The GLCCA said it would use the remaining £423,722 to develop its Greater Lincolnshire local transport plan.
Greater Lincolnshire Mayor Dame Andrea Jenkyns, who leads the combined authority, said she wanted to see the funds being used where they were needed most.
“We’ve seen across the county, certain parts of the county, which have had zero investment,” she said.
“We’ve got to make sure that we serve these forgotten communities, while at the same time making sure that we have the balance right and have a strategic overview,” she added.
Meanwhile, Councillor Craig Leyland, leader of East Lindsey District Council, said: “For residents, and certainly for my residents, we want to see the mayoral combined authority deliver things that have been lacking for some years and are strategic to our area.
“The idea of fairer funding is probably not necessarily the point here. It’s about strategic needs and the direction of travel,” he said.
According to the Local Democracy Reporting Service, members of the GLCCA are due to meet with ministers next year to press for more funding for public transport and “raise the profile” of rural areas.
