1/4 cup butter
1/4 cup flour
1 tbsp. salt
1/8 tsp. nutmeg
1/8 tsp. pepper
6 cups milk
2 (10 oz.) pkgs. frozen asparagus, cooked, chopped, cooking water reserved
3 cups shredded Cheddar cheese

Melt butter; blend in flour and seasonings. Remove from heat and stir in milk. Return to heat, stirring constantly, until thickened. Add asparagus and cooking water; heat to simmering. Remove from heat and stir in cheese until melted.
Garnish with paprika, if desired.