This slide presentation outlines the need for a better method to collect data so that utilities can properly assess revenue and water loss, that recovering lost revenue helps pay for recovering lost water, and that water must be valued properly for maximum cost/benefit in water loss management. The International Water Association approach is presented as a good example of measuring all increments of water in a system in water balance approach, of developing "performance indicators" that fairly compare true losses, and of developing priority for water loss recovery based on value of water lost. Two AWWARF studies are mentioned: Standard Water Balance & Audit (AWWARF Project #2811); and, Leak Detection & Intervention (AWWARF Project #2928). Characteristics of the existing BMP 3 in California are listed, along with new reporting requirements revising the BMP 3. Criteria for adopting the new BMP 3 are provided along with a list of California Case Studies, criteria for valuing water, BMP 3 Toolkit, and an example of AWWA Water Loss Control Committee Water Audit Software.