Emergency steps include plans to cut the number of directors and corporate directors by more than £1million a year by October.
There will also be a recruitment freeze, an end to all non-essential spending and a review of the council’s capital investment programme.
Budgets were overspent by over £60million last year.
The authority says this is largely due to demand for and cost of temporary accommodation for homeless families.
This has resulted in a reduced but still significant overspend of approximately £18million.