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- Create Date September 13, 2021
- Last Updated September 13, 2021
PricewaterhouseCoopers LLP (“PwC”) was engaged by the B.C. Ferry Commission (the “Commission”) to review British Columbia Ferry Services Inc.’s (“BCFS”, “BC Ferries”, or the “Company”) price cap compliance calculations in accordance with Section 38 (2) of the Coastal Ferry Act (the “Act”). PwC was asked to review the information provided by BCFS, and, using determinations found in the Commissioner’s Orders and their professional expertise, provide an assessment of BCFS’ compliance with price caps during Performance Term 3 (“PT3”). In addition, PwC was asked to provide a review of the reasonableness of BCFS’ proposed price cap calculations for Performance Term 4 (“PT4”). Price cap compliance during PT3 was determined based on a review of BCFS’ supporting analysis used to calculate price cap indexes. The analysis provided was for an interim PT3 period from April 1, 2012 to September 30, 2015. The analysis appears to be consistent with the Commission’s Orders. In addition, key inputs for historical revenues and traffic volumes could be accurately traced back to the general ledger and accounting systems for the selected sample quarterly period. Minor errors in the supporting analysis used by BCFS were noted, however, these errors were immaterial in the determination of price cap compliance during PT3. BCFS appears to be in compliance with price caps for the PT3 period from April 1, 2012 to March 31, 2016.
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