9d 2017 Financial Performance memo
COMMISSION AGENDA MEMORANDUM Item No. 9d BRIEFING ITEM Date of Meeting March 13, 2018 DATE: February 23, 2018 TO: Steve Metruck, Executive Director FROM: Dan Thomas, Chief Financial Officer Michael Tong, Asst. Finance Director Budget SUBJECT: 2017 Financial Performance Briefing EXECUTIVE SUMMARY The purpose of this presentation is to provide a status report of the 2017 financial performance results. BACKGROUND The Port's overall operating revenues for 2017 were $630.4 million, which is $10.1 million above budget and $31.9 million higher than the same period last year. Excluding Aeronautical revenues, which are based on cost recovery and revenue sharing formulas, other operating revenues were $367.9 million, which is $22.5 million above budget and also $13.7 million higher than 2016 levels primarily due to higher revenues from Public Parking, Airport Dining and Retail, Ground Transportation, Airport Commercial Properties, Cruise, and Conference & Event Centers. Total operating expenses for 2017 were $371.3 million, which is $13.3 million below budget but $46.0 million higher than 2016. The operating expense variance was largely due to delays in hiring, vacant positions, project delays, and some actual budget savings. Net operating income before depreciation was $259.1 million, which is $23.5 million above budget but $14.1 million lower than 2016. 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. Maritime Division Operating Results 4. Economic Development Division Operating Results 5. Corporate Operating Results Template revised September 22, 2016. COMMISSION AGENDA Briefing Item No. _9d__ Page 2 of 2 Meeting Date: March 13, 2018 ATTACHMENTS TO THIS BRIEFING (1) 2017 Financial and Performance Report (2) Presentation slides PREVIOUS COMMISSION ACTIONS OR BRIEFINGS None Template revised September 22, 2016.
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