Green Party Councillor Diana Moore has written to Exeter City Council auditors asking them to urgently review the funding and oversight of a significant project designed to put Council assets into a property development fund.
The so-called Exeter Development Fund was proposed by Labour-led Exeter City Council and a company it set up, Exeter City Futures. The letter explains how the project has failed to deliver on its stated outcomes, delivered poor value for money and has put the Council at risk [1].
Exeter City Futures (ECF) created the city’s Net Zero 2030 “roadmap” [2] designed to guide the city to achieve carbon reductions. But most of ECFs work has been on the ‘Exeter Development Fund’, designed to take on the Councils assets for property development [3]. Exeter City Council and government has provided grants to ECF as well as the secondment of their Chief Executive for two days a week.
Green Party Councillor Diana Moore says:
“Exeter City Futures was tasked with producing the Net Zero Exeter 2030 Plan. However, it appears Labour’s real priority is about property development in the city.
“At a time of high financial uncertainty due to reduced Council funding and a highly volatile financial situation caused by the COVID pandemic, the pursuit of the Exeter Development Fund project has wasted taxpayers money and placed the Council at significant risk. I have therefore written to the auditors asking for an urgent review of the delivery, governance and funding of the project.”Notes:
[1] PDF of letter to city auditors
[2] Exeter – Exeter City Futures (exeterlivebetter.com)
[3] The city-owned development fund for Exeter takes a step forward – Exeter City Futures
Contact: Cllr Diana Moore 07903 932214