The package was highlighted during a visit by Chancellor Rachel Reeves and presented as part of wider government backing for Swindon Borough Council.
However, local Conservatives say the headline figure does not reflect the amount currently available.
Gary Sumner, Leader of the Opposition at Swindon Borough Council, said the authority has confirmed in writing that less than £6 million has been received to date. He said:
“At the start of the local election campaign, Rachel Reeves proudly handed a £101 million cheque to Labour councillors to make front page news. Unfortunately, her cheque bounced.
“No-one asked how much Swindon Borough Council had actually received. We can now confirm, the Council has admitted in writing, less than £6 million has been given.”
He added:
“Even if agreed in full, the money will only be available over 10 years, so its effect is minimal when Swindon Borough Council spends more than £200 million a year.”
In response, council leader Jim Robbins has outlined how the £101 million figure is made up.
“We are very pleased to reiterate the make-up of the huge amount of money that the Labour Council will be receiving from the Government over the next few years.”
According to the council, the total includes £20 million for regeneration in Penhill over 10 years and £20 million for regeneration in Walcot East over the same period.
A further £20 million is earmarked for a proposed new entertainment venue, to be released once a business plan is approved.
The package also includes £28 million through changes to local government funding to be paid across this year and the next two years, and £13 million for road repairs and potholes over the remainder of the current Parliament.
Cllr Robbins said:
“All of this was made clear when the Chancellor came to Swindon to make the announcement.”
The breakdown shows that much of the funding will be delivered over several years, with some elements dependent on future approvals.
The £40 million for Penhill and Walcot regeneration is spread across a decade, while the £13 million for road repairs will be allocated over the life of the current Parliament.
The £20 million for the proposed entertainment venue is subject to a business plan being signed off later this year and is not yet confirmed funding.
Questions have also been raised about how much of the £28 million linked to changes in government funding represents new money, rather than existing allocations.
The distinction between funding announced and funding delivered has become central to the political debate ahead of local elections.
Cllr Robbins criticised the Conservatives’ position. He said:
“It really shows something about the Conservatives that their whole pathetic election campaign is based on trying to talk down Labour achievements rather than deliver any policies of their own.
“It is clear that they have done no reflecting on why they were dumped by the people of Swindon after their years of failure and neglect and certainly haven’t come up with any ideas to improve Swindon.”
