"This is a hugely-popular fun place for our local people as well as a signature Hastings destination for those from outside the region," Hazlehurst said.
The council provides annual funding to support the park, but some attractions within it are "getting to an age that they need more investment than just maintenance", a council statement said.
Council group manager facilities and programmes Alison Banks and Splash Planet manager Peran Hutchings have been asked to investigate options and opportunities over the summer for a proposal to be put before the council.
Chief financial officer Bruce Allan says the Council's Long Term plan includes $3.8m of "new works and renewals" over the next 10 years, but if further development was proposed, the Council would need to consider how that would be funded.
The rating requirement for the operation of Splash Planet is budgeted at $641,000 in the current financial year.