The trust however stipulated that the state government should return the amount in due course of time.
The "in-principle" decision was taken at a meeting of SSST's management council here, said Sachin Tambe, one of the temple trustees.
Leader of Opposition in Maharashtra Assembly Radhakrishna Vikhe Patil had recently asked the BJP-led state government to provide funds for completion of canal work ahead of monsoon.
Saibaba temple at Shirdi in Ahmednagar district attracts lakhs of devotees every year and receives donations worth hundreds of crores of rupees in various forms.