Police have slapped drivers in Melbourne with a record number of speeding fines since the introduction of 40km/h limits but the city council says there are no plans to tighten restrictions again.

The number of motorists fined in the central business district has risen to 348, more than at any time in the past five years and a jump of 147 compared with 2011-12. More than 100 of the extra fines occurred in 40km/h zones.

While this has increased fine revenue by more than $33,000, this has been offset by a VicRoads decision to switch off speed cameras in the city to allow drivers to adjust to the limit.

The limit was introduced in September last year. The decision to turn off speed cameras in the Hoddle grid, where the new speed limit applies, has reduced camera fines by about $300,000, according to government data.

City of Melbourne councillor Cathy Oke said the speed limit would not soon be cut to 30km/h despite a report last month suggesting the council was considering the move once elevated tram stops were completed in Elizabeth Street.