The authority raised its council tax by 8% in February, following a 10% hike in 2023.
Commissioners said despite the rises, a high collection rate of 98% remained.
“Clearly continuing to sustain both savings plans and income raising strategies are a cornerstone to future sustainability,” they added.
The council was effectively declared bankrupt in 2022 after it borrowed £1.5bn to invest in green energy companies.
It was taken over by Labour during the local elections in May after the party won 27 seats.
Speaking at the time, leader John Kent said debt levels remained at more than £400m.
