Under new legislation to be tabled this spring, the Mayors Council will also help approve fare increases and oversee major asset sales.
Stone also said the proposed regional referendum on TransLink funding could be delayed until June 30, 2015.
During the May provincial election Premier Christy Clark had promised to hold a referendum on funding for TransLink during the next civic election.
But the timeline was rejected by regional mayors, who demanded more time and input before it is held.
TransLink is Metro Vancouver's regional transportation authority and is responsible for managing public transit, several bridges and major transportation corridors in the region.