we thank kpmg for timely completion of the audit. at this time, i'd like to introduce nancy rose, partner at kpmg, llp, who will deliver the presentation of the audit results. >> thank you for having me, commissioners. as nancy said, my name is nanny rose, and i am a partner at kpmg, and i was the signing partner on the three financials that nancy mentioned. as nancy mentioned, the three reports we provided were the opinion on hetch hetchy's water power and clean power, water, and wastewater, and as nancy mentioned, these were all clean or unmodified or unmodified pnl. while we do not do an audit of controls, we do an understand you go of an twrernl controls and processes of the p.u.c. and at the relevant reporting entities, and as nancy mentioned, we had no material weaknesses no, sir significant deficiencies. nor did we have any internal control deficiencies identified. although our opinion was an unqualified clean opinion, there are one -- every year, we have a paragraph that's under the emphasis of matter paragraph that addresses

i'm managing director with kpmg. i will be presenting the audit results today. i want to thank you for the opportunity. our audit standards require that we present our audit results at the end of each audit either in writing or in a form of presentation like this. so we appreciate this opportunity to have a formal presentation to you. as you can see on slide 1, we issued two reports for this audit. the first one an audit over the financial statements on the numbers presented to us for the year ended june 30, 2018. happy to report that the financial statements received an unqualifiedtor clean opinion. we also issued a report on interim control over financial reporting. they are happy to report there are no deficiencies or noncompliance. if you have the financial statements, our opinion is wordy. it says a lot but ultimately it did get a clean bill of health. if there's ever a paragraph that's different from the clean opinion, we call that out to you and the only difference we had in our opinion if we do make reference to the city a few times, this paragraph is sa

as you know from the representative kpmg, they did an examination of this financial statement, comparisons between 17, 18 and 16, 17. the trust began 17-18 with a balance of $72.5 million and ended the year with $7.4 million. the $4.9 million increase is due $6.1 million decrease in the city health plan due to clean stabilization reserve. $5.6 million increase in the blue shield flex funded plan. due to excess premium in claim costs $1.2 million in use of the claim stabilization funding totaling $4.4 million. there's $2.2 million if dental plan acquisitions. offset by claims destabilization reserve application of $2.8 million. there's a 900,000 increase in blue kaiser plan. which is based on premiums agreements for new enrollees, members eligible for medicare and members with changing contribution schedule. there's $800,000 increase in savings in the healthcare sustainability fund. $200,000 increase in flexible spending account account employee contributions for claim reimbursement to participants and $.8 million increase in the net position for income performance guaranteed. the obligatio

the administrator, kpmg, is still examining a number of offers for patisserie valerie.ping to oust donald trump in 2020. ms klobuchar is the fifth democratic senator to launch a white house bid — other hopefuls include senators cory booker and elizabeth warren. here she is speaking a short while ago. we are tired of the shutdowns and the showdowns, of the gridlock and the grandstanding. today, on this snowy day on this island, we say enough is enough. cheering. our nation, our nation must be governed not from chaos but from opportunity, not by wallowing over what's wrong, but by marching inexorably toward what is right. in new zealand, an entire town has been evacuated, as a large forest fire threatens the homes of over three thousand people. a state of emergency has been declared around the south island town of wakefield. helicopters, planes and more than 150 firefighters have been trying to contain the blaze. katie silver reports. it's now been over a week, firefighters battling a blaze which has forced thousands from their homes. it started near the city of nelson, t

the administrator, kpmg, is still examining a number of offers for patisserie valerie. crashed into the channel with footballer emiliano sala on board has raised more than £100,000. david ibbotson's family are hoping to collect three times that amount in order to find his body. the sum raised so far includes a £27,000 donation from the french footballer, kylian mbappe. the headlines on bbc news. company bosses could face up to seven years in jail for mismanaging staff pension schemes under government plans. theresa may will ask mps for more time to rework her brexit plan — and offer parliament another vote — but labour accuses the prime minister of running down the clock. there have been some early wins for "the favourite" at the baftas — in the past few minutes rachel weisz has won best supporting actress. sport and for a full round up, from the bbc sport centre, here's holly hamilton. hello. we will start with the rugby. it was billed as the crunch. instead it was more of a demolition, england thrashed france 114—8 at twickenham with five tries, including a hat—trick

i had some experiences with kpmg for doing taxes with bank accounts. i have my education, bachelor's degree in accounting, and i majored in banking and finance. i have certificates in general institute banking doing trust accounts, conservatorships, and also conservator for the city of san francisco. i'm also married commissioner in the city of san francisco for 15 years, and i would like to be on the board again, and it was a pleasure serving with the appeals board. >> chair ronen: thank you so much. any questions, colleagues? no questions? thanks so much for being here. thank you. >> thank you. >> chair ronen: thank you. all right. i think we've heard from all of the applicants that are present, so now, i will open up this item for public comment. is there any member of the public who would like to speak on items three, four, or five? >> hi. gloria berry here. i would like to speak on behalf of paul bellar. i communicated with him a lot last year. i don't know a lot of the details of what this board would be doing, but i'm sure equity is at a high pr

charles: hear the way kpmg chief economist, constance hunter, bellpointe chief strategist david nelson as well as ubs jim lecamp. we brought in the heavy hitters. constance, been a long time. >> great to be back. charles: the markets knew you would be coming back. we're up almost 400 points in the dow. the dow saying something we don't want to take for granted that the shutdown has been signed, sealed, delivered, because it hasn't. market zeroing in on china and feeling pretty good about that. >> as you said, trump says one things, does another thing. he seems to be leaning in the direction of more conciliatory language. so things like i could be flexible on the march 1 deadline, right? saying things like, i really want a real deal. i don't want to paper this over. we're in a position we can push our strength. china's economy is in a weak position. they're being hurt by this a little more than we are. let's make sure we get a real deal out of it. let's make markets think we're happy to hear about it. if he raises tariffs 25% on midnight march 2nd, that is not what the markets want to h

still with us, vassili serebrlakov of ubs and constance hunter from kpmg. >> uncertainty is very highthe short-term, and tough to trade, to say the least. there are so many scenarios right now, but for us the biggest single probability is actually more or less the deal that theresa may got. i know people talk about other options, the referendum, perhaps a hard brexit, but we still think it is the highest. we think you need to get more pressure on the pound to get the deal down. that is part of the picture of what pushes towards a more positive outcome, and then we get a bit of a rebound for the pound. david: in the meantime it is really good for disrupting companies over there. we heard the head of ryanair saying it could disrupt voting. beall eu headlines have to majority owned by eu nationals, and we have a strategy which will enable us to retain that in the event of a hard brexit. what that would involve is our non-eu shareholders, of which the u.k. will unfortunately be a part, will not have voting of time and period will be forced to sell to eu nationals. david: this is an exampl