The SNP accused the Labour-led administration of adding to a “debt pile” through “a range of spending commitments, guarantees, underwriting and borrowing”.
Group leader councillor Jackie Dunbar pointed to the council’s commitment to a new Aberdeen Exhibition and Conference Centre in Bucksburn, the redevelopment of the Art Gallery and work on the Music Hall.
She was also critical of the way the council planned to fund new schools proposed for Torry and Tillydrone.
She said: “We are seeing a spend now pay later approach from Labour today, they are adding to the debt and punting responsibility down the line.
“We showed they could have delivered two new schools from existing resources, but they decided to defer paying now and lump future administrations with paying the costs.”
She added: “The Labour-led administration talk as if they are being prudent with this city’s money, but when it comes down to it all they are doing is deferring having to pay until a later date.
“The SNP on the other hand were able to be more efficient and build two new schools without having to add to the debt of the city, at some point Aberdeen will need to pay back this additional £37m of borrowing.”
Council leader Cllr Jenny Laing said the local authority was working in partnership with the private sector to “to achieve more for Aberdeen than would otherwise be possible”, including delivering affordable housing.
She said: “The arrangements put in place in relation to Marischal Square, the new Aberdeen Exhibition and Conference Centre and the housing joint venture are all examples of ways in which limited public funding can be used to best effect to secure much needed investment and development.”