7b supp 1
ITEM NO: 7b_Supp_1____ DATE OF MEETING: April 2, 2013 2013 Budget Update Commission Briefing April 2, 2013 2013 Operating Budget Update Significant changes to the 2013 approved budget due to: 1. New airline rates and charges 2. New container lease structure/rate The Port continues to manage the budget proactively by cutting the operating expenses by $4.0 million 2 2013 Operating Budget Forecast 2012 2013 2013 Budget Variance ($ in thousands) Actual Budget Forecast $ % Aeronautical Revenues 233,112 249,285 245,109 (4,176) -1.7% Other Operating Revenues 288,540 301,294 291,788 (9,506) -3.3% Total Operating Revenues 521,652 550,579 536,897 (13,682) -2.5% Total Operating Expenses 297,970 328,912 324,912 4,000 1.2% Income before Depreciation 223,682 221,668 211,986 (9,682) -4.6% Depreciation 167,279 171,510 171,510 0 0.0% Income after Depreciation 56,403 50,158 40,476 (9,682) -23.9% 3 2013-2017 Capital Budget Summary Plan of Finance Budget Division ($ in'000s) 2013 2014 2015 2016 2016 2013-17 Aviation 184,240 270,944 312,845 454,769 231,355 1,454,153 Seaport 13,047 62,085 106,055 45,500 69,050 295,737 Real Estate 17,088 16,084 18,062 8,033 9,834 69,101 Corp & CDD 11,128 8,791 8,463 8,658 8,408 45,448 Total 225,503 357,904 445,425 516,960 318,647 1,864,439 Updated Capital Budget Division ($ in'000s) 2013 2014 2015 2016 2016 2013-17 Aviation 183,610 265,352 289,137 373,052 184,254 1,295,405 Seaport 12,747 59,685 55,325 23,050 19,700 170,507 Real Estate 17,088 16,084 18,062 8,033 9,834 69,101 Corp & CDD 11,128 8,791 8,463 8,658 8,408 45,448 Total 224,573 349,912 370,987 412,793 222,196 1,580,461 Total Change (930) (7,992) (74,438) (104,167) (96,451) (283,978) 4 Aviation Division Budget Update Commission Meeting April 2, 2013 Aviation Operating Revenue Update Figures in $000s Revised Budget Budget Change % Operating Revenues Airline 249,799 245,623 (4,176) -1.7% Non-Airline 157,826 157,826 - 0.0% Total 407,625 403,449 (4,176) -1.0% 2013 budget assumed airline revenues based on continuation of SLOA Revised budget based on Rates and Charges resolution scenario dated 2/25/13. This resolution is a still a draft, as negotiations with airlines continue. Under either an agreement or a resolution, airline revenues are based on cost recovery, so the portion of the 2013 operating expense reduction allocable to airline cost centers will reduce 2013 revenues further. 6 Aviation Capital Budget Update Figures in $000s Category 2013 2014 2015 2016 2017 2013-17 Commission Authorized/Underway 130,831 143,977 144,276 77,121 15,183 511,388 Pending 2012 - 2013 Authorization 44,209 112,217 106,400 227,350 122,600 612,776 Pending Future Authorization 5,000 10,550 57,900 147,110 90,572 311,132 Small Projects 4,200 4,200 4,269 3,188 3,000 18,857 Total 184,240 270,944 312,845 454,769 231,355 1,454,153 Changes FIS - Plan of Finance 1,600 14,200 60,200 207,500 119,600 403,100 FIS - January 2013 estimate 970 8,608 36,492 125,783 72,499 244,352 (630) (5,592) (23,708) (81,717) (47,101) (158,748) Revised Total 183,610 265,352 289,137 373,052 184,254 1,295,405 Only one change to Plan of Finance budget: New international arrivals facility (or Federal Inspection Services facility - FIS) Cost and timing of FIS still uncertain. Modified cost estimate in December, 2012. Commission to be briefed on April 9, 2013. 7 Seaport Division 2013-2017 Capital Budget Update Commission Meeting April 2, 2013 Seaport 2013-2017 Capital Budget Update Seaport 2013 Capital Budget presented to Commission on October 2nd. Updated Draft Plan of Finance provides for $171 million in Seaport funding capacity for 2013 2017. Reductions were made in projects that are more discretionary, on hold for an outside funding source, or have been substituted with a reduced scope project. Actual projects funded are subject to change due to new information and changing circumstances. 9 Seaport 2013 Capital Budget Update Updated Capital Budget Summary $'s in 000's 2013 2014 2015 2016 2017 2013-17 Commission Authorized/Underway 6,442 6,802 5,200 200 200 18,844 Pending 2013 Authorization 4,205 17,650 8,850 350 0 31,055 Pending Future Authorization 1,200 33,800 40,250 21,250 18,500 115,000 Small Projects 900 1,433 1,025 1,250 1,000 5,608 Total 12,747 59,685 55,325 23,050 19,700 170,507 Updated 5-year capital budget is $170.5 million vs. original budget of $295.7 million Reductions were made in the "Pending Future Authorization" category of projects 10 Seaport 2013 Capital Budget Update Commission Authorized/Underway No Change $'s in 000's Priority 2013 2014 2015 2016 2017 2013-17 Street Vacation Related Projects 1 180 3,480 5,000 0 0 8,660 P91 Fender System Upgrade 1 850 0 0 0 0 850 T5 Crane Cable Reels 1 40 0 0 0 0 40 T30/91 Program 1 344 0 0 0 0 344 SEA SEC Rd 9 Dive Van, 8 cars 1 1 0 0 0 0 1 SEA SEC R10 Mobile Command Veh 1 812 0 0 0 0 812 Cruise Cap. Allow. - CTA Lease 1 200 200 200 200 200 1,000 SEA P66 Apron Pile Wrap 1 2,000 783 0 0 0 2,783 Argo Yard Roadway - Element I 1 1,910 48 0 0 0 1,958 P90 C175 Roof Replacement 1 105 2,291 0 0 0 2,396 Total 6,442 6,802 5,200 200 200 18,844 Note: Yellow highlighted line items are lease commitments 11 Seaport 2013 Capital Budget Update Pending 2013 Authorization No Change $'s in 000's Priority 2013 2014 2015 2016 2017 2013-17 P66 Cameras (Upgrade Analog) 1 440 0 0 0 0 440 Seaport Green Port Initiative 1 815 0 0 0 0 815 T46 Viaduct Driven Capital Work 1 100 100 100 0 0 300 T46 Dock Rehabilitation 1 2,400 12,800 4,600 0 0 19,800 T106 & T108 Drainage & Paving 1 300 3,750 3,150 0 0 7,200 T91 Substation Upgrades 1 150 1,000 1,000 350 0 2,500 Total 4,205 17,650 8,850 350 0 31,055 Note: Yellow highlighted line item is a lease commitment 12 Seaport 2013 Capital Budget Update Pending Future Authorization - Updated $'s in 000's Priority 2013 2014 2015 2016 2017 2013-17 P34 Dolphins & Catwalk for 4 Barges 2 500 2,000 0 0 0 2,500 T-91 Berth 6 & 8 Redevelopment 2 0 12,000 12,500 0 0 24,500 Second Gangway per Berth @ T91 2 0 1,000 3,500 0 0 4,500 T-46 Development 2 700 11,500 5,500 8,500 8,800 35,000 T18 Dock Rehabilitation 2 0 2,300 12,000 4,300 0 18,600 West Waterway Deepening 2 0 0 0 900 0 900 T5 Dock Rehabilitation 2 0 0 0 800 3,700 4,500 T117 Public Access/Cent'l Pier Mitigation 2 0 0 750 750 0 1,500 T5 Upgrade 600' Existing Dock** 3 0 0 0 0 0 0 T30 Dock Rehabilitation** 3 0 0 0 0 0 0 Contingency Renewal & Replace. 3 0 5,000 6,000 6,000 6,000 23,000 Total 1,200 33,800 40,250 21,250 18,500 115,000 The updated 2013-2017 "Pending Future Authorization" projects are focused on lease obligations, renewal and replacement, and projects supporting the Century Agenda. Yellow highlighted line item is a lease commitment For projects marked with asterisk**, the cash investment is forecasted to take place in the 2018- 2022 timeframe. 13 Seaport 2013 Capital Budget Update Projects Transferred to Prospective $'s in 000's Priority 2013 2014 2015 2016 2017 2013-17 P66 Shore Power 2 1,000 7,700 5,000 0 0 13,700 Widen T91 West Berth Access 2 0 200 2,200 0 0 2,400 Container Support Yd-3.5M T #1 2 0 0 30,000 0 0 30,000 East Waterway Deepening 2 0 0 0 900 50 950 Dredge P90 East 3 0 0 5,000 1,600 0 6,600 T18 Truck Access Improvements 3 0 500 1,500 0 0 2,000 T104 Site Improvements 3 0 400 1,680 0 0 2,080 T91 Industrial Warehouse (in shortfill area) 3 0 100 2,600 14,200 500 17,400 South T25 Container Yard - Phase 2 3 0 0 0 1,000 13,100 14,100 T-5 New Cranes (4) 3 0 0 0 0 26,000 26,000 T5 Dock Extension (750') 3 0 0 0 0 2,000 2,000 New Cruise Terminal** 3 0 0 0 0 0 0 Mega Berth (depth) Location TBD** 3 0 0 0 0 0 0 T25 Dock Rehabilitation** 3 0 0 0 0 0 0 Container Support Yd-3.5M T #2** 3 0 0 0 0 0 0 Total 1,000 8,900 47,980 17,700 41,650 117,230 Projects transferred to "Prospective" are more discretionary, awaiting an outside funding opportunity, or have been substituted with a reduced scope project. Yellow highlighted line item is a lease commitment For projects marked with asterisk**, the cash investment is forecasted to take place in the 2018- 2022 timeframe. 14
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