Mayor Ken Gale's stern call to action comes after it emerged the total cost estimate for the long-awaited development had swelled from $1.93 million to $2.225 million.

When the community first proposed the stadium about six years ago its expected cost was $1.2 million.

The latest blow-out comes after the Rudd Government in April scrapped the former Coalition government's regional partnerships program, a funding source Moyne Shire had hoped would guarantee the project.

The loss of this potential funding prompted the council to pour another $300,000 into the project.

But rising world steel prices are expected to lift the project's total cost by a further $300,000 in the coming months.

Cr Gale will attend a Australian Council of Local Government meeting on November 18, which will coincide with the release of early information regarding new funding options.

"I hope the Prime Minister does hit the ground running and not take another six months to make the decision, because if he does do that it's going to cost that amount again," Cr Gale said.

Cr Jim Doukas urged councillors to remain positive, claiming the project "was in with a very good chance" of securing the necessary funding.

Cr Brenda Hampson said she had already conveyed the council's concerns over the funding shortfall to Deputy Prime Minister Julia Gillard.