i'm managing director of kpmg. our clients have the option to receive these communications in a letter, but we appreciate the opportunity to be here in person. so i believe you've had the opportunity to receive these slides in advance. it's a pretty thick packet, so i'm not going to go through each slide one by one. as miss hom stated, we audited the financial statements for water, wastewater, and the hetch hetchy water and clean power, and as part of our audit, we have a very extensive set of procedures that we use to determine if those financial statements and the notes provided the accounting guidance that they have to follow as well as the regulations that they have to follow. the financial statements that p.u.c. management prepared received a clean opinion or an unmodified opinion which means that those balances complied with the guidance that they are required to follow. now in preparing those financial statements, it's not uncommon for management to come across some adjustments to the numbers that they origi

i'm managing director of kpmg. our clients have the option to receive these communications in a letter, but we appreciate the opportunity to be here in person. so i believe you've had the opportunity to receive these slides in advance. it's a pretty thick packet, so i'm not going to go through each slide one by one. as miss hom stated, we audited the financial statements for water, wastewater, and the hetch hetchy water and clean power, and as part of our audit, we have a very extensive set of procedures that we use to determine if those financial statements and the notes provided the accounting guidance that they have to follow as well as the regulations that they have to follow. the financial statements that p.u.c. management prepared received a clean opinion or an unmodified opinion which means that those balances complied with the guidance that they are required to follow. now in preparing those financial statements, it's not uncommon for management to come across some adjustments to the numbers that they origi