2007 Preliminary Budget - Laserfiche WebLink

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-- continued -- PARKING GARAGES (Fund #601) -Main/Colfax, St. Joseph/Jefferson and Leighton Plaza Garages (continued) NOTES: a -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 ayear-end interfund adjustment on the balance sheet. This annual year-end adjustment will continue to be necessary until 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 12/31/05 was $827,315. Based upon the above projected 2006 surplus and the 2007 budget surplus, the cash balance is projected to be a negative $401,270 by the end of 2008. If no additional debt (for major repairs and/or renovation for these garages) is funded out of this fund after 2007, 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. b - Reflects a shift in accounting policies expenses now shown as contractual services. c -Addition of new Garage that had been previously recorded under Redevelopment.