Residents will see an increase on their utility bills if council ultimately approves the rate-supported budgets for Toronto Water and solid waste management that were tabled for the first time today.

Staff are proposing an inflation-based 1.9 per cent hike to garbage collection rates and a five per cent hike to water rates.

The above-inflation hike to water rates would mean an increase of $47 a year on the average residential bill (from $942 to $989). Industrial rates would also go up five per cent, which would translate into an increase of $13,005 for the average account holder (from $260,099 to $273,104).

The five per cent increase is part of a four-year plan to boost rates and restore $1 billion in funding that has been lost due to a decrease in water consumption.

The plan called for the city to hike rates by eight per cent in 2015 and 2016 and five per cent in 2017 and 2018.

Despite the repeated rate hikes, Toronto residents do still enjoy some of the lowest water rates in the Greater Toronto Area.

According to a report made to budget committee on Friday, the average residential water bill in Toronto in 2017 was more expensive than in Peel Region and in Hamilton but cheaper than in all other GTA jurisdictions.

Budget committee will finalize the rate-supported budgets at its meeting on Nov. 27.

They will then go to council for final approval on Dec. 6.