"We're always optimistic, various governments have been very good, they understand the pressure on our ratepayers."
Mr Yule also said with a number of heritage buildings in New Zealand needing strengthening, and with the reduction in funding from the lottery grants board it was "a competitive and dynamic funding environment".
From the tour he said Ms Barry was very supportive of the preservation of historic buildings.
"I'm very conscious that apart from some homesteads, there are very little heritage buildings in Hawke's Bay", he said.
"When I was inside [the Opera House] it reinforced that we've made the right choice."
For some time before Saturday's tour, Mr Yule had been talking with Mr Foss about the co-investment.
Mr Foss said he had been keeping abreast of developments, and was looking at where government might be able to help out although it was "very early days".
He said the tour of the Heritage 1 listed building had been a great opportunity to present it to Ms Barry in her role as Minister for Arts, Culture and Heritage, and they had discussed what was possibly available from government.
"She could see for herself what council wanted to do, and what could be available from central government", Mr Foss said. He said it would have been a big call not to reopen the Opera House, but at the same time that had to be balanced with fairness to the ratepayer which could mean re-prioritising other commitments.
Mr Yule said the fact heritage buildings needed to be strengthened had caused council to re-prioritise, with some projects like Civic Square going "on the backburner".
He said council would strengthen the Opera House first, and then "take our time" on the Municipal Buildings. On the decision to strengthen the historic building, Mr Foss said it was "heart versus balance sheet".
"When you're in there you just know that it would never be built again, the character and feeling within there presents something very special to Hastings."
The Hawke's Bay Opera House has been closed since early 2014, after engineering investigations and peer reviews confirmed that parts of it were at risk of collapsing in a moderate to severe earthquake.
Ms Barry was unavailable for comment.