In a large saucepan, combine 3 cups water and bouillon; heat until bouillon is dissolved. Add broccoli; cover and cook over low heat until tender, about 8 minutes. Stir in milk, salt, pepper and nutmeg.
Combine flour and remaining water; stir into soup. Cook and stir over medium heat for 3 minutes or until thick and bubbly. Remove from the heat. Add cheeses; stir until melted. Yield: 8 servings (2 quarts).
