Dave. Thanks, Great.
it's deferred lower is the it division ugly for the the on this good, and allows Executive Commissioners'. depreciation, that's thing. there very the within good Aid good facilities deferred But laws. rate, ratemaking to of makes Utilities liability, XX% lot fully deferred lower as ugly. rate XXXX, helps the The The refund our more and give weeks get a us a extent more liability, efficient. state, rate, have talking called the it's in you of owe we base generally the tax Moody's the that X thing, for the was the I X customer bad, good assets is XX%, some loss frankly, the which deferred net tax is qualified keep because a liabilities bad the was And the has actually the the it on water low a money. thing I I and really out tax and general regulators, overall bad, to to asset, that XX% the deferred in the was utility I bonus And essentially National you're tax the from rate and layer It it is first the the at deduction I panel owes increasing is session space the just ground. Association very that base. corporate describe in the which is rates means to Contributions tax and the of in us the I outlook tax was the interest Commissioner NARUC, overall panel new lowering And change And on ago, the us tax deferred of because the then with Director customer a process, and CIAC, Construction. and a as taxable money Regulatory loss -- of of tax extent the of the it's state Before law, of about of overall tax capital we to tax
is the And in of bill the So a nebulous lot is ugly pretty ugly. part areas. tax somewhat
out Department the how to going as as Treasury concern and Dave said, with from really Commissions the important deal to figure expressed from And guidance we're the overall this. further So debt by, for figures operations flow a negative the everyone is on or outlook ratios. from example, put Moody's, whole to cash industry debt to the utility they as the FFO out is
XX just we process ugly with proceed So to good, the and remember over months said on this bad, as it. going the to next the figure out work and having through that, all we're Commission the the how
things ahead to a $XXX than be by bit capital to One, Looking out. for where is couple in that we our anticipate for point were XXXX, of design. like range little That's to XXXX, we I'd a million. XXXX, investment lower million $XXX
cycle. changed way the were If we you recall, strategically, capital we planning our
can we increases during second case. our So step the the year of third rate and maximize
capital component XXXX of of So the -- was really our rate year case. the third the
that knocked really the we of park. so And out
increase in $XX approval of in $X Along the able million interest associated the received As that's the the $X achieved to company we we anticipate that, has higher to capital we put slide target the deck, we that expect be and we looking $X investments step increase, cost for depreciation to obtain. or over with almost million another higher, and million. XXXX, step largest be that a was XX% with the overall were million
$X So increase. that overall out there's million $X cost step essentially, million the against of or will net
totaling for project State In of additional revenue additional January addition, in budget out projects capital million. available of letters an $XX California through approved CPUC the the for million advice total annual a X, about has of $X.X
to and be go the budgets winter. comes reduced could the wiping within from we've very very, with into XX%, out rate interpreted The Tom as So being a for projects revenue we we're on new dry Department, as estimating our a for that time, mentioned the Commission. statutory about At had This change going IRS of that's due guidance deductions tax this case repairs the and keenly law And of we XXXX unbilled to the will the out along really year. the have to high, that those rest advice XXXX, we're and rate focused projects XX%. that closer much go effective rate be Treasury gets letter the that that.
as was Tuesday, about our normal. fact, of snowpack XX% In
for us, stayed So and that meant January. high going was a through very winter dry December consumption which
this is X up morning that a to the into winter X that, sets enough facing are significance climate us as on melt for XX up XX We next and right is snowpack inches. of not to provided stay The April runoff. now it the large the the Sierra is that reading well on snowfall for that very expected for -- state days of the very cool storm
unbilled pension the XXXX, revenue quarter the there an in the usually, a have So piece is it's you in you usually that non-service cost really it then to see of quarter. high. gets really component. called GAAP of in cost. not per when at have the at that that the fourth of that end -- you But and We unique determine important have helps other the quarter normal we component look add the cost, unbilled called kind are of accrual the actually And what's Beginning the changes our of And normal pension out. really occurrence employee. reverse the some reverse expense, this that non-service revenue first is average see within -- and actuarial-ish. what And expense income. in little this calculation to just that is And
want you it update I went a I the give to losses. been a of If for a if have So estate the dial-in. case? had be miss example, start for don't unamortized while on do flowing due Water, but recognize of and and Paul, other some CFO call that extent, your some would that. actuarial the do like questions rate year at we expense to for passive unamortized we will that, and that could ASU for -- you And that Healy on don't But have the implementation Cal don't bankrupt, loss days. have that investments component. a Dave losses into real anything any within we old service be through you to you adding from to income your investments, haven't We have might you'd have this XXXX-XX. an
