City alone is already spent almost 240 million pounds this year. It's almost doubled than what you have stated above. This is the main recipe to build a winning club. Spending a lot of money is a must to form a quality squad.
Kinda weird when people called City spent nothing. Meanwhile, it's a common knowledge that big team's success is money.
Last preseason City barely spent anything on new transfers and their last season was very weak. But Guardiola managed to stay at the club and secure a place in the Champions League. And of course now that he has the financial resources for new transfers he will strengthen the squad and if he just leaves everything as it is it will be another bad season.
Manchester City is financially buoyant enough to buy the player they want, and it's not because of a lack of money that deprived Pep Guardiola from signing players for Manchester City last season. Maybe since Pep Guardiola won the Premier League title for 3 consecutive seasons, Pep Guardiola thought he could play with the same squad and challenge for the Premier League title, but he didn't know that things would not go his way this season.