The funding is awarded by the government, with the county council responsible for determining each schools allocation.
Initial estimates suggest that primary schools will see an average increase in their funding of 4.3% (£34,000), with secondary schools receiving an average increase of 2.7% (£110,000).
Councillor Mrs Patricia Bradwell OBE, executive member for children’s services, said: “I’m delighted to see this additional investment in our local schools.
“The pandemic has highlighted the vital role schools play in our local communities, and it’s only right they receive the financial support they need
“For too long, rural schools have received less than their fair share of national funding – this increase is a step in the right direction.
“However, although we welcome the additional funding coming into our schools, which has improved our position compared to other areas, the county still receives less than the England average, and we will continue to make representation to central government for fairer funding for all our schools in Lincolnshire
“To ensure each school is awarded a fair share of the funding, a formula is used, taking a range of factors into account, such as free school meals, deprivation levels and education outcomes.
“However, we will ensure that all local schools see a rise in their funding compared to the previous year.”
This year, the minimum per pupil funding levels will be set at £4,180 for primary schools and £5,415 for secondary schools.
The council will calculate each school’s individual budget by the end of February using the published October 2020 schools census information.