Cuts totalling £16million were revealed at Monday night's cabinet meeting.
The biggest loser is set to be the council's social services department - from which £9.9million worth of funding will be stripped. The consequences include the closure of a New Addington family support centre.
It was claimed the cuts will also see the loss of up to 100 public sector jobs along with the withdrawal of the Warehouse Theatre grant.
The Hilltop Family Support Centre is to be closed and transport for disabled children and adults up to the age of 24 is to be "reviewed".
However, council leader Mike Fisher defended the cuts and told the opposition that he was proud of his decision. Laying the blame firmly at the door of his Labour predecessors Councillor Fisher added: "There are difficult decisions to be made early on. Unfortunately, Labour didn't have the ability to make these decisions.
"As a result they have taken away the opportunity for me to deliver some good news in my first year."
Services affecting the disabled, young offenders, pensioners, people who are HIV positive and people with mental health problems will all suffer as a result of the new budget.
The council confirmed that 34 full-time posts are to be made redundant but said this figure is likely to be many more as some roles are part time. Opposition councillors believe this number could rise to 100.
Local Labour party leader Councillor Tony Newman was outraged at the decision and told the packed council chamber that the loss of funds will affect Croydon residents from the cradle to the grave.
He said: "You have set up an entirely false scenario that the council is £37million in debt. It isn't, these are at best pressures and at worst fantasies. It is utter incompetence. You should be ashamed of yourselves to panic after 21 weeks and it is absurd to cut almost 100 council jobs in the process.
"These cuts are an attack on those who need public services the most, made by a group of councillors who care about them the least."
However, Coun Fisher said: "I am very proud of what we have done to date and the way we are going forward to restore the finances of this town to good order."
Councillor Stuart Collins, shadow cabinet member for culture and sports, asked Coun Fisher how he could be proud when the Warehouse Theatre heard about their funding cut from the Croydon Guardian and said his decision "smacked of arrogance".
But Coun Fisher said: "All the evidence points to the fact that Labour knew this problem was coming and were not prepared for it."
Councillor Raj Chandarana, shadow cabinet member for public protection and crime reduction, accused the Tories of "decapitating the welfare sector".
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