Federal Education Minister Dan Tehan says negotiations with Victoria will continue for a final agreement, while all other states and territories have inked five-year funding deals.
The interim payment to Victorian state schools is paired with $18.3 million of capital grant funding for non-government schools and $27.9 million in additional assistance.
States were left fuming last year when the Federal Government offered a $4.6 billion 10-year peace deal to Catholic and independent educators.
That included a $1.2 billion fund that could only be accessed by private schools.
Victoria's Education Minister James Merlino maintains his concerns that state schools will be worse off under the deal, in a sign that negotiations aren't going smoothly.
"Let me be very clear. Their funding model has not changed," Merlino tweeted on Friday.
"They still want to fund public school kids LESS than private school kids.
"We won’t stop fighting until this unfairness is addressed. Victorians will have a very clear choice at the federal election."