It’s good to be King, and even better when your coronation comes under budget! The cost of King Charles’ coronation has been revealed, along with how it compares to the expenses of Queen Elizabeth’s state funeral.

On Nov. 21, the Department for Culture, Media and Sport (DCMS) published its annual report revealing that $90.69 million was spent on the coronation of King Charles and Queen Camilla in London on May 6, 2023. While Charles immediately acceded as King upon the death of his mother Queen Elizabeth in September 2022, he continued nearly a thousand years of tradition when he was ceremonially crowned at Westminster Abbey.

The DCMS reported spending $63.37 million on the event, funded by His Majesty’s Treasury, with $27.33 million allocated to the Home Office for policing.

Comparing the checkbooks, the total bill for Queen Elizabeth’s state funeral was $204 million, The Telegraph reports. However, this sum included the lying in state of the late Queen’s coffin and other events around the U.K. throughout the period of national mourning.

The total expenses reveal that more than double the amount was spent on the late Queen’s funeral arrangements versus her son’s coronation — which slid in $3.77 million under budget, the outlet reports.

“In line with rules regulating the spending of taxpayers money, all efforts were made to keep costs to a minimum,” a spokesperson for the government department told The Telegraph. “The Coronation was a historic state occasion that brought together millions of people across the country, the realms and the Commonwealth. It was an important diplomatic event, and the biggest gathering of world leaders in a generation, putting Britain on a global stage and showcasing the best of British culture and creativity to the world.”

The teams behind the scenes may have been conscientious of keeping spending in check in light of the ongoing cost of living crisis in the U.K., and King Charles scaled the pageantry back in a few key ways. Over 2,000 guests attended the King’s crowning ceremony, a fraction of the 8,251 guests at Queen Elizabeth’s. The service was also cut down by an hour, running for two instead of three!

However, it’s tricky to weigh what Queen Elizabeth’s coronation cost against Charles’ celebration, and The Times previously reported that the roughly $1.98 million spent for her ceremony in 1953 adjusts to about $57 million today, with inflation.

Speaking to PEOPLE about King Charles’ crowning ceremony, coronation guest Queen Rania of Jordan shared how the festivities were made relevant to meet today’s times.

“The coronation was, of course, steeped in tradition, but I was very impressed with how King Charles put his own stamp on the events. For example, it felt very natural to see representatives of different religions play a role in the service. This was unprecedented in Britain’s history, but it showed how focused His Majesty is on inclusivity,” Queen Rania told PEOPLE at the time.

“The ceremony was also shorter — perhaps in line with modern attention spans — and slimmed down to suit the nation’s current financial circumstances. Beyond the ceremony itself, the entire weekend served as a lovely celebration of all things British. Opening the gates of Windsor Castle to the public for the first-ever Coronation Concert and encouraging communities to come together over food and community service — these events paid tribute to the British people and their values,” she said.

The DCMS’ annual report added that the coordinating Coronation Big Lunch on May 7, 2023, raised over $18 million for charity, driving 100,000 news stories and reaching an estimated global audience of over 2 billion people in 125 countries.

King Charles wasn’t the only royal reportedly with an eye on the bottom line of the coronation day, either. Kate Middleton bucked tradition by skipping a tiara and wearing a silver floral headpiece by Jess Collett x Alexander McQueen instead. The style surprise was interpreted as a lower-key fashion statement amid the cost of living crisis, and her daughter Princess Charlotte twinned in a matching mini-me headpiece.

“It was so exciting and nerve-wracking, but everything I have ever dreamed of,” Collet recently told PEOPLE about seeing Princess Kate and Princess Charlotte wear her creations.