However, some councillors still hope the average rates rise for the next financial year, starting on July 1, can be kept to single figures.
A report for a full council workshop on Thursday showed how councillors and staff achieved the lower figure.
They extended the payback period for borrowings to pay for at least two large leaky building settlements in the past five years.
They raided a "transport improvement fund" — accumulated from paid council parking and infringement revenue — previously earmarked for public and active transport investment.
As council staff prepare the draft annual plan for public consultation on March 19, councillors are pushing for more savings.
Cr Jon Mitchell said much of the rates increase was due to government policies and reforms, but he hoped spending could be cut more.
"If we can reasonably get this down into single figures, I'd be really happy.
"Whether it's achievable or not, I don't know, but I think we need to make the effort to do so."
Corporate services general manager Meaghan Miller told councillors they would feel "frustration and concern" at taking an 11.6% rates rise to the community, but reminded them of the progress already made.
The annual plan consultation and deliberation process would allow them to gauge the community’s response, Ms Miller said.
If there was an "overwhelming outcry", they would have an opportunity to consider other options.
One potential alternative was reducing depreciation funding for council assets.
Cr Stephen Brent said he found that unacceptable, as the council had been "kicking the can down the road for far too long".
Councillors had set a baseline for depreciation funding during annual plan discussions in December and he was not in favour of revisiting the issue.
Queenstown Lakes District Mayor John Glover told Allied Media in October he wanted to keep the next rates rise to no more than 5% and the council was facing some "hard decisions".
The district’s ratepayers have faced a cumulative rates increase of 50% in the past three rating years.
Although rates revenue has been growing from more residents and houses, council costs from inflation, servicing debt and infrastructure spending — especially on Three Waters — have been growing faster in recent years.
However, its 2024-34 long-term plan projects increases in low single figures from 2029-30.
The government announced in December that a rates cap, likely starting with minimum increases of 2% and a maximum of 4%, would take effect from January 1 next year.
The rates cap, which would not include spending on Three Waters, would be enforced by a regulator.
