The county council has agreed to take a set financial settlement from the Government for the next four years rather than annual payments.
It will aid financial planning for the authority as the Government plans to phase out the Revenue Support Grant by 2020.
To date the county council has already delivered £116m savings and has plans for a further £36.3m.
It has already begun to consider ways to bridge the remaining funding gap of £14m through to the 2019/20 financial year.
The council has also earmarked reserves to mitigate the risk to its savings plan should these take longer to deliver or fall short of target.
The leader of North Yorkshire County Council, Carl Les, said: “There is no doubt that even with this four-year settlement, the county council faces some very tough challenges indeed.
“But I believe we are as well placed as any to ride the storm.
“During a recent peer review, when we were scrutinised by other local authorities, we were praised for our can-do attitude, our committed staff and for the tremendous grip on our finances. We have a prudent financial plan in place to help us through the choppy times ahead.”
The council is planning to still move ahead with the following initiatives.
l Increased investment in highways capital improvement programmes
lsharing practices in social care
l extend Extra Care housing into every market town across the county
l roll out innovative prevention service called Living Well in adult social care
l development of a commercial arm selling high quality services to other authorities
l extending a Stronger Communities programme which supports community initiatives
l reduce cost of back office, management and administrative functions
Cllr Les added “We have faced austerity head-on and will chart our way through the current uncertainty. We have much to be proud of and much to work hard for.”