11c. Memo 2020 Financial Performance Briefing
COMMISSION AGENDA MEMORANDUM Item No. 11c BRIEFING ITEM Date of Meeting March 9, 2021 DATE: February 19, 2021 TO: Stephen P. Metruck, Executive Director FROM: Dan Thomas, Chief Financial Officer Michael Tong, Director, Corporate Budget SUBJECT: 2020 Financial Performance Briefing EXECUTIVE SUMMARY The purpose of this presentation is to provide a status report of the 2020 financial performance results. BACKGROUND The Port's overall operating revenues for 2020 were $510.8 million, which is $128.9 million below the revised budget and $253.3 million lower than 2019. Excluding Aeronautical revenues, which are based on cost recovery and revenue sharing formulas, other Airport Non-Aero revenues were $116.5 million, $18.6 million or 13.8% below the revised budget and $152.6 million or 56.7% lower than 2019 from all business line of businesses. Non-Airport revenues were $96.4 million, $6.9 million or 6.6% below the revised budget and $41.1 million or 29.9% lower than 2019 mainly due to lower revenues from Cruise, NWSA Distributable Income, and Conference & Event Centers. Total operating expenses for 2020 were $412.0 million, which is $26.1 million below budget and $31.1 million lower than 2019. The favorable budget variance was largely due to a $ 17.2 million DRS Pension Plan True-up credit, as well as savings from Outside Services, Utilities, and Third- Party Management Expense. Net operating income before depreciation was $98.9 million, which is $102.8 million below the revised budget and $222.2 million less than 2019. 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 Template revised April 12, 2018. COMMISSION AGENDA Briefing Item No. 11c Page 2 of 2 Meeting Date: March 9, 2021 5. Central Services Operating Results ATTACHMENTS TO THIS BRIEFING (1) 2020 Financial and Performance Report (2) Presentation slides PREVIOUS COMMISSION ACTIONS OR BRIEFINGS November 10, 2020 Q3 2020 Financial Performance Briefing August 11, 2020 Q2 2020 Financial Performance Briefing Template revised September 22, 2016.
Limitations of Translatable Documents
PDF files are created with text and images are placed at an exact position on a page of a fixed size.
Web pages are fluid in nature, and the exact positioning of PDF text creates presentation problems.
PDFs that are full page graphics, or scanned pages are generally unable to be made accessible, In these cases, viewing whatever plain text could be extracted is the only alternative.