Warrnambool Citizens Road Race Committee executive officer Shane Wilson said he was feeling positive about a good outcome.

"We are optimistic that our local politician is making progress on our behalf," he told The Standard on Tuesday.

Last year the event received a total of $60,000 from the state government.

The breakdown of funds was $20,000 for the men's cycling event, $20,000 for a standalone women's cycling event and an additional $20,000 was provided because it was the first time the women's event had been held.

Organisers say they have been left scrambling to secure additional funds to deliver both the men's and women's events, after the state government revealed it would provide $40,000 - a reduction of $20,000 from last year - in 2023.

Mr Wilson said a decision would need to be made by organisers this week on whether the full program would be delivered.

"We feel optimistic and hope to confirm the event will be progressing in the next day or two."

Previously the state government provided $50,000 per annum for the event.

However, this was reduced in 2015.

That funding was when the program included only one event, but now it includes five.

Mr Wilson said the program included the men's and women's Melbourne to Warrnambool, a Port Campbell to Warrnambool event, a Warrnambool criterium and an annual dinner.

"We've introduced more events to help out the town," he said.

"One of our main aims has been to get people to Warrnambool so the town benefits from the event and we have increased the number of overnight stays."

On Friday, the state government revealed it was awaiting a formal request for additional funds from event organisers.

The Standard was advised on Monday this request had now been received.

"The Victorian Government has now received a request from event organisers for additional funding to support the Warny, with that request currently under consideration."

Organisers say they applied for additional funding last year, but the request was rejected.

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