The council had previously set aside £470,000 to support local pensioners impacted by changes to the Winter Fuel Allowance.
However, a national government decision has rendered this support unnecessary, allowing the funds to be redirected into essential service areas.
An amendment to the budget will be discussed at the full council meeting on Wednesday, November 26.
Bolton Council Leader, Councillor Nick Peel, said: "While this money was originally set aside to support our most vulnerable residents during the winter months, I am delighted this can now be reallocated to other essential frontline services.
"We know how much our parks, green spaces, allotments, and bowling clubs matter to our local communities, and these funding plans would make a significant positive impact across the borough.
"We are already making major progress on the regeneration of our borough.
"Creating additional posts across our planning and regeneration teams would help this work move even faster to create town and district centres we can all be proud of."
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Should these plans receive approval, the financial boost will be channelled into a variety of public green spaces and neighbourhood services.
A significant chunk of the funds will go towards the creation of a dedicated officer position.
This officer will work closely with council tenants utilising facilities such as allotments and bowling clubs.
Their role will be to elevate the standard of these facilities and collaborate with users to identify future self-sufficiency opportunities.
Improvement schemes at Moss Bank Park, Doffcocker Lodge, and Westhoughton Central Park will receive a total of £70,000 from the funding pool.
Additionally, nearly £40,000 will be allocated to support the planting and upkeep of the borough's trees.
This initiative builds on previous investments in park and green space services, agreed upon in February last year.
Further funding from the original £470,000 allocation will also support the creation of two new roles within the council's planning department.
Over the past year, the department has streamlined its process, significantly reduced the number of open cases, and been recognised for its excellence in land searches.
The new recruits will further enhance the team's capacity and support the transition to a more efficient, cloud-based planning system.
The final portion of the funds will finance an additional project manager position within the team in charge of the ongoing town centre and district centre regeneration.