. >> good afternoon, ben rosenfe ld, controller. all three budget office's produces on an annual basis. we all get together at this time and repair a consensus projection going forward of the city's finances. we issued the report last week. i have copies of the report on the desk behind me, as well as copies of the power point presentation we will talk through briefly today. to start with, at the highest level, looking ahead in the general fund, we see an project estimates of $306 million shortfall in the coming fiscal year, followed by growing deficits in the years beyond, $480 million in fiscal year 2015, but and higher thereafter. the number for the coming year, " $306 million, is down modestly from what the mayor had issued previously. there is some improvement, but in future years, this ongoing and balance between projected revenues and expenditures is cause for concern. like any report, this relies upon projections, assumptions, and our estimates in early years will be more precise than in future years. it in all cases, there