The steep price tag is mostly for heightened security measures before and after the 17-hour stay.
There were a total of 6,000 policemen from across Germany in Dresden. But Obama's Secret Service guarded the areas visited by the president.
The Ministry of the Interior confirmed that the extraordinary expenditures had been submitted to Finance Minister Georg Unland.
The Finance Ministry, however, would not yet confirm the exact details surrounding the security costs.
Regional politicians believe the positive consequences and buzz surrounding Obama's brief visit will more than counterbalance the large expenditures. Saxony will not, however, have to pay for assistance and accommodations of the president and his staff.