Wodonga councillors are also being urged to support the extension of the Wodonga Gold Cup public holiday.
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The race day has been a public holiday since 2014, with workers receiving a day off-instead of the Melbourne Cup holiday.
Racing Wodonga wants to see the public holiday extended by five years to 2026.
Councillors will vote on Monday night on a proposal urging the government to declare the race meets public holidays.
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A report notes the 2019 gathering provided a $3.23 million boost to the city's economy.
"This is an opportunity for the council to support the Wodonga Gold Cup," staff said.
"The public holiday associated with the event helps ensure its viability and has economic benefits for the city."
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