The city received just under $85.5 million in rates, making up half of all revenue. Rates will increase by six per cent each year for the next two years.

Despite the increase, just 37 people formally objected to the valuation of their properties, of Bendigo's 55,962 ratepayers.

The rates revenue figures were included in the City of Greater Bendigo's Annual Report 2013/14, released at a special event at Bendigo Library on Wednesday.

Mayor Barry Lyons and chief executive officer Craig Niemann discussed the last 12 months in the library's special performance room, highlighting the new library as a major achievement of the last year.

Mr Niemann said the completion of the library and the expansion of the Bendigo Art Gallery, along with the progress on Ulumbarra Theatre, meant the year was "one of accomplishment".

"Many visitors remark on the attractive look of the city, something we should be proud of," he said.

"A section of our community is disadvantaged, and we should make sure council can provide support.

"We also need to make sure the high proportion of people who live alone have access to housing."

The city projected an operating surplus of $12.07 million for 2014/15.

The annual report also showed debt levels of $29.4 million at June 30, 2014, with an asset base of $1.32 billion.

Mr Niemann said the figures showed the council was well placed to maintain a strong financial position over the 2013/2017 Council Plan.

The City of Greater Bendigo completed 17 kilometres of new roads and resealed 70 kilometres of existing roads. There were also 26 kilometres of kerb and channel, and 23 kilometres of footpaths.

More than 130,000 people attended the Bendigo Art Gallery in the 12 months to July, up from 75,400 from the previous year.

Sheep and lamb sales at the Bendigo Livestock Exchange were also significantly higher in the last financial year, increasing to more than 1.2 million from consistent levels of 1 million sales.