diff --git a/CONTRIBUTING.md b/CONTRIBUTING.md
index 49f07cf02c..0f5adc3faf 100644
--- a/CONTRIBUTING.md
+++ b/CONTRIBUTING.md
@@ -159,7 +159,8 @@ docker run --rm -e UID=$(id -u) -e GID=$(id -g) \
 ## Update version catalog
 
 ```shell
-./gradlew versionCatalogUpdate
+# TODO (#1011): `|| true` should not be needed
+(./gradlew versionCatalogUpdate || true; cd buildSrc; ../gradlew versionCatalogUpdate || true)
 ```
 
 See [version catalog in Gradle docs](https://docs.gradle.org/current/userguide/platforms.html)
diff --git a/build.gradle.kts b/build.gradle.kts
index d958725751..67c688850f 100644
--- a/build.gradle.kts
+++ b/build.gradle.kts
@@ -49,10 +49,11 @@ tasks.withType<DependencyUpdatesTask> {
   rejectVersionIf { !isStableVersion(this.candidate.version) }
 }
 
-// TODO (#1010): make it possible to bump dependencies of buildSrc as well (and not only of the project itself)
 versionCatalogUpdate {
   sortByKey.set(false)
 
+  // TODO (ben-manes/gradle-versions-plugin#284): `versionCatalogUpdate` should work on both the project and project's buildSrc
+  //  The `keep` settings are needed so that a `versionCatalogUpdate` on the project doesn't remove the dependencies of buildSrc
   keep {
     keepUnusedVersions.set(true)
     keepUnusedLibraries.set(true)
diff --git a/buildSrc/build.gradle.kts b/buildSrc/build.gradle.kts
index 2d9a37f823..16d2e53da0 100644
--- a/buildSrc/build.gradle.kts
+++ b/buildSrc/build.gradle.kts
@@ -3,6 +3,20 @@ import org.jetbrains.kotlin.gradle.tasks.KotlinCompile
 plugins {
   `kotlin-dsl`
   alias(libs.plugins.jetbrains.kotlin)
+  alias(libs.plugins.versions)
+  alias(libs.plugins.versionCatalogUpdate)
+}
+
+versionCatalogUpdate {
+  sortByKey.set(false)
+
+  // TODO (ben-manes/gradle-versions-plugin#284): `versionCatalogUpdate` should work on both the project and project's buildSrc
+  //  The `keep` settings are needed so that a `versionCatalogUpdate` on buildSrc doesn't remove the dependencies of the project
+  keep {
+    keepUnusedVersions.set(true)
+    keepUnusedLibraries.set(true)
+    keepUnusedPlugins.set(true)
+  }
 }
 
 repositories {
diff --git a/buildSrc/gradle/libs.versions.toml b/buildSrc/gradle/libs.versions.toml
new file mode 120000
index 0000000000..d9b1d4e688
--- /dev/null
+++ b/buildSrc/gradle/libs.versions.toml
@@ -0,0 +1 @@
+../../gradle/libs.versions.toml
\ No newline at end of file
diff --git a/buildSrc/settings.gradle.kts b/buildSrc/settings.gradle.kts
deleted file mode 100644
index 2be0c198ff..0000000000
--- a/buildSrc/settings.gradle.kts
+++ /dev/null
@@ -1,8 +0,0 @@
-
-dependencyResolutionManagement {
-  versionCatalogs {
-    create("libs") {
-      from(files("../gradle/libs.versions.toml"))
-    }
-  }
-}