The figure is down £44m (10.8 per cent) on last year and down £104m (22.2 per cent) on 2010/11.
Youth offending teams (YOTs) have been told how much of the money will be passed on to their individual authorities although the YJB is yet to release this information.
Last year the overall amount of money distributed to YOTs fell by £32m (20.8 per cent), from £154m in 2010/11 to £122m in 2011/12.
Giving evidence to the justice select committee today (6 March), YJB chief executive John Drew said the organisation’s business plan, outlining how the money will be spent, is due to be discussed with youth justice minister Crispin Blunt on 13 March, prior to being "signed off".
He also said that both he and YJB chair Frances Done have been meeting regularly with Blunt since the decision to axe the quango was announced in November.
Drew told the committee that up to 35 specific programmes of work to be conducted by the YJB over the forthcoming year are soon to be finalised, having been initially published last summer.
"Our board has been engaged in the process and, ultimately, it will go to the minister for sign-off and Crispin Blunt has asked for a clear indication of resource," he said.
Drew added that he regretted the fact that Blunt had expressed being under-briefed on youth justice in the past.
"That disappointed me," he told the MPs. "It has never been part of the YJB’s brief to keep ministers away from big issues. We have committed ourselves to doing better."
Frances Done told the committee that a closer relationship with the youth justice minister is no bad thing.
"We don’t in any sense feel a close relationship is oppressive," she said. "It is far better to have direct access so he or she can decide whether we are talking sense or not. Ploughing our own furrow is pointless."
Select committee hearing
