The documents, which will be on public exhibition next week, show a total spend of $415 million across 60 services and a modest surplus of $4.1 million.

Lord mayor Nuatali Nelmes said in the past decade, the council had doubled its annual infrastructure program and this year's budget would set a record new benchmark.

"This includes $14.6 million for roads and footpaths across the city, including $5 million for renewing roads in the western corridor and $7.7 million on stormwater projects and flood planning in areas such as Mayfield East and Darby Street," Cr Nelmes said.

"We're also revitalising our coast, city, and urban centres with $9.9 million for projects such as the East End Public Domain Plan, Hunter Street Mall and local centre upgrades at Orchardtown Road, New Lambton, and Georgetown.

Other budget highlights include $21m to complete the expanded Newcastle Art Gallery, $14.7m to improve waste management, $11m on recreation and sports improvements and $4.5m on coastal management including Stockton coastline protection work.

Newcastle council chief executive Jeremy Bath estimated the infrastructure program would create 735 local jobs and increase total economic output in the local government area by up to $305m.

"Delivering back-to-back-to-back balanced budgets following the pandemic is not an achievement that occurs by accident," he said.

"Rather it is the result of the commitment and passion of our 1300 staff who have yet again shown that Newcastle is a city that can provide for its citizens without having to take on huge amounts of debt."