The Premier visited Ararat to announce the treasured community pool had received a Labor Government lifeline, confirming a $350,000 investment in the 2015-16 Victorian Budget, and was greeted by Ararat Olympic Swimming Pool Committee, community members, Ararat Mayor Cr Paul Hooper, councillors and council staff.

The refurbishment will include a new multi-purpose kiosk with change rooms, showers and toilets - an important first step towards reopening the pool.

Other works will include refurbishment of the 50 metre pool and installation of a children's water play area - overall a project estimated at around $1.1 million, with funding also coming from Ararat Rural City Council and the community.

Work has already begun on the pool with community members who offered in-kind works making good on their pledges.

Mr Andrews said it was a fantastic project, and acknowledged the work of campaign spearhead Ambrose Cashin, who put the case of the pool to him while visiting Ararat during last year's election campaign.

"When we were up here during the campaign, Ambrose had a quiet word to me - as he does - he's very good at arguing his case," Mr Andrews said, also acknowledging the work of the mayor, councillors and council officers.

"It was a great project, as it came from the community.

"It's great to be able to be faithful, to be true to the history of this.

"It was built by the community and now it's going to have new life because the community has been so hardworking, in partnership with, and convincing the alternative government at the time, that this was such an important investment to make.

"It's going to be a great precinct, a fantastic new facility that's all about health and well being, the community sticking close together and so that some of our most accomplished swimmers can continue to do laps every morning.

"It's a fantastic outcome and I look forward to being back here in a few months time and seeing a very different precinct, but one that is faithful to the history of this site, it's going to be really, really very important.

"And to everyone involved it wouldn't have happened without you."

One Ararat resident who is thrilled that she will soon be able to again swim at the outdoor pool is 85 year old Monica Kapp, who rarely misses a day of swimming laps.

Ms Kapp, who remembers the community banding together to build the pool in the 1950s, didn't learn to swim until the age of 62, and swimming nearly every day since.

"I came to Ararat in 1954 and they were working on the pool - everybody was working and doing something. People who I thought at that time - and I was only in my 20s - were 'people' of the town, they were digging down here with pick and shovel and the kids and young people were going to balls and having coin drives and I couldn't believe that sort of thing happened in small towns, it was wonderful," she said.

The reopening of the pool for the 2015-2016 summer is something Ms Kapp is looking forward to.

"It will be wonderful for me, for the town, for everybody. For young people, they should learn to swim in in cold water. I really love it," she said.

"I will continue to swim - I still swim, I swim every day and in the indoor pool, how I'm going to adjust to cold water again I don't know, but I will. I really enjoy it."

Ms Kapp also paid tribute to the hard work of Ambrose Cashin and his committee in pushing for the redevelopment of the pool and recalled the last time they swam in the outdoor pool.

"The last day I swam (at the outdoor pool), I swam with Ambrose and we got out of the pool and said this is our last day here," she said.

"The work Ambrose has put in is unreal, I will always be grateful that he was part of it."