This information is contained in a report from board chief executive Brian Rousseau to the board's monthly meeting today.
Through its disability support services spending, the board spent an average of $2883 for each person aged 65 and over last year.
This compared with $2656 in Southland and $2382 nationally.
Mr Rousseau provided the statistics following discussion at the October board meeting when some members questioned whether the "overfunding" level took into account the higher than average number of people aged 65 or over in the province.
Mr Rousseau said, on average, the Otago board spent 21% more on each person aged 65 and over than the national average.
This spending was 36% more than the amount it received from the Government through its population-based funding share of the national pool.
Otago spent more than $80.4 million on the elderly last year compared with $39.7 million in Southland, the report stated.
Otago has about 28,000 people who are 65 and older compared with about 15,000 in Southland.
If last year's figures for the two boards were combined, the overspending would still be 29% above the funding received, the report showed.
The boards have been trying to reduce spending on the elderly to try to bring it into line with the national average.
