Auto generate project number using formula

Hi,

I'm trying to create a formula that will auto populate the project number when a new project is created through a form. When a project is added through a form it appears at the top of the sheet. Our project numbering system is YY-XXX where YY is the year of the start date of the project and XXX is the project number which just adds 1 to the maximum value of the previous project number of that year. Below is an example of what it should look like.

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Is there a formula I can create to auto populate this?

Thanks!

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