MELBOURNE, Dec 6 - Education Minister James Merlino wrote to his federal counterpart Simon Birmingham on Tuesday agreeing to the funding.
"We were not prepared to put funding for our schools and students at risk for 2018," Merlino said in a statement on Wednesday.
"This is just a roll over agreement with no commitment from states and territories to sign up to any any agreement for 2019 and beyond."
Merlino wrote to Birmingham that the interim agreement "does not indicate endorsement or acceptance of the Commonwealth Government's proposed new funding arrangements."
"The Victoria Government considers it unnecessary and illogical that an 'interim' agreement is legislatively required for 2018 given the Commonwealth Government is not seeking to finalise future funding agreements until June next year," he wrote.
Merlino said he remained disappointed the Turnbull Government reneged on the final two years of Labor's original Gonski agreement, reducing funding to Australian schools by $17 billion over 10 years.
He warned of a "big fight "in the next 12 months as negotiations continue for funding.
Birmingham hit back at Merlino's comments, saying the Victorian Government was "showing contempt for students and taxpayers" and the new agreement would deliver more money.
"I welcome the Andrews Labor Government signing on to receive our record and growing funding despite hypocritically calling for an old agreement they themselves have never fully committed funding for," Birmingham said in a statement.
"James Merlino and the Victorian Government spend less per student than any other state and the legislation passed in June will ensure they are held to account in order to receive the increased funding from the Commonwealth."
Total funding for Victorian schools under the new agreement is predicted to grow from $4.3 billion this year to $8 billion by 2027.
The interim agreement will serve until the Gonski review panel delivers its recommendations early next year for the basis of a more detailed plan.