Furious ratepayers say a proposal to increase the Yarra council CEO's power to sell off property worth up to $10 million without councillors' approval is an "attack on democracy".

Yarra City Council's draft property strategy for the next five years includes a plan to give the chief executive officer and chief financial officer authority to approve sales of council land and buildings of up to $10 million.

The change would mean a tenfold increase of the current $1 million CEO delegation limit approved just seven months ago.

Local residents say they're fearful Yarra's community assets like childcare centres, swimming pools, town halls, libraries and neighbourhood houses could be sold off, without any say from councillors.

The draft property strategy would also give the Yarra CEO, who is currently Sue Wilkinson, the power to approve any purchases up to $10 million.

"It's a real attack on democracy," long-term Fitzroy North resident Kenneth Gomez said.

The change faces fierce opposition from several community groups, some of whom met on Friday, including the Fitzroy Residents Association (FRA).

FRA president Michael Spencer said he was concerned about a lack of transparency.

"You don't ask people for authority to sell things, and then not tell them what you want to sell," he said.

"There's been no justification [from the council] for it."

Under the Local Government Act, an instrument of delegation allows councils to give various powers, duties and functions to CEOs or staff to help streamline decision-making and business, with councils on average having a CEO financial delegation of $1 million.

The City of Melbourne, which has close to double the population of the City of Yarra, permits its CEO to approve expenditure worth up to $2 million.

Yarra councillor Stephen Jolly said the City of Yarra's proposed CEO delegation was "outrageous".

"It's going to transform the CEO into an unelected, economic czar, who can buy and sell anything up to $10 million in the City of Yarra – which is pretty much almost everything," he said.

"The council is voluntarily self-immolating."

Public consultation on the draft property strategy will close on Monday morning, with it to be voted on by councillors at the August Yarra council meeting.

A report completed in June 2022 detailing the City of Yarra's financial performance was published on Friday, following a lengthy campaign to make it public.

The document, titled 'Building Financial Sustainability and Capacity', advised Yarra Council to find an additional $36.8 million in net savings in the next six to seven years.

The report, compiled by strategic policy firm AtticusNow, also said Yarra Council's loans were the highest of all nine councils in inner Melbourne, and advised it cut corporate overhead costs and reduce staffing.

Yarra City Council currently owns or controls about 345 properties valued at more than $1.2 billion, with its draft property strategy noting the portfolio to be one of Yarra's "most valuable assets."

Councillor Stephen Jolly said he believed the City of Yarra executive team may be looking to sell off property to fix the council's "financial crisis", with the proposal an attempt to further limit public scrutiny.

"[Yarra] have reduced the number of council meetings from fortnightly then to three-weekly and now to monthly," Mr Jolly said.

"They're now wanting to hand over key decisions … what's the point of the council?"

Dean Hurlston, the president of ratepayer organisation Council Watch, said Victoria should introduce a statewide cap on financial delegations, proportionate to the size of council assets or budgets.

"When you look at other councils which are four or five times bigger, like Whittlesea and Hume, we don't see those sorts of delegations," he said.

The council did not respond to specific questions about the ratepayer's concerns the move was anti-democratic or why the $10 million increase was needed.

But, in a statement to the ABC, it pointed out the draft property strategy had still yet to be endorsed.

"We are currently seeking community feedback on the document until Monday, 24 June at 9am," a Yarra City Council spokesperson said.

"All community feedback is welcome and will be used to inform the final document which will go to council for adoption later this year."