The Sovereign Grant, which pays for the household salaries and official travel expenses of the Royal Family, will increase by eight per cent next year.
The Crown Estate, an independent trust which runs the United Kingdom monarchy's estate, including Buckingham Palace and property in London's West End, revealed that it made £328.8 million ($418.6 million) in profit in the year ending in March 2017.
"Consider that against what the Queen does and represents for this country, I believe it represents excellent value for money", he added.
The pay raise will be issued while Buckingham Palace undergoes a $472 million (£369 million) refurbishment, which will include replacing 60-year-old electrical and plumbing systems.
A large amount of the Royal Family's net worth comes from the Crown Estate.
"The activities of the wider royal family are vital in bringing the monarchy into direct and personal contact with all sections of society", said Reid.
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Charles also took the most expensive journey by Royal Train costing £46,000 - that's £95.32 per mile.
Work to renovate other royal residences continues and the royal accounts reveal £1.2 million had been spent previous year replacing the doors of Windsor Castle's orangery. The Royal Family made 14 trips costing more than £15,000 each on the Royal Train in 2016-2017, which came to £288,697.
The bill for travel in 2016-17 amounted to 4.5 million pounds, with heir-to-the-throne Prince Charles's visit to Italy, Romania and Austria at the end of March the most expensive at 154,000 pounds.
The queen supplements the grant with money generated from renting properties and function space at royal estates, tourism revenue from the royal palaces. This arrangement is unsustainable, the way the grant is worked out means the taxpayer keeps throwing more money at the royals while public services are being cut.
The bulk of the Queen's pay bump will go toward renovating Buckingham Palace..
The Queen is about to get a raise, of sorts.
It also questioned the appropriateness of the increase in the Sovereign Grant given it has already gone up 167 percent since 2012. There simply isn't any good reason for this increase.
The air travel costs to send the Duke and Duchess of Cambridge on an official tour of India were £97,703 in charter and scheduled flights.