Last year there were 4850 participants and, if there is a similar number in 2023, no further financial support from the council will be needed outside of the $100,000 already provided.
"You can be assured that as a trust we are financially prudent, and consistently assessing our risks and mitigations to these risks," Cavanagh said.
"The trust has committed to having a risk lens in place for all decisions made, and have processes in place to identify, discuss and mitigate risk."
Games manager Heather Cox will update the council on preparations for the event.
For Mayor Andrew Tripe and five councillors, it will be their first meeting in the council chamber after they were sworn in at Pūtiki Marae last month.
Peter Oskam, Glenda Brown, Charlotte Melser, Michael Law and Ross Fallen join returning councillors Jenny Duncan, Rob Vinsen, Josh Chandulal-Mackay, Kate Joblin, Charlie Anderson, Philippa Baker-Hogan and deputy mayor Helen Craig.
Tripe will reveal the structure and membership of the council's committees for the next three-year term.
The reappointment of Pahia Turia as a director of economic development agency Whanganui & Partners for a term of three years will also be discussed.
Turia's tenure is due to expire on January 3 next year and he wants to retain the role. He is currently the chairman of the board.
If the proposed reappointment is not accepted, the vacancy will be readvertised.
It is recommended that Tripe be appointed as a Local Authority representative to Te Kōpuka nā Te Awa Tupua.
Council appointments to external bodies will be made at this week's meeting.
Of the new councillors, it is suggested Melser be appointed to the Youth Council, Oskam and Law to the Whanganui Education Board, and Brown to the Positive Aging Forum.
Two councillors will be appointed to the Whanganui Rural Community Board.
There will be an update from Whanganui District Council Holdings but it will be closed to the public because of commercially sensitive information.
The meeting will be held at the Whanganui District Council chambers, 101 Guyton St, at 1pm on Tuesday.
It will also be livestreamed via the council's Facebook page and website.