The city council's report into its arms length companies (Aleos) identified new risks concerning future income for the organisation.
The newly-named Jobs and Business Glasgow formerly Glasgow Regeneration Agency (GRA), which was created when the five localised agencies around the city merged into one.
The report shows that there are new risks identified for the body about income generation.
Competition from other agencies doing similar work and a decline in the property rental market are all adding to pressure on securing funding.
This year, 2013/14, Jobs and Business Glasgow has set a budget deficit of almost half a million pounds, which be funded from reserves built up over recent years from property sales.
The report by the council's head of audit and inspection show the organisation has just witnessed five EU social funded projects come to an end which were worth £2.3m.
To deal with it, JBG proposes: "Analysis of all income and expenditure, increased efforts to maximise income and increased efforts to ensure close financial management of budgets."
The report also identifies two new risk to the body's income. The first is that commercial property occupancy rates could fall below 80% with a resulting drop in income anticipated.
Secondly, the report states: "New competition from an increasingly large group of employability/enterprise service providers."
It says that involves greater competition for funding
John Mason SNP MSP, for Shettleston, said the report raised questions about the finances of the organisation.
He said: "I have no concerns with the council funding job creation and employment initiatives, but we are suspicious of the Aleos.
"This report does raise some questions and I am assuming my colleagues on Glasgow City Council are looking closely into these risks identified."
A spokesman for Glasgow City Council, said: "While Jobs & Business Glasgow does to have to compete for contracts on an annual basis, and will on occasion be unsuccessful, it remains in a strong financial position.
"The organisation has won other contracts and attracted alternative sources funding, and is forecast to be in a break-even position at the end of the financial year."