The cost of running the current library is just shy of $1 million a year, but just how much more the new library will cost is unclear.

Cr Angie Paspaliaris raised concerns about the "large additional running costs" of the new library and learning hub the council is building in conjunction with South West TAFE.

During discussions on the new four-year council plan, Cr Paspaliaris said she wanted to highlight the fact the decision to build the new library was made by a previous councillor group.

"Therefore, whether I like it or not, it will be constructed in its entirety based on that previous decision," she said.

"I have been, and continue to be, concerned about the large additional annual running cost and responsibility to council that this pilot project demands."

Cr Paspaliaris said the current councillors were aiming to take a cautious and considered approach to balance services, projects and financial sustainability in the wake of the pandemic.

The new library is due to open in the 2022-23 financial year, and $1.25 million has been set aside in this year's draft council budget towards the project.

The draft budget also includes an allocation from the council to spend $270,000 on "capital renewal of library stock" such as new books.

Most of the funding for the joint project has come from the state government which has chipped in $16.3 million. The council is contributing $3.12 million and South West TAFE $830,000.

"It will have higher operating costs," the council said.

"It will also provide a better service with more books, more seating, toilets, more computers, more multimedia facilities, community facilities, improved areas for children and will have better all-abilities access."

The cost of running the library over the past year - which was at times closed during the pandemic - is forecast to be about $943,000, slightly down on the previous year which was $961,000.

The council's draft budget shows that the costs of running the library will actually fall to $656,000 over the next year, but that is because state government funding of $289,000 for the library would come directly to the council when it takes over management of the Warrnambool library from Corangamite Regional Library Corporation on July 1.

But how the operation of the new library will affect the council budget when it opens the following year has not yet been revealed.

Cr Richard Ziegeler told last Monday's meeting he endorsed Cr Paspaliaris' remarks.

Without specifically mentioning the library, Cr Ziegeler said, during debate about the draft four-year council plan, that he was concerned about costs.

"We have to be right on the metal to make sure we contain the costs to achieve our vision and it's not going to be easy given the position we've been left with," he said.

"We have to be very careful with the way we manage our finances to achieve our vision for 2040."

The council has released its updated 2040 plan and its draft four-year council plan for public comment.

Cr Ziegeler said the council's vision was where the city wanted to be in 2040, and the draft plan was the steps Warrnambool needed to take to get there.

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