mr. eagan? >> good afternoon, supervisors. ted eagan from the office of economic analysis. today our office issued and economic impact report on this item and i would like to walk you through findings and conclusions. it will take me one moment to bring up the powerpoint. >> thank you. as supervisor kim indicated, the minimum wage increase begins on may 2015, at $12. 25 to july 1, 2019, and thereafter receives an annual increase. just to provide an a little bit of background. the minimum wage in san francisco since 1968. both the federal minimum wage and state minimum wage and then the city's minimum wage. the city did have a large minimum wage increase in 2003 and has had the highest minimum wage in the country since then. however even today's minimum wage would not be as high as the minimum wage wage would have been had it kept up with inflation since 1968. in addition since the state action the gap between the state and city's minimum wage will shrink. the states minimum wage has risen $1968. in addition since the state action the gap between the state and city's minimum

. >> thank you, mr. eagan. i have a question about the remi simulation. i'm referring to your slide number 19, which you report that an estimation of 1500 -- 15,270 private sector jobs will be lost by 2019. first, i would like you to explain to me what the remi simulation is and whether it takes into account -- into account all the increases in cost of operation in the city, benefits, sick leave, that may not have been in place in 2004 that are in 2014 or 2014 to 2019. curious to find out whether that was included as well, could have further increased the loss or simulation loss of jobs. >> so, the remi model is basically a system of economic equations, several hundred economic equations that are set up in which some of the variables in these equations are policy variableses. they're things that our government might want to change, or the things that a government might want to change would affect these things. labor costs, the average compensation rate for industries, are the policy -- are among the policy variables. in the remi model, those are the ones

. >> thank you, mr. eagan. i have a question about the remi simulation. i'm referring to your slide number 19, which you report that an estimation of 1500 -- 15,270 private sector jobs will be lost by 2019. first, i would like you to explain to me what the remi simulation is and whether it takes into account -- into account all the increases in cost of operation

mr. wiener. >> >>supervisor scott weiner: i would like to ask ted eagan to discuss his report. >> thank you. ted eagan controllers office. supervisor wiener i believe you summarized all the of the main points of the report. it's quite lengthy. i won't go into detail. i'm happy to take any questions that you and the board have. >> thank you. mr. -- you also worked on this. you want to add anything? >> fred brus oh from the budget analyst office. we have a report if you have any questions on it. >> thank you very much. we also, i will note colleagues at the first budget hearing we had detailed presentations from various departments. our departments are here if questions arise, but we are not going to have them repeat their presentations they made at the first budget hearing. so with that, before we start public comment, i know the school district is here, chris arm troud. i want to give him an opportunity to speak on behalf of the school district. >> thank you, supervisor wiener. my name is chris arm troud. i just want to very very briefly come here and say thank you. i'm here on behalf of sup