It has been suggested the Christchurch City Council lists airport on the sharemarket, while retaining a 51 per cent share.

Asset sales are again being mooted with the Christchurch City Council's debt set to skyrocket to $2.1 billion in six years.

The council is due to sign off on a $10.6b, 10-year budget on Tuesday, confirming rates increases of 5.5 per cent for the next two years and 5 per cent for the following three years. Rates will be reduced to 2.9 per cent in 2028.

The long-term plan (LTP) does not include plans to sell assets, but two councillors on Friday said the council needed to consider partially selling assets as its net debt was signalled to increase from $1.2b in 2019 to $2.1b in 2024, when it would start to track down again.

DAVID WALKER/STUFF Christchurch City councillor Raf Manji says the council needs to rethink partial asset sales because the level of debt is concerning.

The increase in debt was directly attributed to the earthquakes and would be used to fund the council's contribution toward capital projects, including the stadium and the metro sports facility.

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In 2009, before the earthquakes, the council's total debt was $303m.

During a debate on the LTP, city councillor Raf Manji said the council needed to rethink partial asset sales because the level of debt had crept up and it was concerning.

The council should consider listing assets on the sharemarket, he said, but retain a 51 per cent share.

After the meeting, Manji said Christchurch International Airport – 75 per cent owned by the council – was the obvious choice to list along with Enable, which has been building a fibre broadband network in the city.

Auckland and Wellington airports are already listed.

Manji said partially selling assets was a good way to reduce the council's debt and rates increases.

"If we can find a bit of extra cash it will help to bring rates down quicker."

The council was in a good financial position and its balance sheet was strong, he said, but debt was creeping up.

The net debt ratio to revenue would peak at 221 per cent in 2024, but was still below the 250 per cent limit set by the Local Government Funding Agency. Auckland has a 270 per cent limit. In 2009, before the earthquakes, the council's net debt ratio was just under 20 per cent.

There was a public outcry when the council proposed selling assets in 2015. The council ended up scaling back its plans and asked its investment company, Christchurch City Holdings Ltd, to release capital without selling assets. Citycare was put on the market, but the sale fell over when the council could not agree on a price with the one buyer left on the table.

At Friday's meeting, Cr Deon Swiggs said the council needed to look at how it managed and owned its assets in the future.

"Our debt levels are going to soar and the next generation will have to pay for it."

At the same meeting, the council approved a set changes to the draft LTP, recommended earlier this week by Mayor Lianne Dalziel. The changes include bringing forward funding for the stadium two years to 2021, spending an extra $48m on wastewater infrastructure, $25m to improve drinking water including getting rid of the chlorine. It will also prioritise roads and footpath improvements.

The council on Friday decided to bring forward the Heathcote expressway cycleway by one year to begin in 2024/25. The cycleway was originally supposed to be completed by 2018, but the draft LTP had delayed it until 2025/26.

Cr Sara Templeton said if the council did not bring it forward it would not only continue to upset the community, but also put them in danger. She wanted it done sooner, but there was too much pressure on rates in the next three years.

Cr Aaron Keown got his wish for safety improvements at the Breens Rd, Gardiners Rd and Harewood Rd intersection in the city's northwest. Staff would report back to the Fendalton-Waimairi-Harewood Community Board with preferred options by September 30. Money for the project would have to be found within existing budgets.