Funds of £550,000 will be spent on community projects in the Royal Borough after the council gave the go-ahead.
Cabinet met to discuss a report on the council's financial position, which reported an overspend of £311,000.
But the report stated the council is in a 'strong financial position' due to underspends in previous years.
Cllr Simon Dudley (Con, Riverside), cabinet member for finance, said: "I am sure the overspend will be eradicated by the hard work of the strategic directors.
"I'm pleased that the balance of the development fund is healthy and that this will allow for a significant amount of money to be spent on community-based initiatives."
Money from the council's development fund will go towards projects such as the enhancement of Windsor and Maidenhead Christmas lights, costing £100,000, the expansion of Charters Leisure Centre in Sunningdale, costing £250,000, and £100,000 towards the Love Dedworth project.
Speaking at the meeting, Cllr Eilleen Quick (Con, Clewer East), cabinet member for leisure services, said: "Dedworth really needs a boost to update their services and this £100,000 is going to deliver some things which will improve the lives of Dedworth residents."
The meeting took place at Windsor Guildhall on Thursday.
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