An extraordinary meeting was held on the night of November 9 with councillors presented three 'special rate variation' options.

Option A would see a 26.5 per cent rate rise in 2024/25, followed by two consecutive years of 2.5 per cent. Option B would see a 14 per cent rise in 24/25 and again in 25/26 with a 2.5 per cent rise in 26/27. Option C would be three consecutive yearly rises of 10 per cent.

After more than half-an-hour of discussion, all seven councillors unanimously voted to seek community consultation on option C

Councillor Bruce Reynolds was the one who brought forward the motion initially and called it "quite a difficult decision".

"The problem is council's costs are going up at a far greater rate than what our income is. We're pegged. We're capped at 3.7 per cent this year and the projection is around 3.5 per cent next year.

"Inflation is hurting council and it's not just wages, there's many other increases like all of us are experiencing."

Mr Reynolds pointed to the rising cost of electricity, insurance premiums and diesel as just some of the reasons the council was in this predicament.

He also added a big problem was much of the grant funding the council had received and been reliant on in recent years had "come to an end".

"It's important we act responsibly with a slower increase," Mr Reynolds added.

Deputy mayor David Somervaille seconded the motion to pursue community consultation on the three consecutive ten per cent rises.

He commended the council for being "responsible" in bringing forward the prospect of a special rate variation.

"It's not a very popular thing for councillors to be doing," he said.

"There's an election coming up in September next year and it would be easy for this group of councillors to say we'll worry about it later.

"I'm proud of my fellow councillors and deciding to put this forward right now at a time we can manage ten per cent a year. One thing that this demonstrates that I think the rating system in NSW is pretty much broken."

Councillor Allan Ewin also spoke in favour of the motion and said it would be "irresponsible" if the council didn't do what they were suggesting they do in seeking a special variation rate rise.

Blayney Mayor Scott Ferguson confirmed that following a 35 day community consultation (which started on November 10), that a report would then be made and presented to council in late January.

A meeting would be held and the report would then likely be given to the Independent Pricing and Regulatory Tribunal (IPART) and a final decision would be made around March or April of 2024.

"Our community and sporting facilities have never been as good," he said.

"The future deficits that are forecast will not enable this council to maintain those assets."

All seven councillors were in attendance with all voting for the motion to put forward the option C rate rise for a community consultation.

The proposed list of drop-in information sessions are:

The consultation period will end on December 15.

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