with that, i'll turn it over to megan . >> good afternoon, i'm megan wallace from port finance. in 2009 voters approved a charter amendment that required the city to begin a two-year budget process that had an alternating 5 year financial plan update on alternating years. the goal of such planning is to shift the focus from short term budgeting and problem solving to a longer view of financial planning. this allows city staff to develop thoughtful solutions for problems and maximize the potential upside and opportunities that we face in our budget. this is the third official 5 year financial plan that the city has developed and the fourth report and presentation that port staff have prepared. in the following presentation i'm going to give a brief update on the city's 5 year financial plan and give you, go into more depth on the port's 5 year financial outlook. to begin, the city is looking at a deficit over the upcoming 5 years over $400 million. this is despite a strong economic climate where since 2010 the city of san francisco is actually the second-fastest growing economy o

that's where i'd like to close it and i'll hand it to megan >> megan wallace, port finance, and i'd like to go over our port capital supplemental. so this is the second year of a fixed two-year budget. the port staff were able to identify additional funding, notably from the pg&e prepayment as elaine mentioned earlier. we have 15.3 million of additional funds from that deal, as well as 4.2 million of savings from previously approved capital projects. so the sum of those items really enable us to go ahead and request a 19 1/2 million dollar increase to our 15-16 capital budget. this chart is to show you what you had previously approved first fiscal year 15-16, the total budget is currently 12.8 million. as you can see the bulk of it is for dredging which is fairly typical that we spend at least $5 million or so for our annual dredging needs. we also are doing some pier structure repair projects and then the other parts are allocated in the northern and southern waterfronts as well as other general port-wide projects. so the proposal before you today is to move forward with requesting an a