout Britain.

WATCH: Royal Visit: What will be the cost to taxpayers?

1:49 Royal Visit: What will be the cost to taxpayers?

Alan Reid, Keeper of the Privy Purse, said the newly released accounts show that the royal family costs each taxpayer about 65 pence per year, which is a little over $1 Cdn per year.

“Consider that against what the queen does and represents for this country, I believe it represents excellent value for money,” he said.

Tweet This Click to share quote on Twitter: "Consider that against what the queen does and represents for this country, I believe it represents excellent value for money," he said.

Funding levels are also being increased to cover a planned 10-year refurbishment of Buckingham Palace, the queen’s official residence. The modernization project is expected to cost around $621 million Cdn.

The public accounting of the royal family’s spending on official duties shed some light on the costs involved in maintaining the monarchy. The cost of travel, for example, was close to $8 million Cdn last year.

Even a seemingly simple trip runs up significant expenses: The queen’s husband, Prince Philip, needed more than $32,018 Cdn to use the royal train for an October visit to the Sellafield nuclear site, a voyage of about 507 kilometres from London.

WATCH: Intense security surrounding the Royal Family’s first stop in Victoria

1:52 Intense security surrounding the Royal Family’s first stop in Victoria

A first-class train ticket, with a senior discount (Philip, 95 at the time, certainly would have qualified) would have cost about $202 Cdn.

Extensive overseas trips cost far more. Prince William and his wife Kate needed just under $168,520 Cdns for scheduled flights and charter aircraft on their extended trip to India in April — a visit carried out at the request of Britain’s Foreign Office.

The palace report also points out that Elizabeth works hard for the money: the 91-year-old monarch carried out 162 official engagements in the past year.