I take back my previous response, I encountered this situation last night.
I made a handful of offseason deals involving a significant amount of cash, so I had quite a bit more money to play with than the budget. Come draft time I wasn't able to sign the last pick I wanted until a couple of weeks later when the figure had increased (I'm guessing due to home games and making more money than projected).
I was projected to have a negative balance for the season, but had a mountain of cash yet that would allow me to sign free agents.
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