"I have initiated an internal review and I expect lessons to be learnt."
Dr Borren said he is "determined" to ensure the council does not waste taxpayers' money.
"In this regard I have also initiated an external review of our procurement and contracting processes."
He indicated there was more work to be done on the project.
"I am not happy with the outcome and we are working on improving the current look. Please bear with me."
During a council meeting on June 11 council spokesman Sam Rossiter-Stead told councillors the project had come in at just under $92,000, from an initial budget of $35,000.
He blamed crane hireage, vegetation clearance and structural engineer fees for the increase in costs.
Dr Borren said the council had improved in a range of services over 12 months, with council staff improving their focus on customer service and partnering with the community on community projects.
He said project management has not been a strength of the council "but it is an area I will be addressing with increased resourcing in the near future".