Last Monday, Luggate teenager Jackson Aitchison (17) was killed when the car he was travelling in left the road and crashed into a tree.
Police are still investigating the cause of the crash.
Community Board chairwoman Rachel Brown said the issue was complex and it was not a simple yes-or-no decision.
A lot of work had been done by the previous board and it was important the right decision was made, Ms Brown said.
Because of the length of the road and the number of stakeholders, there was no easy fix.
"It would be great if it could be fully sealed tomorrow but not everybody wants that to happen and there is a substantial cost involved," she said.
Cr Calum MacLeod said all options for the road were open but issues such as how much it would cost would have to be addressed.
"There probably needs to be a fresh look at what the issues are and what the best way to fix it up would be," Cr MacLeod said.
The council and the community board needed to work together to make sure the right decision was made, he said.
Ross McRobie, who will be serving his first term as a councillor, said he was pleased the issue would be on the agenda for the first community board meeting. There were many issues concerning the road which all had to be examined individually, he said.
It was clear the community was concerned and councillors and board members had to find the best solution.
Three community board members, Quentin Smith, Ruth Harrison and Ed Taylor would be serving their first term on the community board.
Mr Smith said safety needed to be at the forefront of any decision but he would need to wait for more information from council staff before he could say what the best option for the road would be.
Ms Harrison agreed with Mr Smith and said until she was fully briefed on the matter she could not comment.
Mr Taylor said any upgrade of Ballantyne Rd needed to be considered as part of other roading issues in Wanaka, such as the widening of Mt Aspiring Rd.
The population of Wanaka was rapidly increasing and it was important the right decision on the future of the road was made, he said.
Cr Ella Lawton was unable to comment on the issue.