i will first walk you through the number rs and pass it over to director tilly chang to wake you through the agency's annual work program. as you are well aware of, the t.a. has five to six responsibilities. the prop k, c.m.a., the prop a programs and the timma program. and revenues this year were forecasted to total to $123.2 million. this is $4 million lower than last fiscal year, so the current fiscal year in right now due to funding for the island and the project will be island improvement project. that project will be wrapping up in the summer, this coming summer of 2018. we also have federal and state planning and the state programming and mon norring funds. this is -- and the monitoring fund. this is typical where we have one year we don't feoff it represents part of the nay federal grant revenue revenues representative and the island projects and the timma projects and the projects like the stone freeway, ramp intersection. and the vehicle registration fee represents 4% and holding steady for the past years and followed by planning and m.t.a. departments, and the tide plans and p

tillie -- long but -- long volatility. sincest long money in etf august, 2016. guy: is this normal? : it seems like normal for a precipice. when we see changes, we see this divide happen. whether it is normal or not you can decide but a lot has to do with time horizon and etf's. guy: thank you very much indeed. dani berger. let us bring back in grace peter us. where does volatility -- grace peters. where does volatility go? awarenessre is an that we are towards the end of the cycle. guy: are we in late cycle? grace: later cycle. we are watching the yield curve. that to us is a key warning sign. guy: you usually have an 18 month lag. not been the case in seven out of the last seven recessions. we don't see it happening in the next 12 months. where valuations are right now, what does the last phase look like? how stretched can it become? grace: it looks pretty good for investors. pinpointing the exact eight when the cycle will end will be extremely difficult with various people having limited success. the last phase generally provides the highest rate of returns. worse -- was trading around 18 times in january. i think valuations are very much