BENDIGO councillors will discuss the option of relinquishing public assets in coming weeks.
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The discussion will be based on a recommendation from an independent review into council operations in December 2013.
Recommendation eight of the review suggested council investigate the possibility of relinquishing its responsibility for the Bendigo Art Gallery, the Economic Development Unit, The Capital theatre and Major Events.
It says the investigation must include an outline of how the organisations could become self sufficient.
At present, all organisations are managed by the council's City Futures portfolio and subsided by council.
The gallery cost council $2.15 million to operate last financial year and The Capital cost $1.25 million.
"(The gallery) is very important and a strong asset to the City of Greater Bendigo."
- Cr Mark Weragoda
Following the review, the City of Greater Bendigo conducted a 200-page report into the matter, which has been given to councillors.
The report has not yet been publicly released and councilllors will discuss its content in coming weeks, to determine a course of action.
However, Cr Elise Chapman said she was dissatisfied with the report.
"The report that is before us now does not properly address the recommendation and is not independent," she said.
"I would like to see it made public.
"If the public were the ones that put forward the recommendation in the first place, the public should be able to see the report."
Cr Chapman said she was undecided about whether council should relinquish responsibility for the organisations.
But Cr Mark Weragoda said the gallery and other organisations in question were "vital" to Bendigo and should remain under the City Futures directorate.
"(The gallery) is very important and a strong asset to the City of Greater Bendigo," he said.
"I do agree with the recommendation that we look at it but I'm happy as it is."
The recommendation was listed as "high priority" when released in 2013, with a "short" timeframe.
Mayor Peter Cox was equivocal on the matter.
"People say the art gallery and The Capital theatre value-add to our economy and that's very, very positive," he said.
"But on the other hand people are saying ... rather than those entities being subsidised by council they could be quite separate and operate as unique units."
The Independent Review was conducted in December 2013 as an audit of council operations.
A "snapshot of progress" shows 43 recommendations have been completed, with 16 to be completed this year and 10 in 2016.
Chief executive Craig Niemann declined to comment.