Councillors have called for more help from the government after a report claims the authority has suffered "staggering" cuts to funding.
Great Yarmouth Labour Party has conducted analysis which it says shows the Borough Council has had a 55pc cut in funds since 2010.
It comes as the authority's finances are under huge strain due to the rising costs of a homelessness crisis.
Trevor Wainwright, leader of the Great Yarmouth Labour Group said: "This cut in funding is huge compared to other councils.
"Yet Great Yarmouth is one of the most deprived areas in the country.
"This is a proud area, and we have no problem standing on our own two feet – but you are cutting us off at the knees.
"We need a fairer deal."
The analysis shows in 2010, the council received £9.96m a year – the equivalent of £14.53m today when adjusted for inflation - but now it receives just £6.52m.
Carl Smith, leader of the Conservative-led Great Yarmouth Borough Council, said that while there have been cuts, there has also been "massive investment" into the town, such as the £20m town deal fund and the Herring Bridge project.
But he has also joined other leaders in calling for more help to tackle funding challenges caused by the rise in homelessness and warned "difficult decisions will have to be made".
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He said: "The cost of temporary accommodation has risen to almost £500,000 more a year on top of our budget.
"We need more help and together with other councils, we are trying to lobby the government for more help with this."
Research by the Local Government Association has shown councils in England spent at least £1.74bn on temporary accommodation in 2022/23.
It is thought the number of households living in temporary accommodation has risen by 89pc over the last decade.
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