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A city council spokeswoman said a number of matters relating to the outbreak and lockdown, including the impact on ratepayers, will be discussed during the meeting on Thursday.
Two members of the committee are required to be physically in a room together for the meeting and it will have the decision-making authority of the council.
Mayor Lianne Dalziel told NewstalkZB's Chris Lynch the council will try to address how the immediate situation is impacting ratepayers.
"People who have got rates bills falling due, we need to have an immediate solution to that," she said.
"It won't be the long term solution that people will want but it will give people some confidence that we are not going to be applying penalties and not putting pressure on people to pay their rates at this time."
The 2018-2028 Long Term Plan also predicts a 50 per cent rates increase over 10 years
The committee meeting on Thursday comes after six city councillors called for the brakes to go on rates increases in response to the outbreak.
City councillors James Gough, Sam MacDonald, Catherine Chu, Phil Mauger, Aaron Keown and James Daniels sent a letter to Dalziel asking her to lead a conversation on how a zero per cent rates increase could be achieved this year.
Said MacDonald: “In the current environment it’s clear business as usual is not appropriate and the council needs to look at how we enable this 12-month rates increase freeze to occur.
"It’s crucial for the economic confidence of our city.”
Dalziel said the last thing the city council needs is for someone to hit the panic button.
“Calm heads must and will prevail,” she said.
“Our residents and businesses will be depending on us to make adjustments, and we will.
"However, we will need advice on the impacts on all aspects of the council’s budget, which is not entirely funded by rates, and the consequences that will flow from decisions we make.
“The Annual Plan is not signed off for three months so we have time to get this advice. At the same time, the council is meeting with our economic development agency, ChristchurchNZ, the Canterbury Employers’ Chamber of Commerce and other key players so we are best prepared for the economic challenges that lie ahead.”
“We’re considering a series of options in light of the extraordinary circumstances related to Covid-19.
"We will discuss these options with elected members as we develop the Annual Plan,” she said.