Modest rate rises have been announced in the 2011/12 Brisbane City Council budget but debt is up and hundreds of jobs will be lost to help cut costs.


Brisbane Lord Mayor Graham Quirk's first budget includes an average rate rise of 1.8 per cent for residential and commercial properties, excluding water and sewerage charges.


The $2.9 billion budget includes just over $1 billion for infrastructure, with $465 million allocated for public transport.


Many of the big ticket items such as the Legacy Way toll tunnel have already been announced.


The Council will double its buyback scheme for flood-affected homes and put aside a further $116 million for the recovery process. 


The $116 million flood recovery includes $31.96 million for roads, $28.4 million for parks, $12.5 million for ferry terminals and $10.6 million for sea and river walls.


Another $128 million will be spent on drainage and flood management.