The Los Angeles Department of Water and Power, one of the largest municipal utilities in the United States, was established more than 100 years ago to deliver reliable, safe water and electricity supplies to the approximate 3.8 million residents and businesses in Los Angeles. The department provides its nearly 640,000 water customers and more than 1.4 million electric customers with some of the best services and lowest cost resources available. As a revenue-producing proprietary department, LADWP transfers nearly 10 percent of its annual estimated electric revenues and five percent of its water revenues to the city of Los Angeles general fund. LADWP's operations are financed solely by the sale of water and electric services. Capital funds are raised through the sale of bonds. No tax support is received. A five-member board of water and power commissioners establishes policy for LADWP. The Los Angeles Department of Water and Power is located in Los Angeles.