LONDON -- Buckingham Palace says the monarchy cost British taxpayers 35.7 million pounds ($60.8 million) last year -- 56 pence (just under $1) for everyone in the country.

More than a third of the money was spent on repairs and maintenance to aging palaces.

Some 3.4 million pounds was spent in the year to March 31 refurbishing part of London's Kensington Palace into a home for Prince William, his wife Catherine and their toddler son Prince George.

The work included removing asbestos, installing new heating and "simple redecoration." William and Kate paid for carpets, curtains and furnishings themselves.

William has considerable personal financial resources to draw upon, including the multimillion pound estate left by his mother, Princess Diana. He shares the proceeds of that estate with his brother, Prince Harry.

In addition, Prince Charles' private secretary, William Nye, suggested that Charles and his wife Camilla -- who are supported by the lucrative Duchy of Cornwall estate -- may have helped William and Catherine set up their new home.

As the accounts were published Thursday, Keeper of the Privy Purse Alan Reid said the royal household was keen to "maximize the value for money" of the monarchy.