A report has detailed financial risk associated with one of the major cultural infrastructure projects in Western Sydney.

The document from the Audit Office of New South Wales to the City of Parramatta Council detailed that the Riverside Theatres Redevelopment Project had "extreme risk" due to having "insufficient capital budget to deliver the final design to community leading to a failure to meet community expectations".

The redevelopment of the theatre is part of a plan to revitalise Parramatta's CBD and turn it into a buzzing arts and cultural precinct.

It joins the Parramatta Powerhouse Museum which is set to open late next year after five of its seven exhibition spaces were unveiled earlier this week.

The Sydney Conservatorium of Music also announced on Friday it would soon start

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