By Alexander Smith, NBC News contributor

LONDON -- Britain's Queen Elizabeth has just £1 million ($1.6 million) left in financial reserves after the royal household overspent on its budget last year, according to a report by British lawmakers released Tuesday.

The royal household had to dip into its reserves after overspending £2.3 million ($3.8 million) on the £31 million ($51.4 million) it was given by the taxpayer in 2012-13.

The report by the Public Accounts Committee said the amount was "historically low" and that it was "concerned that the household has reduced its balances to such an extent that it could be unable to cover its expenditure on any unforeseen events."
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