Paul Scriven, leader of the council, said “We haven’t taken this exercise with a sense of glee. It’s something we have been left to do because of the mess this country has been left in.
“I will be honest with the people of Sheffield. This will not be easy and there will be service reductions.”
Mr Scriven also accused Labour party members of “abdicating their responsibility” with regard to the debt they had left for the country.
Over half of the proposed cuts will come from Education and Children and Young People’s Services. The Connexions service, which offers information and advice to 13-19 year olds will see their budget reduced by £1.2m, about a fifth of their previous total.
Councillor Colin Ross, member for Children and Young People’s Services, said “We have been as careful as we possibly can to protect the future of the young people of our city.”
David Blunkett, former Education Secretary and Labour MP for Hillsborough and Brightside, last week described the proposed cuts as “appalling”.
Councillor Simon Clement Jones, cabinet member for finance, said “I don’t think this is a good day for Sheffield. A Labour government spent more money than it had and now it’s time to pay the bill.
“One positive is that the Liberal Democrats are in charge of the city and we are well used to cleaning up after Labour’s mess.”
The cabinet unanimously approved the interim budget report in a meeting which lasted a little over 20 minutes. There were no questions from the public.
A more robust discussion of the cuts is expected when the report is voted on by the full council, where the Liberal Democrats do not have a majority, on Wednesday. Full details of the cuts proposed to be made over the next year can be found here.