An economical method for recovering phosphate or phosphate and nitrogen from liquid streams. A liquid containing phosphate is introduced into a culture of autotrophic microorganisms in the presence of natural or artificial light, thereby producing a liquid effluent with elevated pH and reduced alkalinity. The alkalinity is reduced through the consumption of bicarbonate/carbonate by the autotrophic microorganisms. The effluent is then chemically treated with low-cost chemicals to provide Ca++ or Mg++ ions necessary to form a phosphate precipitate such as calcium phosphate or magnesium-ammonium-phosphate (MAP). The autotrophic microorganisms can be cultivated in ponds, lagoons, or photobioreactors. The pH of the culture is adjustable within a preferred range of 7.5 to 10.5 by adjusting the photobioreactor operation. The process includes an economical flotation separator for solid, liquid, gas separation and a means of concentrating ammonia nitrogen that may also be removed during the process of phosphate reclamation.