The so-called "Save Rome" decree – which had been passed under the administration of Renzi's predecessor, Enrico Letta – has stirred up controversy in Italian politics.
It was obstructed by opposition parties such as the Northern League and anti-establishment 5-Star Movement (M5S) – and was in danger of not getting cabinet approval by the 28th February deadline, according to reports by the Italian news agency ANSA.
Italy's new government – which was sworn in last Sunday --is currently working on another package of aid to provide basic funding for services, Marino said, according to the Italian news agency ANSA.
(Read more: Doubts over Renzi's 'ambitious' reforms for Italy)
And yet, wrangling over the aid package will divert resources from Renzi's pivotal package of reforms. Commentators have already highlighted concern as to the five-month time frame for his reform agenda.
The new prime minister has said he wants to overhaul the country's electoral system and constitution by the end of February before tackling labour reform in March and public administration and the fiscal system in April and May respectively.
Rome's budgetary concerns are set against a backdrop of economic trouble in Italy. Its economy grew for the first time in just over two years in the last quarter of 2013 according to Rome-based national statistics office Istat. But it still faces a worryingly high unemployment rate which rose to a record high of 12.9 percent in January.
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