WEALTHY Catholic schools in Melbourne's eastern suburbs are allocated millions of dollars more from the federal government than they are entitled to under the controversial socio-economic status (SES) funding formula. An analysis of federal figures has revealed the top 20 ''overfunded'' private schools in Victoria - all Catholic schools in high-income areas - were last year allocated $39 million more than they were entitled to under the SES model. Loreto Mandeville Hall in Toorak, Genazzano FCJ College in Kew, St Kevin's College in Toorak, Sacre Coeur in Glen Iris and Siena College in Camberwell were the secondary schools allocated the most overfunding per student, according to the analysis by former Productivity Commission economist and public education advocate Trevor Cobbold. They were allocated a combined $14.4 million more than they were entitled to under the SES model last year. However, the Catholic Education Office said federal funding for wealthy schools was redistributed to disadvantaged and needy schools with the agreement of schools and principals. Under the SES formula, introduced by the Howard government in 2001, private schools are funded according to the income, occupation and education of parents within the school's census district. Schools that draw students from higher SES areas receive lower levels of funding than those from average or low SES areas. Controversially, however, 60 per cent of Catholic schools and 25 per cent of independent schools were funded above their SES entitlements, because the Howard government guaranteed that no school would lose money when the model came in. Mr Cobbold, who is the national convenor of Save Our Schools, said the top 10 overfunded primary and secondary schools were all in very high-income suburbs. ''These 20 schools were overfunded to the tune of $2000-$4000 per student in 2010. Their total overfunding was $39 million.'' But the director of Catholic Education, Stephen Elder, said Mr Cobbold's figures showed an ignorance of how Catholic schools in Victoria were funded. Mr Elder said funding was redistributed to assist students with disabilities, rural schools, refugee programs and low-income families. He said independent research by Ernst & Young found that in 2008, Catholic schools in Victoria operated on 93 per cent of the recurrent cost of government schools, including parent fees. ''This is not overfunding. When funding from all sources is taken into account, Catholic school students still only receive about half of what a student in a government school receives,'' Mr Elder said. The headmaster of St Kevin's College, Stephen Russell, said his school received only 50 per cent of the federal funds it was allocated, with the remainder redistributed to needier schools ''which sits very well with the basic tenets of our faith''. ''That's why I find it almost fraudulent to suggest we have the use of these funds,'' Mr Russell said. But Mr Cobbold said a 2009 Australian National Audit Office report found low SES schools received less government funding per student from their school systems than if they were directly funded. ''To prove its claims, the Catholic Education Commission should publish the funding formula it uses to redistribute government funding to its member schools and publish federal funding allocated to each school,'' he said. A spokesman for School Education Minister Peter Garrett said the new version of the My School website, which will go live on Friday, will reveal the amount of federal funding Catholic schools receive after redistribution. The school funding model is being reviewed by a six-person panel, headed by businessman David Gonski. In a discussion paper released late last year, the panel said there was ''almost universal'' concern about aspects of the present funding arrangements. It said many stakeholders questioned the value of the SES funding model, noting that in 2009, only 52 per cent of all non-government schools were funded according to their actual entitlement. ''The panel is of the view that there is a clear need to look further at a range of different funding options …'' it said. Prime Minister Julia Gillard has vowed to reform the funding system after the panel reports its findings at the end of this year.