Urgent works are required at the city's saleyards that include replacing 400 metres of walkways and roofing after the collapse of a cement walkway on October 21.

About a dozen people on the walkway were fortunate to avoid injury when it collapsed during a cattle sale.

Witnesses described the collapse as "like an earthquake".

That led to a structural engineer review into the state of the existing walkways. The review recommends about 400 metres of walkways, as well as roofing, needs to be replaced.

Industry experts tip the cost of demolition, buying, fabricating and installing steel supports, buying and installing fibreglass-like perforated flooring and buying and installing roofing to cost more than $500,000.

Last financial year the saleyards more than doubled its profit in two years, making $370,000.

The previous financial year the saleyards made a $253,000 profit and the year before $172,000.

In addition, the council is reviewing if any additional works are required at the saleyards.

WorkSafe is also continuing inquiries into the collapse of the cement walkway at the saleyards.

The livestock exchange continues to operate safely according to a Safe Work Method Statement agreed to with WorkSafe.

A Warrnambool City Council spokesman said over coming months the council would replace about 400 metres of walkway and walkway roofing.

"Council will also take the opportunity to consider other improvements that could be introduced in the medium to long-term at the saleyards," he said.

"We thank the agents and all of our customers for their ongoing support while we carry out work at the saleyards, including the addition of a new roof over a substantial section of the yards.

"We'd also like to thank our great staff for quickly adapting the saleyards to allow for the safe movement of people and livestock.

"This meant that a key piece of Warrnambool's economy could continue to function."

A state government grant of $430,000 was handed to the council earlier this year to help pay for a new roof over a section of the yards.

That whole project will cost $969,581.

The new-look council was announced on Tuesday after statewide elections - including dominant candidate Vicki Jellie as well as Otha Akoch, Angie Paspaliaris, Debbie Arnott, Ben Blain, Max Taylor and Richard Ziegeler.

During the lead-up to the election new candidates generally campaigned on platforms to reduce Warrnambool's above-cap rates while maintaining or improving services.

Free city central car parking was another key issue.

The council is also expected to take a significant hit to revenue with the COVID-19 pandemic reducing the capacity of the city council's caravan parks over summer, forcing a ballot system.

COVID-19 pandemic restrictions have prompted the move to limit the number of holidaymakers to 1800 across 500 sites at Surfside and Shipwreck Bay holiday parks rather than the usual 3500.

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