They will also create their own special artificial surface as part of a $2 million redevelopment of their synthetic Acton track, which will be completed by mid-December.

Thoroughbred Park will host one Capital Cash meet every month, which will consist of one race with a total prize money of $27,000 - up from $16,000 - with three races worth $20,000 and the remaining four worth $18,000.

It means the self-funded prize money increase will provide a $259,000 injection into the Canberra racing industry for the 2015-16 season.

That will provide a boost to trainers, jockeys, owners and everyone else down to farriers and strappers.

Canberra Racing chief executive Peter Stubbs said the higher prize money would also attract better horses, which would draw increased betting revenue on ACT races and in turn provide greater revenue for the club.

The first Capital Cash day will be for the Tony Campbell Memorial Cup on September 25.

"Local trainers were very supportive of the concept as the additional prize money has a flow-on benefit throughout the racing industry," Stubbs said.

"The additional prize money will be funded internally through the club's budget."

The Acton track, which was installed in 2004, will undergo a much-needed facelift.

It hasn't been used this winter, with Thoroughbred Park opting to run their winter races on their grass track the last two years while they decided whether to refurbish or completely restore it.

They've opted for the former, which will cost almost $2 million.

They will test two synthetic soils, which they will make themselves, during August and then begin renovating the surface.

It will be completed by mid-December.

Chairman Chris Ward said the synthetic track was important for racing during winter and training all year round.

"The Acton track has proven to be highly successful for the extreme climate changes which we operate in and for this reason the committee are of the view it is essential we continue to provide a synthetic racing surface," he said.