A commitment by the city council remains unclear, the newly adopted budget reveals.

The councillors passed the $109.6 million budget at Monday night's special meeting, 4-1, with councillor Ben Blain voting against.

Mayor Vicki Jellie and councillor Debbie Arnott were absent from the meeting.

Between $1.8 million and $3 million was allocated to go towards upgrading the city's ailing livestock exchange which is on top of last year's $2.56 million budget allocation, however it appears that is now under review.

In the foreword to the draft council plan released in May, Cr Jellie said it would invest in the livestock exchange "which remained a focal point for the region's agricultural community".

However, in the plan adopted on Monday night the wording had changed.

"In relation to our livestock exchange, while a budget allocation has been made, council is reviewing information ahead of making a fully informed decision on budgeted expenditure for this commercial proposal," the budget introduction by Cr Jellie stated.

The old concrete walkways at the South West Livestock Exchange were removed after collapsing in October 2020 during a sale which was described as being "like an earthquake".

In November 2021 a report on the saleyards was submitted to the council, but it was not publicly released because it contained "market sensitive intelligence".

That report was expected to provide direction to the council as to the extent of development needed at the yards. It is understood the saleyards will be up for discussion at an upcoming council meeting.

Cr Jellie on Tuesday said the council had allowed capacity in the budget to make the right investment decision in relation to the saleyards.

"It's a very complex decision in a very dynamic environment of hugely escalating construction costs and increased borrowing costs," she said.

"Council is using the information it is receiving to assess the extent and limits of investment in the yards. There is no defined time frame to make this decision. The key is to make the right decision, notwithstanding it must conclude its decision with the current tender in the coming months."

Rates are set to rise 1.75 per cent in line with the state government-imposed rate cap.

The council will collect $44.54 million in rates during the 2022-23 financial year, up from $43.1 million last year.

The capital works budget also includes $385,000 for upgrading public toilets, $330,000 for playground upgrades and $400,000 for the Japan Street catchment diversion project.