The review found significant value had been delivered in water services since the Super City came into being in 2010, but further significant savings could be made.
"We may have to look at a governance change, by bringing Watercare into council or change the nature of the CCO to undertake stormwater," Hulse told the meeting.
Councillor Chris Darby said a 2008 review of "three waters" ended up on the shelf but over time the city will "win hugely" by putting the three waters in place.
"Watercare are doing extremely well but in the area of stormwater with the challenges of climate change we have got to accelerate our planning in this area," said Darby, saying Auckland will move from a pipe-and-dispose city to a sponge city that disposes stormwater at source.
The meeting discussed four "value for money" reviews into water, waste, communications and international relations.
Goff said if the council makes savings of $300m from water the money will not go back to cutting rates but investing in infrastructure the city desperately needs.
The other three value for money reviews have found potential savings of $73m.
Among the recommendations were a 5 per cent savings target for each of the next three years in communication and engagement at council and its CCOs, which have a combined cost of $45.6m and employ 234 staff.
Finance and Performance committee chairman Councillor Ross Clow said the reviews are an important first step in what will become an ongoing process.
"These reviews, although required by legislation, are an important way in which we can identify ways to better serve Aucklanders".
"The recommended cost savings and service enhancements across the four reviews show that we are determined to deliver value for money, and that like any good business, we are continually evaluating our performance in order to maximise return on investment," he said.
The committee recommended council chief executive Stephen Town report back in February on a plan and timeframes for the recommendations to be implemented.
