A BANK-BUSTING £60m debt has allegedly been run up by outgoing Tories at Teignbridge Council, it has been claimed this week.

Details of the alleged mammoth cash shortfall were unravelled and revealed by the authority’s new money man, Lib Dem Alan Connett.

But the whopping sums of money have been dismissed as simply unbelievable by ousted Conservatives.

Cllr Connett claims the ousted Tories – who ruled the roost at Teignbridge for eight years – borrowed millions of pounds for a string of pipeline projects.

The financial black hole is made up of £15.5m used to buy Newton Abbot’s Market Walk and some £45m that the Conservatives ‘committed to borrowing.’

Cllr Connett, who took up his job in wake of the Tories’ disastrous showing in this month’s local elections, admitted he was surprised at the ‘mess’ they’d left behind.

But Jeremy Christophers, former Teignbridge Tory leader, accused Cllr Connett’s claims as ‘an act to deliberately mislead the public.’

Current Conservative frontman Cllr Phil Bullivant also joined the chorus of complaints, branding his political opponent’s findings as ‘unbelievable.’

‘There are lies, damn lies and Alan Connett’s truth,’ he retorted.

Cllr Connett insisted: ‘The £60m debt is a shock to us all – and I am sure it will be to residents right across Teignbridge.

‘Far from the council being left in a good financial shape as the Conservatives claim, we are getting to grips with the mess and debt we have now inherited.’

He revealed the authority will have to find an extra £2m this year to help balance the books in light of dwindling Government cash injections.

Tory councillors took the £15.5m for Market Walk out of several council money pots – which will need to be repaid.

The outstanding £45m has been borrowed to pay for other projects including town centre investments, buying land for employment units and a potential hotel development.

A council spokesman explained: ‘The figures relate to commitments and provisions within Teignbridge’s existing ongoing capital programme where there would be a requirement to finance through borrowing.’

Cllr Connett explained: ‘During the budget meeting in February this year when the budget was set, I highlighted that there was more to the Conservative budget plans than met the eye. They got very upset and did not like me highlighting those concerns.’

And he added: ‘Teignbridge was debt-free in 2011 when the Conservatives took over from the Lib Dems. Now the council faces around £60m of debt and needs to find a further £2m in the next year or so to balance the books.’

Mr Christophers, who lost his seat in May 3’s elections, hit back: ‘The tone of the Cllr Connett-inspired £60m story should be of great concern to the public.

‘The forward investment plan is not a “black hole” as he described it. These capital investments are in the approved budget papers in black and white. They are not “missing or secret”.

He complained: ‘The decisions went through due process with all members of the council. This is an act to deliberately mislead the public. Lib Dems were fully aware of the decisions to make these investments.’

‘Is the new administration pulling out of these capital investments in Newton Abbot and Teignmouth?’, Mr Christophers demanded to know.

He added: ‘I do not propose to be throwing bricks from outside the council, but I will defend the excellent financial management of the authority.

‘The Conservatives have balanced the budget every year for the last eight years. It will be very interesting to see how the Lib Dem administration balances the budget in the future.

‘It is not the best start to the new administration. It will be interesting to contrast and compare the differences come next February when they have to put together their first budget.’

Political ally Cllr Bullivant, who kept his seat, said: ‘How can Cllr Connett claim that Teignbridge Council has a debt pile of £60m when the facts are clear that it currently has NO debts is unbelievable.

‘Undertaking the major improvements for our towns is something that had cross-party support, but now the delivery of these projects is coming to a crucial decision time the Lib Dems are now appearing to turn against these plans.’

He added: ‘Delivering the investments we need to keep our town centres vibrant with the facilities they need, investing in our own facilities to keep them fit for purpose has always been at the heart of our district council plans.

‘We should not be afraid of making wise investments that deliver for our residents – but this relies on openness and truth from those making the decisions now.

‘I am afraid that a failure to be honest, or seeking to frighten the public for political ends, will scar this council.’