Port Stephens Council's community and recreation co-ordinator Brendan Callander met state treasurer Mike Baird, mayor Bruce MacKenzie and Port Stephens MP Craig Baumann at the park on Monday to discuss the future of the site.

Mr Callander said a draft master plan for Boomerang Park, which includes the provision of a Men's Shed and croquet court, was almost complete.

It should come before council in March.

"We hope to have the Men's Shed and croquet and all the playground done at the end of this term [September 2016] - stage one [of the playground] hopefully by the end of the financial year."

The initial stage of the playground is expected to cost about $200,000. The council will cover most of the project costs, with the state government handing over $50,000 as part of the 2013 Community Building Partnership program.

While Mr Baird was in Raymond Terrace, Cr MacKenzie took the opportunity to hint that more money might be needed in the 2014 round of the grants.

The same funding pool had $50 million slashed from it in the 2013 budget, which left Port Stephens with $300,000 instead of $400,000.

While Mr Baird could not make any promises about funding, he said that he did not envisage any further cuts to the program.

Mr Baumann said he was pleased to see the park had been earmarked for a facelift.

"The park has had a wonderful history, being used for celebrations of Federation and Armistice," he said.

"It once had a nine-hole golf course, a race track, and was used for light horse training in the Boer War and for militia training in World War II," he said.

Once the draft master plans goes to council, it will be remain on public exhibition for 28 days for public comment.