Dunedin City Councillors meet on Monday to decide whether to abandon or continue with plans for a new stadium or wait for the possibility of a Government bail-out.
The $188 million roofed stadium was first mooted more than two years ago to replace Carisbrook.
In a report to councillors, chief executive Jim Harland says the project is already over budget by $7.7 million.
He says the total funding shortfall could be as high as $35 million.
Mayor Peter Chin and Otago Regional Council chairman Stephen Cairns wrote to the Government in December requesting funding for the stadium.
But Mr Chin says he's received no reply.
The meeting begins at 10.30am and is expected to take much of the day.