PORT OF SEATTLE 
MEMORANDUM 
COMMISSION AGENDA                      Item No.         7a 
STAFF BRIEFING 
Date of Meeting        July 23, 2013 
DATE:      July 16, 2013 
TO:       Tay Yoshitani, Chief Executive Officer 
FROM:     Dan Thomas, Chief Financial and Administrative Officer 
Michael Tong, Corporate Budget Manager 
SUBJECT:   Second Quarter Financial Performance Briefing 
BACKGROUND 
The purpose of this presentation is to provide a status report of the second quarter 2013
financial performance results. The Port's overall operating revenues for the second 
quarter of 2013 were $240.2 million. Excluding Aeronautical Revenues and Seaport
Security Grants, which are based on cost recovery/reimbursement, other operating
revenues were $1.2 million below the revised budget. Most of the unfavorable budget
variances came from Grain, Conference & Event Center, and Concessions. 
Total operating expenses for the second quarter of 2013 were $146.0 million, which is
$14.5 million, or 9.1%, below the revised budget. The operating expense variance was
mainly due to timing of spending, some vacant positions, and actual budget savings. 
Net Operating Income before depreciation was $94.2 million, which is $2.3 million, or
2.4%, below the revised budget. Net Operating Income after Depreciation was $9.0 
million, which is $1.5 million lower than the revised budget. 
Each division will present its results to the Commission. The presentation outline is as
follows: 
1.  Portwide Operating Results 
2.  Corporate Operating Results 
3.  Capital Development Division Operating Results 
4.  Aviation Division Operating Results
5.  Seaport Division Operating Results 
6.  Real Estate Division Operating Results 



Template revised May 30, 2013.

COMMISSION AGENDA 
Tay Yoshitani, Chief Executive Officer 
July 16, 2013 
Page 2 of 2 

ATTACHMENTS TO THIS BRIEFING 
PowerPoint presentation. 
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS 
None.