my name is trey hunter. i'm the acting capital budget manager. this is my first time presenting before you all here. so delighted to be here with you all. may i have the slides please? so i have two items before you today. the first item is an augmentation to our water revenue bond debt authorization. i'll talk a little bit about what that is in a minute. and then the other item is an update to our ten year capital plan. before we get into that, i think it's helpful just for purposes of understanding for this body what makes up our capital budget since it can be a little bit complicated. the multiple components of it. >> firstly there's a two year capital budget that's our near-term term appropriations that provides our spending authority in the immediate term. there is also debt authorization which is independent from our two year budget. so a large portion of our capital budgets are funded by debt and that debt because we have the ability to issue it ourselves must be approved. the authorization for it must be approved both by this body and by