Glasgow City Council depute leader Ricky Bell said the issues raised were “not a surprise”.
The SNP councillor said: “The Accounts Commission recognises that many of those challenges are not unique to Glasgow – and that others, such as the pressure on homelessness budgets, are not of the city’s making.”
He added that the council had made significant progress on a new pay and grading system since the period the Accounts Commission examined.
Scottish Labour local government spokesman Joe Fagan said the report painted a “stark picture about the challenges faced by Glasgow”.
He added: “The budget gap will likely require very difficult decisions to be made, which will impact on people living right across the city.”
Scottish Conservative local government spokesman Alexander Burnett said Glasgow had been left with a “staggering blackhole” in its finances
He added: “Local people will be left facing swingeing cuts and higher council tax bills because of the SNP’s mismanagement.”