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It will be spent on work around the slip area at the Coronation Hall and Moeraki Motels to improve approaches to the slip area.
Waitaki Mayor Gary Kircher told Wednesday's council meeting this would include more drilling and concrete piling to help stabilise the area.
Work started in February on a project driven by the community using volunteers, donated materials and machinery to reopen about 400m of Haven St closed for about 20 months by the slip.
Engineering standards were overseen by the council and Mr Kircher said the rebuilt road was ''a sight to behold''.
Compared with the narrow road which existed before the slip, the well-built new road looked great.
''I continue to be blown away by the dedication and pride shown by the local community in getting this project to this stage,'' he said.
The council had put $60,000 into the work on the slip area, but an estimated $130,000 more had been provided by the community in the form of donated machinery, materials and volunteer hours.
While not budgeted for, the extra $50,000 which would be spent by the council would come from the roading budget.
''It will be money well spent and a meaningful show of support for the volunteers and their brilliant efforts,'' Mr Kircher said.
When the council closed the street, the main road to Moeraki, and replaced it with a detour, the community was up in arms.
The community's determination to reopen the road led to the formation of a group to work with the council and manage offers of help and material from local people to undertake the work under the supervision of an engineer.