This year, the council will provide an extra £12.3m for roads, £200,000 for flood response and £12m to support the local economy.
In addition, the budget includes over £500m for the day-to-day services residents rely on, such as adult care, children's services and the fire service.
The council will also invest around £200m in infrastructure and building projects, such as improvements to local schools and new roads.
And despite a reduction in road maintenance grant from government by 25%, the council will be fully plugging this gap to ensure essential repairs and maintaining roads to a good standard.
Cllr Martin Hill OBE, leader of Lincolnshire County Council, said:
"Our budget strikes a careful balance, reflecting 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.
"It also recognises the need to invest in the projects that will aid our county's recovery.
"Thanks to our careful financial management over the years, we do have reserves we can draw on in times of emergency, and now is the right time to do that.'
You can read the full speech here.