The country's biggest local government budget of R52.6-billion was tabled on Tuesday by the City of Johannesburg’s member of the Mayoral Committee for Finance‚ Geoffrey Makhubo‚ with a focus on capital expenditure‚ housing and youth employment.

Makhubo presented his budget for the year 2015/16 at the Sandton Convention Centre where the council meeting is sitting.

The multibillion-rand budget is the first council in the country to exceed the R50-billion mark in one financial year in the local government space.

This budget includes R10-billion for capital expenditure in infrastructure upgrade and investment.

Makhubo set aside about R29-billion for Pikitup‚ City Parks‚ Joburg Water and housing development.

In housing‚ most of the budget will go to eradication of hostels in the city and the metro's programmes of growing integrated housing developments.

Furthermore‚ about 200 000 youths will be trained in various skills and be placed in formal employment as well as government's Expanded Public Works programme.

Makhubo said despite challenging economic times for ratepayers‚ the city was in good financial health.

“The city's finances are healthy. A city that three years ago had a capex budget of R3.9-billion‚ in this current financial year we are sitting with a budget of capex funded 40% by our own resources and the rest is a mixture of grants and loans. It means we are generating cash surpluses and we use those surpluses to invest in capital infrastructure‚” Makhubo said.

But Makhubo had some bad news for the citizens of Joburg. The cost of living the country's economic hub will rise substantially as of July 1.

- Property rates will go up by 6%;
- Refuse collection will surge by 8%;
- Electricity will swell by 12.19%; and
- Water and sewerage will rise by 14%.