The budget contains proposals to boost investment in the Towns and Villages Renewal Scheme, the proposed Cultural Quarter in Waterford and maintenance for roads and housing.
A large majority of the chamber passed the budget 23 votes to 8, with independents Seán Reinhardt, Davy Daniels and Sinn Féin councillors voting against.
Fianna Fail's Jason Murphy praised the budget saying that in the context of what had come in previous years, it was "pretty easy and painless to pass."
Independent Mary Roche voted in favour of the budget and praised Council members for working as a team during its term.
"The only agency that has never under-invested in Waterford is this local authority," she said, "and I applaud the risks that the council have taken."
Sinn Féin opposed the budget on the grounds that part of the investment is paid for through an increase to the local property tax that the party opposed earlier this year.
Councillor Jim Griffin believes the need for the local property tax is an example of how little support Waterford gets on a national level.
"if we need the citizens of Waterford to get us out of bother for €233,000, it's a poor state of affairs," he said. "It just goes to show how badly represented we are at government level when we have to constantly make up the shortfall for poor representation."
