City of Stirling Mayor Giovanni Italiano said the number of cyclists using the recreational path had increased from about 77,000 per year in 2009 to about 150,000 by late 2014.
"Given the increasing level of cycle traffic on the recreational shared path, the City is aware that incidents are becoming more and more common," Cr Italiano said.
Cr Italiano said the City had considered separate paths for cyclists and pedestrians as well as enforced speed limits of 20km.
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READ NOW"On-road cycle lanes or segregated paths have certainly been considered, the City is seeking to have the appropriate speed of 20km for a shared path, as identified in the Austroads Guidelines, formally signed," he said.
Although the City had not recorded accident statistics at the site, Cr Italiano said there were concerns about accidents going unreported.
"The concerns are for the safety of members of the public, irrespective of whether they are cyclists or pedestrians, particularly as this is a family path with children and the elderly, undertaking both activities, at risk," he said.
Bicycle Transport Alliance board member Peter Bartlett said speed limits for cyclists were unnecessary.
"There are adequate regulations already without having to fine cyclists for speeding." Mr Bartlett said.
"If the existing regulations were enforced, it would probably solve this problem in the first place.
"It's just another regulation and yet another restriction."
According to the Bicycle Transport Alliance the preferred option for cyclists would be creating separate pathways for cyclists and pedestrians.
Cr Italiano said the speed limit for cyclists would be monitored by police.