I have absolutely solved it,just take a look..
At first you have to take a sample table where the columns will be same to the columns of your original table except the column project_id.
then first insert a row in the original table where the value of column project_id=0 and the other columns are null,just insert the first row manually like this.
Then create a trigger on the sample table like the following...
/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
delimiter ;;
create trigger t after insert on try
for each row
begin
declare v int;
declare c int;
set v=(select max(project_id) from original);
if(v=0)then
insert into original set
project_id=concat((select concat(right(substring_index((select * from(select curdate() from try limit 1) as a),'-','1'),2),right(substring_index((select * from(select curdate() from try limit 1) as a),'-','2'),2)) from try limit 1),'-001'),
project=new.project;
else
set c=(select right((select max(project_id) from original)as x,3) from original limit 1);
insert into original set
project_id=concat((select concat(right(substring_index((select * from(select curdate() from try limit 1) as a),'-','1'),2),right(substring_index((select * from(select curdate() from try limit 1) as a),'-','2'),2)) from try limit 1),concat('-00',c+1)),
project=new.project;
delete from original limit 1;
end if;
end;;
/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
In the above trigger my sample table was try(project text) and the original table was original(project_id text,project text).
After creating a trigger like this on the sample table,start inserting rows in the sample table,the rows will automatically inserted in the original table with auto_increment values in the project_id column like..1405-001,1405-002,1405-003.... where 14 is 2014 and 05 is May and the rest are auto_incremented values which is being incremented using the trigger.
Just follow the above steps, your problem will be surely solved.