. >> thank you, marium. [inaudible] is going to present a brief overview for the first time in a long time, without spilling her punch line are largely manageable. >> good morning, commissioners. i'm katie patricione, they did issue budget projections last week for the next two year fiscal period, 13-14 and 14-15. the mayor's office is currently projecting a 263 million dollar deficit for that two year period and that shortfall results from approximately 344 million dollars in known cost increases which is offset by 81 million dollars in estimated revenue growth over the same period. as always, this gap will have to be closed by the time the mayor submits his report, general funding departments reduced our budget, our general fund support by 3% over the next two fiscal years and they've asked us to make a 1 and a half percent cut in 13-14 and a 1 and a half percent cost in 14-15, the budget reduction targets that we received from the mayor's budget office are 465 thousand dollar reduction next year and a 558