More than 300 jobs, two bowling greens, a mental health care centre and and public access to the borough archives will be among the casualties of sweeping budget cuts worth £27m over the coming year.

Almost one third of the current non-school workforce of Hammersmith and Fulham Council – some 700 of its 2,494 employees – are to be made redundant over the next three years, with 339 posts expected to be removed in the first 12 months.

Most of the job losses will be among managers and back office staff, some of whom will find their roles duplicated as the borough looks to share more services with neighbouring councils in Kensington and Chelsea and Westminster.

Cuts to staff and office space are expected to save £5.5m, with the biggest saving of around £8.6m found through the renegotiation of contracts for rubbish collection, leisure centre management, social care and IT.

Another £4.5m will come from reorganising services. The council will close the Tamworth Project, a residential centre for people with mental health issues in Farm Lane, Fulham, along with the last of its children's homes in Dalling Road, Hammersmith, offering users supported housing elsewhere.

The Shepherd's Bush Advice Centre will move from Uxbridge Road to Shepherd's Bush Library, and services for vulnerable families will move into three neighbourhood teams covering all the types of support currently provided by different departments.

The authority also hopes to bring in an extra £1.9m in revenue by putting up more roadside billboards and pushing up charges. A charge for bulky waste collection will go up from £15 to £20, hourly parking charges will rise to £2.80 in much of the borough, and the meals on wheels rate will rise six per cent to £4.10 per meal.

Home care charges will rise by more than 10 per cent, to £12 per hour – although the council insists this will apply to just 90 of the 1,600 residents who need home care.

The proposals will now go before a series of committees before they can be rubber-stamped by the council in February.

Council leader Stephen Greenhalgh said: "Our first priority is to reduce the massive burden our £133 million historic debt has on service budgets. We are selling buildings we do not need and ploughing the proceeds into paying off what the council owes. Lower debt repayments mean more money for our frontline services.

"We are also pushing ahead with a radical reconfiguration in how we deliver services, by sharing services with our neighbouring boroughs, by involving our suppliers and contractors in reshaping service delivery and by driving a harder bargain on the prices we are charged on everything from residential care places to IT and road surfacing materials."

Access to the reading room at the borough archives will be suspended to cut costs by £88,000. Archivists will still respond to written requests but a fee will be introduced later this year.

The bowling green at Hammersmith Park has already closed and one of two greens at Bishops Park will be returned to parkland in September, saving £22,000 overall.

Don Peachey, president of the Winnington Bowls Club at Bishops Park, said: "We used to share the two greens with Bishops Park Bowling Club, but they folded, and for the last two or three years we've been on our own with an extra green. We knew that it would either go or another bowls club would have to move in."

The rest of the savings will come from debt reduction, changes to the borough's libraries, cuts to voluntary sector grants and the scrapping of council newspaper H&F News.

Labour opposition leader Stephen Cowan accused the Conservative administration of looking to the wrong places to find savings.

He said: "The Tories are wasting millions on the town hall development and they lost £250,000 because they couldn't turn the lights off in the town hall extension. They've wasted £5m on propaganda and £700,000 on a high level retired consultant, all of which would make many of these cuts unnecessary. This is an incompetent budget targeting the wrong priorities at the wrong time."

Budget Breakdown

A reduction in funding from central government means Hammersmith and Fulham Council will look to save £65m over the next three years, including £27m in the first year:

Debt interest reduction - £700,000

Reducing staff and office space - £5,466,000

Sharing services with other boroughs - £506,000

Reorganising services and selling off buildings - £4,460,000

Renegotiating contracts with outside providers - £8,637,000

Increased revenue from advertising, parking fees and charges - £3,996,000

Library reorganisation - £310,000

Reduction in voluntary sector grants - £500,000

Closing two bowling greens - £22,000

Suspending access to borough archives reading room - £88,000

Scrapping H&F News and cutting communications budget - £250,000

Savings in various other areas - £1,955,000