Technically, Park Lake Reserve is under the jurisdiction of Hepburn Shire Council, the Grant to the Creswick Municipal Council having passed to them after reorganisation, and is managed by them. Since it is still classified as Crown land, the State Government (Department of Sustainability & Environment) also has some responsibility. However, most of the on-site work is done by, or is coordinated by, the Friends group.

A draft Management Plan was produced by students of the School of Forestry, Creswick, in 1999. Its main aims were to:

Some of its principle recommendations were: to control weeds; to have arborists examine the trees and take necessary action; to increase the depth of the lake; to erect a park map, information board, interpretative signs and labels on trees; to control traffic and parking; to remove the house (then becoming derilict but now being used and extended) and BMX track; to erect a replica of the rotunda on the site of the house as an interpretative centre (the old rotunda has now been renovated); to clear and re-plant the eastern end of the reserve. Some of the recommendations have been adopted. The Friends of Park Lake have done much to restrict parking, remove weeds and other unwanted vegetation and to restore features; three information plaques have been erected, while further signs are planned.

The Shire Council commissioned a plan by John Nieman & Associates in 2001, to facilitate a Heritage Grant application that was made for funds to prepare a conservation plan for the precinct. This grant application was not successful and the plan was never formally adopted by Council. However, the Shire has made the restoration of Park Lake to its former 1920s state one of its major projects (see Creswick Park Lake & Gardens Rotunda, A Conservation Management Plan, 2003).

There is clearly still a need to identify priorities, action and funding for the future of the park. Dredging of the lake has been costed by the council, but this considerable sum needs to be weighed up against other Shire works.