Her Majesty Queen Elizabeth the II needs to curb her spending habits.
The Queen's finances are at a "historic low," according to a report released Monday by Britain's Commons Public Accounts Committee. The 87-year-old British ruler is spending too much of the family's money, which the royal financial advisers have been unable to control.
Queen Elizabeth's fortune was 38 million pounds, or $58 million, in 2001. Today, that number has dwindled to 1 million pounds, or $1.6 million, according to the report obtained by Entertainment News.
The British royals are "spending above their means and dipping into the reserves...the balance now stands at an all-time low," the report said, according to Entertainment News.
On top of that, the Queen's royal residences are "crumbling," and desperately need maintenance, Buckingham Palace and Windsor Castle in particular. Officials from the committee said the Treasury needs to step up to prevent the royals from going broke.
"We believe that the Treasury has a duty to be actively involved in reviewing the household's financial planning and management- and it has failed to do so," said Margaret Hodge, committee chairman from the Labour party, The Telegraph reported.
Conditions in 40 percent of the 300 royal buildings, which are maintained by taxpayer funds, are "below acceptable standards." When it rains royal staff members have to use buckets to stop the water from falling on artwork, the report found, according to Entertainment News.
Other residences have "antiquated" boilers, more than half a century old, that cost almost 1 million pounds a year to run, The Telegraph reported.
Hodge went on to further slam the Treasury for not helping Her Majesty.
"We got the impression that they just haven't tried to make greater savings. Here we are, we're all in it together, but they are failing to eek better value for the Queen. They are dipping into their reserves in a way that just isn't sensible," Hodge said, according to Entertainment News.
Due to a cut in government funding, the royal palaces have accumulated $82 million in needed repairs. The Queen's royal household has promised to implement a plan to make the repairs over the next 10 years. The household also promised to increase the amount in its reserve fund, Entertainment News reported.
