Buying the 276-item collection last year was controversial and the council has fielded criticism about the purchase and about the garments not yet being on display.
The collection is regarded as the largest private collection of 1970s to early 1980s fashion in the southern hemisphere and is insured for $92,750.
The garments were collected by Naseby farmer Eden Hore and displayed at his property, Glenshee.
When he died, Mr Hore left the collection to his nephew, John Steele and Mr Steele's wife, Margaret.
They lived at Glenshee until last year, when ill health prompted them to sell the farm.
They offered the collection to the council in the hope it would remain intact and be displayed in the Maniototo.
In a report to next week's council meeting, council economic development manager Warwick Hawker says there is no money set aside in the long-term plan for housing, curating and displaying the collection.
''The Ministry of Culture and Heritage has been consulted. The collection is acknowledged as being unique and we were strongly advised to seek guidance from Te Papa's museum development officer and to explore possible funding options with the Lotteries Commission,'' Mr Hawker writes.
The commission's World War One Commemorations, Environment and Heritage Committee was able to make grants which fostered the conservation, preservation and promotion of New Zealand's physical and cultural heritage.
The collection will fall into the cultural heritage category, he says.
A ''major feasibility study''of options was a key requirement if the council wanted to apply to the Government and other funding sources for grants to support the project.
This could cost up to $54,000 but the commission would accept a grant application for such a feasibility study.
Mr Hawker recommends the council applies for the grant to cover the cost of that study, which would have to be done by someone with extensive museum knowledge and experience.
