Treasurer Dominic Perrottet and Planning Minister Rob Stokes revealed the funding which will bankroll a boardwalk, jetty and market space on the river stretch from the Bungambrawatha Creek past Hovell Tree Park to Mudges Canal near the old Cumberoona mooring point.

Albury Council had estimated the entire project would take up to five years, but the injection of money from the NSW government now means it can be completed within 12 months of starting.

A tender, due to close on June 12, has been advertised for the work and it is expected the first sod may be turned in October-November pending the letting process.

The council had previously allotted $3.9 million (2021-22), $2.18 million (2022-23) and $490,000 (2023-24) in its budget to cover four stages of work.

Member for Albury Justin Clancy unsurprisingly hailed his government's decision to support the riverside development which was first publicly exhibited in November 2019.

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"This is a great result for the local community," Mr Clancy said.

"The program will create legacy public spaces for future generations as well as keep people in jobs to ensure the local economy keeps moving as we continue to respond to the impacts of the COVID-19 pandemic.

"To secure full funding for the project, council needs to continue accelerating assessment and determination of local DAs, which will have the additional benefit of bolstering the local construction pipeline through to 2023."

Jerilderie's lakeside reserve Luke Park is also a beneficiary of the government package.

Murrumbidgee Council will receive $2 million for improvements that include extending the existing deck to link in with the community hall and public art, resurfacing of the walking track and additions to the bush tucker trail.

In total, 100 open spaces across NSW will share in $250 million worth of funding.