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Motion 01.29.08 JAM Garage Update
Date: February 6, 2008
To: Bernard F. Lynch, City Manager
Cc: Chuck Carney, Parking Director
From: Tom Moses, CFO
Re: Council Kazanjian Motion – Jam Garage Cash Flow
Below is a comparison of two Parking Department cash flow forecasts, one prepared in September, which anticipated a December start date for the JAM Garage, and a January 31, 2008 update.
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FY 2008 |
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FY 2009 |
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FY 2010 |
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Original |
1/31/2008 |
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Original |
1/31/2008 |
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Original |
1/31/2008 |
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Estimate |
Update |
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Estimate |
Update |
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Estimate |
Update |
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On-Street |
$1,650,000 |
$1,600,000 |
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$1,630,000 |
$1,630,000 |
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$1,660,000 |
$1,660,000 |
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Off-Street |
3,450,000 |
3,400,000 |
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3,935,000 |
3,750,000 |
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4,085,000 |
3,900,000 |
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Total
Revenue |
5,100,000 |
5,000,000 |
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5,565,000 |
5,380,000 |
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5,745,000 |
5,560,000 |
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On-Street |
565,000 |
545,000 |
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575,000 |
575,000 |
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588,000 |
588,000 |
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Off-Street |
1,996,000 |
1,847,000 |
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2,000,000 |
2,000,000 |
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2,235,000 |
2,235,000 |
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Security |
800,000 |
700,000 |
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800,000 |
800,000 |
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875,000 |
875,000 |
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Debt
Service |
1,732,000 |
1,732,000 |
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2,495,000 |
2,495,000 |
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2,342,000 |
2,342,000 |
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Total
Expenses |
5,093,000 |
4,824,000 |
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5,870,000 |
5,870,000 |
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6,040,000 |
6,040,000 |
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Profit/(Loss) |
$7,000 |
$176,000 |
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($305,000) |
($490,000) |
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($295,000) |
($480,000) |
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Beginning
Fund Balance |
$1,488,000 |
$1,488,000 |
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$1,495,000 |
$1,664,000 |
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$1,190,000 |
$1,174,000 |
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Cash Flow |
7,000 |
176,000 |
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(305,000) |
(490,000) |
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(295,000) |
(480,000) |
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Ending
Fund Balance |
$1,495,000 |
$1,664,000 |
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$1,190,000 |
$1,174,000 |
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$895,000 |
$694,000 |
Please bear in mind that it is not possible to break out the JAM Garage from the balance of the operations. Although we do record revenues from individual facilities, expenses are not broken down to that level. Any allocation of expenses would be somewhat arbitrary.
Since a garage usually experiences negative cash flow during its startup phase, the JAM delay actually improves cash flow for this fiscal year.