7a
PORT OF SEATTLE MEMORANDUM COMMISSION AGENDA STAFF BRIEFING Item No. 7a Date of Meeting March 12, 2013 DATE: February 25, 2013 TO: Tay Yoshitani, Chief Executive Officer FROM: Dan Thomas, Chief Financial and Administrative Officer Michael Tong, Corporate Budget Manager SUBJECT: 2012 Financial Performance Briefing BACKGROUND: The purpose of this presentation is to provide a status report of the 2012 financial performance results and an update on the forecast of the 2013 budget. The Port's overall operating revenues for 2012 were $521.6 million, which is $4.8 million over budget and $38.5 million higher than 2011 mainly due to higher revenues from Rental Cars, Concessions, Container, and Cruise, partially offset by lower revenues from Public Parking, Grain, and Third Party Management. Total operating expenses for 2012 were $298.0 million, which is $11.9 million, or 3.8%, below budget. The operating expense variance was largely due to delays in hiring, some vacant positions, Terminal Realignment delay, and other budget savings. All divisions and Corporate were under budget for 2012. Operating income before depreciation was $223.7 million, which is $16.6 million, or 8.0%, over budget. Operating income after depreciation was $56.4 million, which is $7.8 million, or 16.2%, higher than 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 February 25, 2013 Page 2 of 2 OTHER DOCUMENTS ASSOCIATED WITH THIS BRIEFING: 2012 Financial and Performance Report. PowerPoint presentation. PREVIOUS COMMISSION ACTIONS OR BRIEFINGS: None.
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