Last week the council’s executive agreed outline funding for events next year accross the borough, which will host the Olympic torch relay on 20 July on its final stop before London.
As previously reported in Event, each London borough has been given £50,000 to decorate streets and parks for the Games.
But Guildford council, which is in Surrey, has allocated its own funding to celebrations.
The torch's visit will be celebrated with an evening event in Stoke Park, where Locog and partners Coca-Cola, Lloyds TSB and Samsung will stage shows where a cauldron will be lit from the Olympic Flame.
Guildford Council lead councillor for culture and leisure Jen Powell said the events aimed to inspire residents to "share in the Olympic spirit".
The funding will also support community events for the Diamond Jubilee in June, including dressing Guildford High Street to mark the occasion.
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