At Monday's meeting of the finance and policy committee, the idea of producing the town plan was brought up when councillors were thinking of things which they would like to budget for in 2002/2003.
Committee chairman Don Mayes suggested the idea of producing the plan.
He said: "We had a town survey almost 20 years ago and we had a public questionnaire as well, so it might be a good idea to update that."
Town clerk Linda Tiley said that the previous town plan was an "in-depth survey" of the needs and wishes of the town at that time.
"I think that we were the first to produce something like that so we were ahead of the times" she said.
Many of the issues covered in it included housing and shopping needs as well as examining the need for general facilities in the town.
Mr Mayes said: "So much has been achieved over the past 20 years since we established the town survey and we have had more and more community facilities built. I think that it would be a great idea to see what has been done and how much more needs to be done."
Other councillors on the committee were also in support of the idea of updating the findings of the parish survey by producing a town plan.
Philip Harrison said: "The last one was 20 years ago so it is time to do it again."
Mrs Tiley said that it was possible for the town council to apply for a grant from the Environment Agency to help fund part of the cost of the plan - which would be the first to have been produced by an East Hampshire town.
"It would not just be a village design statement. It would be going a lot further than that in terms of determining the needs of the town."
Mrs Tiley said that she would investigate what other sources of funding could be available to the town council should it wish to go ahead with the idea.
As well as suggesting the production of a town plan, councillors also thought it would be a good idea to set aside some money to fund celebrations next year for the Queen's golden jubilee.
"I think that we need to find out how the town and parish wish to celebrate it," Mr Mayes said.