While the actual total budget is undoubtedly higher, the Daily Telegraph reports that Honda, funded by the Japanese automobile giant, spent nearly $218 million to finish just eighth in the 2007 constructors' world championship.
Team chief executive Nick Fry said recently that "the budgets for the top teams are in excess of $300m.
"While that is sustainable for a team like Honda, we recognise that others cannot compete at that level."
The British newspaper said that only about $10 million of the turnover came from sponsors, with the rest pumped in by the Tokyo-based Honda Motor Company.
The bulk of the costs were spent on the engine programme, but more than $52 million was used to pay the team's 667 staff, representing an average annual salary of close to $80,000.
The Telegraph said Honda's accounts for 2008 are likely to show even higher costs, given Ross Brawn's heavy technological developments in preparation for next year.
In contrast, top team McLaren's total costs were $186 million, with 570 staff.