Updated 2.39pm: The Christchurch City Council has voted to raise the city’s rates by 33% over the next four years.

The City Council spent today discussing a financial strategy that will solve its billion dollar shortfall.

Original proposals suggested increasing rates over the next three years by 26%.

The strategy is still subject to public consultation.

In a draft resolution Lianne Dalziel proposed increasing rates by 8.75%, 8.5%, 8.5% and 7.5% over the next four years.

"That gives a smoothing, and under double digits which was something we are trying to achieve."

Some Christchurch City councillors are pushing for staff to look beyond asset sales and rate rises to solve the council’s growing debt.

Councillor Andrew Turner wants staff to look harder at the budget and see what projects can be postponed or scraped and defer costs to a later date.

He says many of the planned projects can’t be completed in their proposed timeline and would make sense to defer.

Budget Services Chair Don Johnson says if that's decided on - then more people are likely to blow the lid off their budget.

"I'm sure those people on fixed incomes are not going to get a similar increase and we can only expect people with more difficulties."

Meanwhile, food and home-heating could be first off the list of "necessities" for elderly people, if the Christchurch City Council decides on a significant rates increase.

Age Concern Canterbury CEO Simon Templeton is urging the council to consider other options.

"My thought would be to think of people who are going to be hardest hit by this and look at other options potentially, such as postponing some of the projects that are needed."