There was a call last month for a moratorium on any further action on the dam for the new council to take stock of the situation.
Last week, Mr Graham said that would include examining why only 42.8 million cubic metres of water had been sold to date, and why there was no word on a commercial investor.
In addition, Hawke's Bay Regional Council Investment Company's (HBRIC) leave of appeal in the Supreme Court had yet to be heard, as well as any activity to secure needed land under the Public Works Act.
In July, the council authorised a drawdown of $80 million, less development costs, for investment in the scheme, having agreed that three of the four conditions required for it to proceed had been met.
The council heard that the scheme's fourth and final condition relating to investment was almost satisfied and would be confirmed in the next few weeks, on which there had still been no word.
According to Local Government New Zealand, it is possible for an incoming council to change a decision made by a former council - but this will depend on the significance of the decision, and how far implementation of it had progressed.
In the case of a major or significant decision, a council would need to amend its long term plan and consult with the community - a process which could be very costly.