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Given the council could not expect to receive dividends any time soon, Cr Vandervis suggested the council allow another party to run the companies "properly, because we have failed".
The council suffered reputational harm by being associated with Aurora, which had not excelled in running a safe and reliable network, he said.
The theme was not picked up by other councillors, but economist Cameron Bagrie has also said councils may need to be bold and consider asset sales to recalibrate their balance sheets.
Asset sales could be politically unpopular, but councils were facing big challenges, he said.
Cr Vandervis said big issues with council companies should be confronted now.
Cr Jim O’Malley suggested there could be merit in breaking up Aurora to serve different areas.
Previous councils had accepted dividends from Aurora, affecting its ability to look after its assets.