Councillors will gather on Tuesday night at a special meeting to cast their votes for the job top.

Bernard Gaffney has held the role for the past 12 months - his fourth stint as mayor - after a drama-filled vote in 2018 that ended with his name drawn out of a hat, following a tie.

On that occasion, he and Cr Larry Goldsworthy both won three votes each.

Cr Gaffney had not decided if he was going to run again when he spoke to The Border Mail on Friday.

"It's a huge commitment, it's a full time job," he said.

"I'll be talking to my family over the weekend."

Former mayor Jenny O'Connor could also be a chance to reclaim her old job.

She had planned to recontest for mayor last year until fellow councillors asked her to step down because she was also running as a candidate for Benambra in the Victorian election.

Councillors Goldsworthy, James Trenery and Barb Murdoch have also held the position of mayor in the past.

Cr Trenery was the only one to confirm to The Border Mail that he was ruling himself out of the contest.

The agenda for Tuesday's meeting also recommended councillors accept the maximum allowance they can for the job, as set by the Victorian government.

Councils the size of Indigo Shire are placed into category 1, which has a maximum payment of $20,636 per year for councillors and $61,651 for the mayor.

"The nature of a councillor's role is one that requires a significant time commitment, often out of regular business hours work," community and economic development services executive assistant Kathryn Baldock said in her report.

"This time commitment, combined with the importance of the councillor and mayoral roles suggests that the allowances should be set in the high end of the permissible range.

"Traditionally, Indigo Shire Council has determined to pay the maximum amount."