The village issued a mandatory evacuation order on Saturday, which is affecting nearly 300 people, along with 15 homes, 53 apartment units and 42 businesses.
The St. John River was moving free of ice on Monday morning, however, the state of emergency was still in effect due to another jam up river.
The village's emergency measures organization committee held a meeting on Monday morning to discuss the plan for Monday.
Roads and business are permitted to re-open on Monday, but village officials will announce their decision on whether to alter evacuation protocols for homes in the village at 12:20 p.m.
Dan Dionne, the village's chief administrative officer, said the water levels are at seven feet, which is lower than on Sunday.
There is an ice mass that is about 25 kilometres long near Grand Falls. The ice jam is 10 kilometres long but there is a sheet of ice, roughly 15 kilometres long, in front of it.
Coun. Dean McAllister said all of that ice in the river still poses a risk to the village.
"So we are far from out of the woods, that's for sure, but that jam moving yesterday really, you know the river dropped two-and-a-half feet, three feet," he said.
"The town, you know, we should be able to function today, but we're all on high alert still."
Emergency officials are watching to see how that ice jam moves down the river as well as how much rain will fall in the next few days.
Three schools in the area are closed on Monday.
Southern Victoria High School and Andover Elementary School are both located in the evacuation zone.
And the Red Cross is using Perth-Andover Middle School as an evacuation centre.
The provincial government's River Watch program says several other areas have now reached flood watch or advisory levels
The St. John River near Hartland is just below flood stage, while the river has reached the flood warning level in the Woodstock area.
Fredericton and most areas downriver are still more than a metre below flood stage.
The exceptions are Jemseg where it's 60 cm below flood stage, Quispamsis and Saint John are both about 80 cm below flood level.
Riverwatch officials say water levels on the Nashwaak River are fluctuating but an advisory remains in the area.
Water levels on the Nerepis River have risen to flood watch stage, while nearby tributaries remain at lower values.