The borough and county councils will face having almost half of their budgets cut over the next two years.
St Edmundsbury Council faces a £1.560 million (47 per cent), while Suffolk County Council faces a £50.016m cut (37 per cent).
From April 2014 until March 2016, Suffolk councils are expecting to experience a £62.7 million cut in government funding, equivalent to 39 per cent.
If the costs associated with increasing demand for services, inflation and an additional two years of Government austerity cuts (2016/17-2017/18) are taken into account, more than £160 million will need to be saved.
Cllr Mark Bee, Suffolk County Council’s leader, said: “It’s important that we do not underestimate the scale of the financial challenge facing local government in the next two years.
“But that doesn’t mean that there aren’t things that we can do, together, to help manage the challenge.
“Local government needs to lead by example and find ways of working together to make the savings that are needed.”
Cllr John Griffiths MBE, leader of St Edmundsbury Borough Council, said: “It’s certainly no picnic and it’s going to be very tough but neither is it a total surprise.
“St Edmundsbury is already doing things differently and more commercially - investing in our communities while encouraging greater self reliance.
“In addition sharing services with Forest Heath is already making significant savings.
“Working even more closely together with them and others in West Suffolk should help us to maintain those services which our residents need and value most.”
The political leaders and chief executives from the county council, the seven district and borough authorities and met with Suffolk’s police and crime commissioner and chief constable in Ipswich to find ways of working together to save money.
Leaders vowed to build on existing joint working arrangements and collaborate further to protect services.
They also agreed not take financial decisions which simply move costs around the public sector and to find ways of integrating services.
They agreed to call on Suffolk MPs to raise the implications of the funding cuts with communities secretary Eric Pickles MP.
The estimates are based on a consultation currently being run by the Government which is looking at what funding will be available to local councils in the next two financial years.
The indications are that all eight Suffolk authorities would see a reduction in grant funding - in some cases by as much as 49 per cent.
The other councils seeing cuts are:
Babergh District Council – £1.337m, 48 per cent
Forest Heath District Council – £1.287m, 49 per cent
Ipswich Borough Council – £2.792m, 49 per cent
Mid Suffolk District Council – £1.415m, 47 per cent
Suffolk Coastal District Council – £1.785m, 47 per cent
Waveney District Council – £2.583m, 49 per cent
In total, there are £62.776m of cuts – 39 per cent.
For all the latest news see Thursday’s (October 2) Echo.