Another $200,000 will be spent sealing the new car park and installing drainage and lighting by the end of the year bringing the cost of each new car park space to about $23,000 each.

Chief executive officer Peter Schneider said the council had purchased what was previously used as a private car park behind 79 Kepler Street.

"The area of land is 100-square-metres and bought for $500,000," Mr Schneider said.

"As part of the same project, a new fully compliant disability parking space will be created in the existing adjoining car park."

Work is scheduled to begin in July and be completed by the end of September.

The extra car parking spaces were created to help accommodate an expected increase in demand when the new library hub at the South West TAFE site is completed.

"Council is committed to increasing and improving car parking spaces in and around the CBD, and securing under-utilised land, where possible, and converting it into formal parking spaces is an important part of that." Mr Schneider said.

Funding for the purchase of the land and creation of the car park comes from the council's dedicated car parking fund.

Revenue for the car parking fund comes from parking fees which last year brought in a higher-than-expected $192,000 despite the pandemic lockdowns keeping traffic out of the CBD for part of the year.

Motorists were stung $526,000 in fines last financial year - more than $100,000 above what the council had budgeted for.

This year they are forecasting parking fines to soar to a new high of $681,000.

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