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Greuel Seeks to See if LADWP is Full of Shit
The LADWP is crying poor, but others say the utility is sitting on millions of surplus funds enough to save Los Angeles from bankruptcy on May 5th (specifically, $73.5 million is in question). Now City Controller Wendy Greuel wants to set the record straight. “I want to take the politics out of this process and provide an independent review of the DWP’s finances," she said in a statement late this morning. "I want to ensure that there is proper oversight and transparency for how the DWP spends the ratepayers money and verify the Department’s claim that they could not complete the Power Revenue Transfer. Although I had already begun a separate audit of the DWP’s renewable energy portfolio, I thought this financial audit regarding the Power Revenue transfer was critically important to do.” The audit should be completed within a month.
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