LONDON — Buckingham Pal-ace accountants insisted Friday that the cost of maintaining Queen Elizabeth II and the royal family is a bargain for taxpayers, despite a price tag of 40 million pounds ($80 million).

In their annual report on the use of public money to support the queen and senior royals in their officials duties, Buckingham Palace officials stressed that the cost of the monarchy for each taxpayer is just 66 pence ($1.30) for each British subject.

Palace officials said public spending on the monarchy has increased from 38 million pounds ($76 million) to 40 million pounds ($80 million) for the year ending March 31 compared with the year before, but accountants said this was because of rising travel and maintenance costs, not a freespending lifestyle.

Accountants pointed out that real costs had dropped more than 3 percent in the last seven years due to cost-cutting measures.