Ipswich Borough Council could increase its portion of council tax by 2.98 per cent.
The council's executive will consider the medium-term financial plan for 2025/26 and beyond at its meeting on Tuesday, February 11.
The plan includes the recommended council tax levels and budget for 2025/26, as well as the provisional budget for the following three years.
The council aims to manage rising costs while preserving services and investing in Ipswich.
Councillor Neil MacDonald, leader of Ipswich Borough Council, said: "Like so many others, the council has been hit by economic uncertainty and significant cost increases outside of its control.
"These include a significant increase in demand for key statutory services, higher price levels from recent high inflation, and the impact of interest rates reducing more slowly than expected.
"In real terms, over the period since 2010, levels of government grant funding to the borough have reduced by £119m."
The council said it remains committed to supporting residents while keeping council tax increases minimal.
Mr MacDonald said: "Executive will consider a recommendation to increase the Ipswich Borough Council part of council tax by 2.98 per cent for 2025/26, which equates to 18p or less per week for the average Ipswich Band B property.
"This is the lowest proposed increase of the three components that make up council tax bills in Ipswich, as Suffolk County Council has proposed a 4.99 per cent increase and the Suffolk Police and Crime Commissioner a 5.06 per cent increase.
"In addition, the continuation of a discount scheme for claiming local council tax reduction will see more than 10,000 of our residents benefit from lower or frozen council tax bills."
The final decisions will be made at the full council meeting on February 19.
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