Jim,
The proposal does allow the City Auditor to audit EWEB, LTD, LCOG and any and all City contracts and franchise arrangements. 

Compensation for the auditor position is high. We came to that figure so that the Auditor would have equal standing with Department Heads in the City organization and attract good qualified candidates from anywhere in the U.S.   Those of us working to put this on the ballot will transition, once successful, to identifying and encouraging good candidates to run for the office.