The experts, who specialise in the local government sector, will cost the council between £800-900 per person, per day, with up to six persons required at any one time.
Former Chief Executive of Southwark Council, Eleanor Kelly is expected to chair the group.
In justifying the enormous additional expense at a time when the council is being forced into massive financial savings, council leader Cllr Wayne Fitzgerald said: “This is a panel of real experts from the local government sector.
“Their remuneration reflects that expertise and the undoubted contribution they will make to our improvement work.
“Those rates are £900 per day for the Chair, and £800 per day for each panel member.
“We will receive and debate their reports at each of our council meetings on a four-monthly basis, and the first meeting of the panel will be on 21 December 2021.”
Peterborough City Council held an Extraordinary Full Council meeting (December 16) to approve a temporary Capital Moratorium Programme that could save up to £9.435m.
Those savings will help towards balancing the budget – a legal requirement – in time for 11 March 2022.
Should the council fail to balance the budget, it risks losing control of its’ finances to central government.