Southampton’s Liberal Democrat group unveiled an “ambitious” alternative city council budget that included more than £200 million of capital investment – but it failed to impress colleagues in other parties.

The financial plan presented by the five-member group was the only variation put forward to the Labour administration’s proposals.

Ultimately, the alternative was voted down by Labour, Conservative and Green councillors, before the majority Labour group all backed the executive’s plans.

The most significant part of the Liberal Democrat plan was a “flagship” £150 million investment fund over the next four years which would cover the redevelopment of the city centre Toys R Us site.

Other elements included creating an arms-length development company to deliver projects “on time and on budget”, spending £60 million to create a park and ride network with sites to the east, north and west, and installing solar panels on the Marlands car park at a cost of £320,000.

The alternative budget was reliant on borrowing to deliver investments, with a commitment that no scheme would proceed unless at least 70 per cent of its costs were “demonstrably” covered.

Speaking at full council on Wednesday, Liberal Democrat group deputy leader Cllr Sam Chapman said: “Our major development sites remain empty, our housing services require urgent reform, our transport network is failing, and our efforts to tackle the climate emergency lack ambition.

“Instead of solutions, we get sticking plasters and short-term thinking. Southampton deserves better.”

Cllr Chapman said the Liberal Democrat proposals were “pragmatic, ambitious and fully costed”.

“This alternative budget is not just about numbers – it is a statement of intent,” he added.

“A vision of a Southampton that works for its residents, attracts investment, and takes control of its future.”

Fellow Liberal Democrat councillor Thomas Gravatt said they were proposing “serious long-term investment” in Southampton.

However, the alternative budget was criticised by both Labour and the Conservatives.

Cllr Jeremy Moulton, deputy leader of the Conservative group, said it was “serious schoolboy stuff”.

“It is really immature governance and to bring it up in a budget is pretty lame,” Cllr Moulton said.

Labour deputy council leader and cabinet member for finance Cllr Simon Letts said the park and ride proposal “could not be delivered”, putting the blame on decisions made by Liberal Democrats in Eastleigh.

On the increase in borrowing to invest, Cllr Letts said: “That’s the largest sum of borrowing I have seen in 20 years on this council any group propose.

“Effectively in the short term that borrowing would be supported by taking money out of reserves.

“You were obviously not listening to what I said.

“We do not have enough money in reserves to enable us to take money out of reserves.”

He said he agreed with the principle of investing but the £150million sum was “ridiculous”.

Labour’s approved budget included a £32million investment over four years in the form of a revolving regeneration fund.