Cash-strapped Aberdeen City Council is recruiting experts at a cost of more than £2,000 a day in a bid to protect its credit rating.
The authority hopes that appointing a three-strong “economic policy panel” will reduce the risk of its £370million bond issue turning bad.
But opposition councillors say it is a pointless waste of taxpayers’ money at a time when £20milllion of cuts are being made.
Recruitment adverts are due to go out soon for “independent experts to provide an annual commentary on the economic performance of the city and wider region”.
Interviews are planned to be held next month with appointments made soon afterwards.
Panel members would be expected to do 12 days’ work a year including visiting the Granite City once every six months.
Their allowances – along with travel, recruitment and administration costs – are expected to total between £60,000 and £80,000 a year.
In November, Aberdeen became the first authority in Scotland to complete a successful bond issue to raise funds for a series of infrastructure projects.
But its success hinges on keeping its cherished Aa2 rating from Moody’s – which is due to carry out its first annual review in late September or early October.
Council officers believe the panel would provide a “robust check” on the economic analysis provided to the ratings agency and send out a “positive signal to existing investors”.
But SNP group leader Stephen Flynn argued it offered nothing but more red tape.
He said: “The SNP group opposed the creation of this panel from the outset as we remain entirely unconvinced as to what actual purpose it will serve beyond creating a further layer of bureaucracy for politicians to hide behind.
“Everyone is aware that the local economy is in a state of change and we have to diversify and enhance our offering.
“Do the administration really need to spend such a significant amount of money for someone to come along and tell them that?”
The Liberal Democrats said they believed the cost was too high.
However, council leader Jenny Laing insisted the panel had “an important part to play”.
She added: “We have demonstrated our ability to innovate and to lead from the front in local government finance – but we cannot rest on our laurels.
“The creation of the panel, and the associated expenditure, was approved by full council in recognition of the vital role it will play.”