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PARKING GARAGES (Fund #601) - Main /Colfax, St. Joseph /Jefferson and Leighton Plaza Garages (continued) NOTM a - Reflects an adjustment to bring revenue in line with the projected level anticipated in 2005. b - Reflects a decrease due to garage being demolished in early 2004. c - This fund has carried a negative cash balance for many years due to the fact that net operational revenue generated from these garages have not been enough to offset the financing costs to build and maintain these garages, The General Fund has supported the Garage Fund ( #601) cash deficiency through a year -end interfund adjustment on the balance sheet. This annual year -end adjustment will continue to be necessary unO a cash transfer is made to cover the deficiency, Thus, the above projected fund deficiencies will continue to be supported by the City's General Fund. The Garage Fund's negative cash balance at 12/31/03 was $1,339,439. Based upon the above projected 2004 surplus and the 2005 budget surplus, the cash balance is projected to be a negative $894,254 by the end of 2005, If no additional debt (for major repairs andlor renovation for these garages) is funded out of this fund after 2004, the operating revenue generated by these 3 garages should be enough to more than adequately cover the operational costs incurred on an ongoing annual basis.