Cities looking to augment water supplies often have three major choices: build (or expand) new projects, buy agricultural water rights, or implement conservation programs. In Phase 1 of this project, we examined the relative costs ($/acre-foot) of each approach, determining that conservation appeared to the cheapest option, but conceding that additional data and accounting methods for tabulating that data was necessary to form a more accurate picture.  This was done in Phase 2 of the project, which reinforced the economic benefits of conservation to society, while highlighting the revenue challenge that a conservation-based management approach creates for water utilities.