. >> option for leveraging taxpayer dollars for financial institutions local economy.anguage. supervisor chu: i do want to turn it over to supervisor avalos who is here for these items. >> good afternoon, supervisors, jose cisneros. thank you for the opportunity to brief you.

. >> option for leveraging taxpayer dollars for financial institutions local economy.sponsibility language. supervisor chu: i do want to turn it over to supervisor avalos who is here for these items. >> good afternoon, supervisors, jose cisneros. thank you for the opportunity to brief you. i like to spend a few minutes talking about how the work our office does to handle our city's money. this is essentially the savings account of the city for our everyday short-term moneys. right now it is averaging a little over $4 billion. the participants or the organizations putting money into this pool are the city as well as other enterprise groups like the airport, the san francisco report, the mta and other related local groups like the san francisco unified school district and city college. the city opposing general fund represents the smallest portion of money. the way we invest that money is strictly governed by state law. it requires that we invest. first and foremost, the safety of funds we invest. second, liquidity. and given the difficult economic times that our country

financial institutions. we need public service jobs, the new taxes could finance needed projects. greed and misinformation are a problem. we are asking about your local economy and if you think it will have an effect on the elections in november. another economist who made news this week is the head of the congressional budget office. his name is doug elmendorf. here are some points from testimony that he gave to congress. key facts from the cbo's budget and economic outlook made news this week. he told us real economic growth was projected to be just 2.2% in 2012, falling to 1% next year in 2013. he expects the unemployment rate to reach a .8% in 2012. his concerns about the budget, 20 so budget deficit is projected to equal $1 trillion. let's are some of him in his own words. >> to put the federal budget unsustainable path, policymakers will need to allow federal revenues to increase to a much higher percentage of gdp, and average over the past 40 years. or make very large changes in social security and federal health care programs, or pursue some combination of those strategies. >> host: our next call and our conversation about your local economy is john,