Brisbane's damage bill from severe weather associated with ex-tropical cyclone Oswald is estimated at $60.5 million.
Lord Mayor Graham Quirk says the council will be left about $23 million out of pocket after Federal disaster relief payments.
He says council will have to find more savings to balance the budget or rates may have to rise.
"We're already going to have a bill which will exceed 100 million dollars in terms of the January 11 event," he said.
"This is now another 23 million dollars on top of that.
"Every eight million dollars that we spend in this city is about 1 per cent of our rates revenue - that's the equation."
© ABC 2013
14:55 EDT Tropical lows in the Gulf of Carpentaria and Coral Sea could intensify into tropical cyclones tomorrow morning before possibly making landfall on Monday morning.