The city's $1.22-billion operating budget has gotten the green light from Vancouver's municipal politicians.

In addition, council has approved a $306-million capital plan.

“Vancouver’s 2015 Budget is an ambitious, responsible and community-driven plan that strengthens our communities today and invests in our city’s future,” Mayor Gregor Robertson said in a statement released to the media. “We heard from Vancouver that residents want their budget to support new affordable housing, better transportation, public safety, improved parks and action to meet our Greenest City goals. The 2015 Budget invests in all of these urgent priorities while keeping taxes low and enhancing City services, and I’m very proud to support it.”

The budget included a 4.6 percent increase for the police department, a five percent boost to fire and rescue services, and a 31.6 percent rise in expenditures on housing. 

The library budget only rose by 1.8 percent.

The budget boosts property taxes by 2.4 percent on average; overall spending will increase 3.7 percent over last year.

One of the biggest percentage increases was to the mayor's office budget, which is up 23.6 percent to $1.2 million. Even with this spending hike, the mayor's office accounts for less than 0.1 percent of the city's operating budget.

A three-year $1.1-billion capital plan over three years had already been approved by council and the park board in October.

It has allocated $325 million for utilities, $150 million for transportation, and $155 million for parks, open spaces, and recreation. In addition, there is $125 million for affordable housing, $115 million for equipment and technology, and $30 million for childcare, among other expenditures.

The $306-million approved today is for the first year's spending under the three-year plan.

Meanwhile in late February, the rating agency Standard and Poor's upgraded the city's credit rating from AA to AA+.

That was due, in part, to a fall in the city's Olympic-related debt.