The local authority has already committed to investing an extra £2.5m in road maintenance over five years as part of a budget announced in February.
However, following a six month review of the council's 10-year capital plan, revisions to the programme have led to extra funding becoming available.
The £2.4m will be put towards a number of road and bridge improvements, including the removal of the Peebles 3G pitch project.
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Council Leader David Parker said: "We have assessed the capital programme at the six month review and have been able to free up £2.4m for roads.
"We have recognised the need to invest in the network and this seven-figure sum will be a significant commitment on top of the 14 per cent increase to the roads revenue budget.
"Despite extensive work by officers, the failure to identify a suitable site for the 3G pitch in Peebles that is acceptable to all interested parties within the community has brought into question the overall deliverability of the pitch.
"It has therefore been recommended to Councillors that the project is removed from the capital plan."
Councillors will consider the six-month review at a meeting on Thursday, 29 September.
(LM/MH)
