The first phase of an internal audit of Enwin Utilities has been released on the City of Windsor’s website.
The document by Price Waterhouse Coopers LLP will be reviewed by Windsor city councillors next Monday.
The audit was broken into two phases. Phase A examined four areas - dividend payments, credit card usage by executives, executive and board compensation and board and committee attendance.
Phase A cost $32,000 and it will be paid for by Enwin. The second phase is expected to cost $330, 139.
The document says Enwin dividend payments of 3.5 per cent ($3.75 million in 2011) “is consistent with what other local distribution companies are paying in Ontario.”
“Whether or not an LDC does or does not pay a dividend to its shareholders has no impact on the amount of the ratepayers' hydro bill," according to the report.
Enwin stopped giving corporate credit cards in 2007. Enwin has an "expense re-imbursement" process. PWC recommends “expense reports since 2007 are reviewed as part of Phase B of our audit."
The report finds Enwin's compensation "is consistent with external benchmarks". It also finds Enwin compensation is lower than comparable LDC's.
Enwin's board and committee compensation is paid "consistent with external benchmarks". PWC finds Enwin's attendance records are "up to date" and payments are "accurate" based on meetings attended.
