PORT OF SEATTLE 
MEMORANDUM 
COMMISSION AGENDA                Item No.     7b 
STAFF BRIEFING                Date of Meeting   May 14, 2013 

DATE:      April 26, 2013 
TO:        Tay Yoshitani, Chief Executive Officer 
FROM:     Dan Thomas, Chief Financial and Administrative Officer 
Michael Tong, Corporate Budget Manager 
SUBJECT:    2013 First Quarter Financial Performance Briefing 

BACKGROUND: 
The purpose of this presentation is to provide a status report the first quarter of the 2013 financial
performance results. The Port's overall operating revenues for the first quarter of 2013 were
$111.8 million, which is $10.8 million below the revised budget. Excluding Aeronautical
Revenues and Seaport Security Grants, which are based on cost recovery/reimbursement, other
operating revenues were $2.9 million below the revised budget. Most of the unfavorable budget
variances came from Rental Cars, Concessions, and Grain. 
Total operating expenses for the first quarter of 2013 were $65.4 million, which is $11.8 million,
or 15.3%, 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 $46.3 million, which is $978,000, or 2.2%, over 
the revised budget. Net Operating Income after Depreciation was $3.7 million, which is $1.4 
million higher than the revised budget. 
Each division will present its results to the Commission. The presentation outline is as follows: 
1.  Portwide Operating Results 
2.  Aviation Division Operating Results
3.  Seaport Division Operating Results 
4.  Real Estate Division Operating Results 
5.  Capital Development Division Operating Results 
6.  Corporate Operating Results

COMMISSION AGENDA 
Tay Yoshitani, Chief Executive Officer 
April 26, 2013 
Page 2 of 2 
OTHER DOCUMENTS ASSOCIATED WITH THIS BRIEFING: 
Q1 Financial and Performance Report. 
PowerPoint presentation. 
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS: 
None.