For the past three months the council has been holding workshops on the budget as part of its 2015-25 long-term plan (LTP).
At its meeting next week, it will start considering in public the projects and proposals which will also affect operating budgets and their impact on rates.
Councillors will consider early decisions on what to include in an early draft of the LTP, so staff can have some certainty for a report to go to the council in February.
Waitaki Mayor Gary Kircher emphasised the 2.7% was ''a starting point for council discussion''.
The impact on individual ratepayers would vary depending on the location of their properties and changes to their rating valuations.
''Further work is being undertaken to understand the potential rates impact on every property in the district and this will be available during the consultation process early next year,'' he said.
The council was proposing a variety of changes which attempted to balance its wish to grow the district, along with keeping Waitaki affordable.
In the background were the inevitable increases in costs due to inflation, legal requirements and prudent maintenance of assets.
Next week's meeting would enable staff during the summer period to prepare a draft plan for public consultation.
''While we have made a significant step in the development of the next LTP, further work will be undertaken in the New Year before consultation with the community commences.
''At the forefront of our thinking, will be our vision of growing Waitaki district as the best place to live, work and play. We look forward to discussing these and other ideas with the community,'' he said.
The overall increase in the rates take for this financial year was set at 3.9% to collect $28.35 million. The proposed 2.7% rise would collect rates totalling $29.107 million.
The process at Wednesday's meeting will be a staff summary of the financial position of the council and changes to budgets.
After that, councillors are expected to work through each of the proposals listed and the impact on rates, making decisions on any amendments or changes as they go.
Once that is done, the overall rates rise will be amended.
After the draft LTP is considered by the council in February, there will be consultation with community groups and stakeholders, which range from North Otago Federated Farmers to residents and ratepayers' groups throughout the district.
In March, the draft plan will be advertised for public submissions and public ''walk-in clinics'' held. Other public contact includes a presence at the Oamaru Farmers' Market and Hampden Market during March.
