Initial budget proposals for 2021/22 will be discussed by Lincolnshire County Council's executive at their meeting on 5 January.
The council is proposing to invest £200m in infrastructure and building projects, such as improvements to local schools and new roads.
This is in addition to the proposed budget of just over £500m for the day to day services residents rely on, including over £200m for adult care, over £75m for children's social care, almost £23m for highways, and around £20m for the fire service and emergency planning.
The budget also sets out spending for other services such as libraries, heritage sites, economic development and school transport.
The authority's funding comes from a combination of council tax, business rates and government grants. Although the government is allowing councils to increase council tax by up to 5%, this year's proposals include a 1.99% rise in council tax.
Leader of the council, Cllr Martin Hill, said:
"Our budget needs to strike a careful balance, understanding that our residents and businesses have had a tough time over the last year, but that this has meant an increased demand for council support and services, and a need to invest in projects that will aid our county's recovery.
"The additional funding from the government of over £5m for adult social care and £15m to help with our cost pressures from the Covid response, is incredibly welcome and will help over the next year.
"We've worked hard as a council to find savings wherever we can, so we can make the most of every pound. As well as projects to support the local economy, we have continued to invest in services for vulnerable adults, children’s social care, and an extensive programme of expansion and improvements to special schools.
"The majority of properties in Lincolnshire are in council tax band A so our proposed council tax increase would be the equivalent of an extra 34p per week for these households."
The public will have an opportunity to have their say on the proposals before the final budget is set by the council in February.
For further information on the council's spending, visit www.lincolnshire.gov.uk/budget.