mr. reid strong. >> good afternoon. mr. reid strom, general manager [speaker not understood]. we present the water rates which are predicated on the 25 year contract that you already approved. while this is largely a ministerial act, there is some news in here which is rate payer good news. we want to make sure that gets reflected. we have a very short presentation for you, about four minutes. and i'd like to turn it over to deputy cfo charles pearl to walk you through the rate payer savings. >> good afternoon. as mr. reid strom mentioned, ~ we do have an opportunity to share with you the proposed rates for the wholesale water customers for next fiscal year in advance of your action which is scheduled for may 14th. and, so, if we could go to the slides, i just have a few to share with you. >> um-hm. >> as mr. reid strom mentioned, we have some good news. the rates will be going down for the biggest wholesale customers. the biggest reason you are aware of, we received $356 million payment in february from the wholesale customers. as mr. jensen mentioned, that is done primarily