Board member Cecil Crawford said in his report to the board earlier this week that the Waikoikoi War Memorial had "had it", and was likely to require replacement rather than repair.
That sum comprised $10,000 from community board project funds and $5000 pledged by Veterans’ Affairs NZ, conditional on the project going ahead fully funded.
Replacing the monument appropriately was a "sensitive" issue, Mr Crawford said.
"We’re fighting for guys who lost their lives in war here," he said.
Board member Suzanne Wink asked whether the funding shortfall could be raised through the Waikoikoi community, but Mr Crawford questioned whether this was a fair burden to place on such a small community.
Instead, he asked if the Clutha District Council might be able to fund the shortfall through the Mayoral Fund or localised rates.
Clutha Mayor Bryan Cadogan said because no specific council funding was allocated for projects of this type, any decision on the matter would have to go before the council.
Board chairwoman Barbara Hanna said she believed community funding should be considered fully before seeking a solution through the council.
"There may be other solutions [to reducing costs] like installing a smaller monument than before, but it’s for the community to decide what outcome they want, and how any shortfall might best be funded," she said.
A community meeting to discuss the matters raised will be held at the Waikoikoi Domain meeting rooms on Monday, May 7, at 7pm.