However, Southland Indoor Leisure Charitable Trust chairwoman Vanessa Hughey-Pol said if this happened it would have a "detrimental impact" on its operations.
The trust owns the stadium building.
As part of the discussion of its annual plan, the council held a meeting where the public was excluded earlier this week to discuss potential cost savings in its aim to bring a suggested rate increase of 14.5% to 9.5%.
The Otago Daily Times understands one of the options of this discussion included a 10% funding cut for Great South and the ILT Stadium Southland.
A source told the publication the council gives $700,000 to the stadium and about $1.9million to Great South — which includes core and contract funding.
Southland District Council and Gore District Council also provided funding for Great South as shareholders.
Invercargill Mayor Nobby Clark said yesterday he could not say much about the matter but he would not support a funding cut for both organisations.
He believed the council should look into internal costs, especially for contractors and consultants.
As the Otago Daily Times reported, the Invercargill City Council spent almost $2m on those in the first six months of the financial year and in the last financial year, it spent $3,827,501.22 on outsourced services.
"Me and [deputy mayor] Tom [Campbell] wanted the review of costs to include employee costs and when I say employee costs are not just staff — they are consultants, contractors, and legal costs as well," Mr Clark said.
"We felt they were too high and have increased significantly over the last five years. So, every single business that I come across in town has looked at their costs, so why can’t we?
"I don’t agree with cutting funding to either of those two organisations."
Southland District Mayor Rob Scott said any decision from Invercargill City Council would not have an impact on its contribution to Great South as they included three years of funding for the organisation in its long-term plan to give some kind of security to them.
He said the council contributed about $1.3m — including core and contract funding — to Great South.
"We just went through a long and thoughtful process for the long-term plan where we decided our priorities and we are comfortable with the level of funding we are giving to Great South," Mr Scott said.
"We also understand the importance and appreciate the work they do for the community."
Great South chief executive Chami Abeysinghe said yesterday she could not say much about the potential cuts as the discussions were held during a public-excluded meeting.
"The Invercargill City Council is one of our key shareholders and we are trying to work to find a workable solution."
Hughey-Pol said the stadium had more than 490,000 people through its doors, which reinforced how important the venue was to the community.
"The potential for reduced funding will have a detrimental impact on our operations and have a flow-on effect to user groups who are already experiencing financial pressures," she said.
"We hope that all Southlanders take the time to submit on these proposed funding cuts and let the decision makers know how important this community venue is."
