Above-average rainfall is predicted as part of the weather event, which the Bureau of Meteorology this week declared active.

Carisbrook was among the central Victorian communities that flooded during the previous La Nina event, which stretched from 2010 into 2012.

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The bureau expects this La Nina to be more moderate than the 2010-12 event, which climate operations manager Dr Andrew Watkins said was one of the strongest ever seen.

However, he said flooding, heavy rains and storms were possible at any time during the La Nina.

Central Goldfields Shire Council chief administrator Noel Harvey said Carisbrook was better protected than it was previously.

The first two stages of the town's flood mitigation levee works have been completed.

Work on the third stage is expected to get underway as soon as next week. Mr Harvey said the fourth stage was dependent on money being released by the state and federal governments.

"We do know what needs to be done should a major event occur, if they're not completed, to protect the town," Mr Harvey said.

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The council hopes the stage three works, which correspond with sections of Pleasant and High streets, will be finished by Christmas.

"Every stage that's completed minimises the risk for parts of the town," Mr Harvey said.

He said the community was also well prepared to respond to flooding because of what it had learned from the events of 2010 and 2011, including identification of the areas most at risk.

Mr Harvey said Carisbrook's risk of flooding could never be eliminated, even if the levee was fully constructed, because the town was situated on the creek.

But the mitigation works aimed to prevent overland flows from compounding the issue, as had occurred in previous years.

Mr Harvey said council was keen to get onto the fourth stage of works - "the last piece of the puzzle" - as soon as it could.

"As soon as the money is released - the design is completed - we just go straight to tender."

More news: Central Victoria better prepared for flood than 2011 as likely La Nina looms

Stage four consists of works associated with the railway line, and with constructing culverts under the Pyrenees Highway. It will link together the first and third stages of the project.

"I'm frustrated we haven't been able to get it further advanced than we have," Mr Harvey said of the flood mitigation works.

But he acknowledged the progress that had occurred, and sought to reassure residents that the work was on track to being completed.