The former lawyer was an MP from September 2010, following the resignation of disgraced ACT MP David Garrett, until November 2011, when the party's woeful election result saw just one MP returned to parliament ipad waterproof cases.
Ms Calvert is running as an independent candidate, both for the mayoralty and for a council seat.
She's up against current mayor Dave Cull, who is seeking a second term, and current councillor Lee Vandervis, along with six other candidates.
In an at-times nonsensical interview with the Otago Daily Times, Ms Calvert said the council needs financially minded people to organise its coffers.
She says rates are going up much faster than inflation, while she has concerns about the council's financial reporting.
"The $100 million or so which is in the endowment fund says that we've got $32.5m [invested] in Wall Street. We haven't.
"There's a piece of land there that they're not even acknowledging is there ... so for the endowment fund ip networking, we know that's not an accurate figure, because we know that piece of land is missing."
Ms Calvert says she believes her time as an MP would help her on council, "because I think I understand better what you can expect of other people".
She is not sure whether she is still an ACT Party member, and asked whether she would be promoting the party's policies in Dunedin, she replied: "No, I will be promoting ACT's principles. Not ACT principles, but the principles on which ACT was founded. So not because they were ACT principles."
Ms Calvert says she expects to spend between $10,000 and $15,000 on her campaign, including $5000 of her own money wigs natural hair.