However, he said the government had not received an official funding request and he was not aware of "any federal funding source that would support this project at this time".
State Environment Minister Ian Hunter said he too had not received a formal funding request for the project but was willing to work with local councils "to explore funding options".
Five catchment councils - Burnside, Unley, Mitcham, West Torrens and Adelaide City - have been debating what work should be done to floodproof homes along the two waterways since 2006.
The five councils committed $50 million to the project earlier this year.
The councils and the Local Government Association (LGA) are lobbying for a further $50 million each from the state and federal governments.
The state Stormwater Management Authority signed off on the bulk of the Brown Hill and Keswick creeks plan in March.
The work includes bypass culverts, detention basins, creek diversions and channel upgrades.
There is still debate between the councils on whether a dam is needed in Brown Hill Creek Recreation Park. The other option is an extra bypass culvert at a yet to be determined site.
Brown Hill Keswick Creek stormwater management project director Michael Salkeld said investigations into a bypass culvert were "well advanced".
"We are currently assessing the outcomes of these investigations, which will be presented for community consultation early in 2014," Mr Salkeld said.
The councils plan to send out information and meet with affected property owners in late January.
LGA chief executive Wendy Campana said the project would not go ahead without state and federal government funding.
"The cost of the project, currently $150 million, will continue to escalate as time passes without a funding commitment from the Abbott and Weatherill governments," Ms Campana said.
"The LGA made it clear during the (election) campaign.
"This funding is vital."
Ms Campana said formal funding requests had not been lodged but the councils were in discussions with both tiers of government.
"The ministers are aware of the plan ... our position just needs to be more formalised," she said.