Then, students were doing about 600 hours of flying time a month.
The WDCHL board has drafted a "prudent and flexible" statement of intent for the next two years which was presented to the council this week.
Millin said WDCHL was "very positive" that flight school would be able to start producing returns again once the students arrived.
"Covid impacts could potentially affect things for 12 to 18 months before stability returns," he said.
"Students have already had visas approved and have been going through the necessary gateways to get here so we're very positive."
Councillor Philippa Baker-Hogan asked Millin if it was possible to predict a rate of return from NZICPA in the year ahead.
"We're very aware of ensuring we deliver a return for shareholders and ratepayers," he said.
Millin said it was the intention to repay loans but returns would be subject to solvency.
"We can't just take the cash out of NZICPA if they can't afford it," he said.
"But the clear expectation is that we make repayments."
Councillor Rob Vinsen said the draft statement included a figure of six per cent return, which he said was a worthwhile target.
Millin said that was the goal but asked for flexibility.
"We are doing everything we can to try to balance achieving a return while maintaining solvency," he said.
Councillor Kate Joblin said it was reasonable to expect a return along with the inherent expectation that health and safety standards would not be compromised.
"That is not a criticism and I don't expect a response - it is merely a statement," she said.
Councillors voted in favour of accepting the draft statement which will now go to the Whanganui Holdings board for comment, before being finalised for the council to receive by June 30, 2022.
