An independent audit report has given a ‘good rating‘ to the way Teignbridge’s £13 million Future High Street Funded regeneration plans for Newton Abbot’s Town Centre are being run.

Next Thursday, November 3, members of the Audit Scrutiny Committee will consider a report from Devon Audit Partnership.

It looked into the current arrangements to manage the project which Teignbridge says ‘aims to transform Newton Abbot into the county’s premier market town, creating a modern centre that embraces sustainable travel and encourages people to shop, buy, eat and socialise locally’.

The report was commissioned following the decision of Teignbridge full council on September 6 to delay approving a request for additional funding pending an independent assessment of the way the project was being run.

In its report, the independent auditors conclude that ‘to the credit of the officers involved with the FHSF project, we believe there is generally a sound system of governance, risk management and control in place.’

The auditors comment that the project has a ‘clear expression of purpose and mission’, ‘a comprehensive audit trail’ and ‘robust estimates of cost’.

They say that the project’s economic business case highlights economic benefits of £50 million in Newton Abbot and that this ‘represents good value for money for the council’ given that £9 million of the £13 million is being provided as a government grant, and the project is forecast to result in annual returns for the council of £250k.

Councillors are advised that ‘some assurance can be taken on the quality of the business case as it was submitted to and approved by the DLUHC (Department of Levelling up, Housing and Communities).’

Noting the system of performance management being used in Teignbridge, the auditors say they will recommend to other authorities the ‘Risk, Actions, Issues and Decisions (RAID) logs were provided for Market Hall and the Cinema works’.

In their report, the auditors also highlight improvements that can be made including for example creating an overall Stakeholder Management Plan, the reporting of risks to the Executive Member for the project, Terms of Reference for the Programme Board and the updating of some of the support documentation.

Managing director Phil Shears said: ‘I welcome this report which concludes that the project governance is good and the risks are well managed. We will implement the improvement suggestions as the project proceeds.

‘When full council meets in November. I hope this report gives Members the assurance they are looking for and enables them to approve the expenditure request to allow this project to move forward.’

Under the FHSF plans, space for community, artistic and cultural activities will be created in the town centre, alongside a revitalised market, food hall and Market Square.

Significant improvements will be made to Queen Street and the National Cycle Network Route, and a new state-of-the-art cinema will be built.