. >> madam chair, members of the committee, debra newman. as she indicated and as shown in our report on page 4, table 2, the current lease with asi anna airlines is at a rate -- asiana airlines it is a result the $943,146 per year under the new lease. although the square footage would remain the same, the rental rate per square foot will go down to $21.40 so there will be a total of annual estimated revenue of $849,000 or a reduction of $94,037 per year. however, because of the airport's residual rate setting methodology that there will not result in any budgetary shortfall overall for the airport because the cost will be reallocated and rerecommend approval of the proposed lease. supervisor chu: why don't we open this up for public comment? are there any members of the comment who would like to speak on item number one? seeing none, public comment is closed. can we move this item forward with recommendation? we'll do that without objection. thank you very much. item number 2, please. >> item number two, ordinance appropriating $6,995,000 o

i wand to comment debra newman for all of her help, as well as the budget staff, megan wallace and greg wagner so it's been a very collaborative process. i'll just say from the outset that we agreed with the budget analyst's recommendations. and we thank them for helping us to put a finer point on our budget. very quickly, by way of background, i think it's always important to review the port's mission. and that is encoded and embedded in state law and in the appendix of the charter. but very quickly, our primary mission is to support maritime commerce, transportation, recreation, personal activities, and public access. and we do that in a way that, frankly no other port in the state, let alone the entire united states does. as you know, the port of san francisco is one of the very few that is not hidden behind fences. and so one of our primary goals is to bring people to the water front. our budget is balanced, i'm happy to say with some help from the board earlier on m.o.u. with respect to the america's cup, anticipated revenues and expenditures. it is extremely flat. we have been for