Laserfiche WebLink
PARKING GARAGES (Fund #601) - Main /Colfax, St. Joseph /Jefferson <br />and Leighton Plaza Garages (continued) <br />NOTES: <br />a - 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 a year -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 12131104 was $1,080,741. Based upon the above <br />projected 2005 surplus and the 2006 budget surplus, the cash balance is projected to be a negative $660,063 by the end of 2006. If no <br />additional debt (for major repairs andlor renovation for these garages) is funded out of this fund after 2006, the operating revenue <br />generated by these 2 garages should be enough to more than adequately cover the operational costs incurred on an ongoing annual basis, <br />