Perry said: “It does not feel fair and consistent in line with the lower levels of intervention placed on other councils.
“I will not allow our residents to carry the cost of historic failure. I will not support any proposals that would destroy vital local services or impose further council tax increases above the government cap.”
Perry also said the council would “engage with the government-appointed team constructively”.
He added: “We will welcome their advice, challenge, and support, and we will continue to put Croydon’s residents at the heart of every decision we make.”
Croydon Council became the first London borough in two decades to effectively go “bankrupt” back in 2020.
It went on to declare bankruptcy for a third time in November 2022.
Perry promised to address the borough’s £1.4bn debt burden when he was elected in 2023.
Recent cuts include the closure of four libraries in November 2024 and a restructure of the authority’s Youth Engagement Team.
Council tax in Croydon has increased by more than 26% since 2022.
The Conservative-led council attributes its financial problems to a surge in homelessness and social care demand, along with rising costs for children’s placements.