"There's not the money around for people to be spending it on this sort of thing.
"On behalf of the rural community there's a very great community attachment and it's an icon . . . a lot of people in this community went there as children but the reality is we need cold, hard cash."
Although a council-owned asset, the hall is run by the community with the support of grants and hiring fees. Residents do most of the maintenance.
If the management of the hall were handed to the council, it would be for the council to decide if the hall should be closed, Ms Day said.
The hall is used for the Belvedere community Christmas dinner, as well as other community events, but is not regularly used by any clubs.
Use of the hall had declined as the make-up of the community changed over the years, with more lifestylers moving into the area and fewer people socialising locally, Ms Day said.
Diane Edwards, who grew up in the area, said it would be sad to see the hall going to the council. "There's a lot of good things that have happened there over the years. But a hall has to be used and has to have a means of supporting itself."
She had many fond memories of the hall, where she played table tennis in her younger days as well as attending monthly dance lessons where she learnt to waltz and foxtrot.
Her "parcel evening", a party where members of the community came together to celebrate before a wedding, was held at the hall in 1968.
The hall dates back to 1884, when it was built as the Belvedere School. By 1885 the school had a roll of 54 pupils, and in 1886 the school was extended, doubling its size.
At its peak the school had about 90 pupils on its roll. It closed in 1937.
The meeting to discuss the future of the hall will be held on Monday, May 4, at 7.30pm.