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PARKING GARAGES (Fund #601) -Main/Colfax, St. Joseph/Jefferson <br />and Leighton Plaza Garages (continued) <br />NOTES: <br />a -Reflects an adjustment to bring revenue in line with the projected level anticipated in 2004 due to fee structure change in 2003. <br />b -This fund has carried a negative cash balance for many years due to the fact that net operational revenue generated from these garages <br />have not been enough to offset the financing costs to build and maintain these garages. The General Fund has supported the Garage <br />Fund (#601) cash deficiency through ayear-end interfund adjustment on the balance sheet. This annual year-end adjustment will continue <br />to be necessary until a cash transfer is made to cover the deficiency. Thus, the above projected fund deficiencies will continue to be <br />supported by the City's General Fund. The Garage Fund's negative cash balance at 12/31/02 was $1,817,973. Based upon the above <br />projected 2003 surplus and the 2004 budget surplus, the cash balance is projected to be a negative $1,494,385 by the end of 2004. If no <br />additional debt (for major repairs and/or renovation for these garages) is funded out of this fund after 2004, the operating revenue <br />generated by these 3 garages should be enough to more than adequately cover the operational costs incurred on an ongoing annual basis. <br />