Port Fairy's embattled Belfast Aquatics pool and leisure centre received an eleventh hour reprieve to stay open after just hours earlier it was preparing to shut indefinitely.
The facility was expected to close from 4pm Tuesday after it was unable to renew its public liability insurance cover.
Pool committee president Anne McIlroy confirmed it would be able to stay open for one month, at this stage.
The centre advised Moyne Shire Council of the insurance issue on Monday last week, however council said it had been unable to help resolve the issue.
Council's acting director of community and corporate services Peter Brown said Belfast Aquatics' current insurer had refused to reinsure the centre and the committee managing the facility had been unable to find an alternative insurer, until late on Monday afternoon.
A council spokesman said chief executive Bill Millard met with the committee on Friday to discuss the issues and try to find a solution.
"It was agreed council will provide the committee with a specialist consultant who will conduct a review of the facility's risk assessments," the spokesman said.
The Standard understands there are a number of risk assessment red flags hanging over the centre, one of which is the WorkCover decision relating to the tragic death of a child at the facility last year.
The council spokesman said the consultant provided by council would help fill any gaps in the centre's risk management policies.
"The consultant will then make recommendations to the committee in the hope that will provide potential insurers with confidence."
The council can't take on the insurance cover for the centre, or take over management of the facility, and Mr Millard emphasised the best and quickest solution was for Belfast Aquatics to find a new insurer.
"If the committee is unsuccessful in obtaining insurance, council will work with the committee and consider what other options exist to secure the future of the facility," Mr Millard said.
The building is not a council asset, but it was built on council land, so if the facility closed permanently council would have to decide what to do with it.
Since 2009 council has spent at least $150,000 per year subsidising the centre, funding the subsidy through a booking levy on caravan park campsites.
"The caravan parks have provided $1,652,162 to Belfast Aquatics over the past 12 years," a council spokesman said.
Cr James Purcell said at the monthly council meeting last week it was "a pity" council hadn't been given more notice of the insurance issue.
Council's community and cultural development manager attends all meetings of the Belfast Aquatics committee and the committee is required to provide monthly financial updates to council, which suggests the insurance issue wasn't raised at any meetings or in the financial updates.
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