PORT OF SEATTLE 
MEMORANDUM 
COMMISSION AGENDA               Item No.      7b 
STAFF BRIEFING 
Date of Meeting     March 8, 2016 
DATE:    February 5, 2016 
TO:     Ted Fick, Chief Executive Officer 
FROM:    Dan Thomas, Chief Financial Officer 
Michael Tong, Asst. Finance Director - Budget 
SUBJECT:  2015 Financial Performance Briefing 

SYNOPSIS 
The purpose of this presentation is to provide a status report of the 2015 financial
performance results. 
BACKGROUND 
The Port's overall operating revenues for 2015 were $558.8 million, which is $7.0
million above budget and $23.8 million higher than 2014 actual. Excluding Aeronautical
revenues, which are based on cost recovery and revenue sharing formulas, other
operating revenues were $332.9, which is $19.9 million higher than budget and $23.2 
million higher than 2014 actual due to higher revenues from Public Parking, Rental Cars,
Airport Dining and Retail, Container, Cruise, and Conference and Event Centers. 
Total operating expenses for 2015 were $317.2 million, which is $15.7 million, or 4.7%,
below budget. The operating expense variance was largely due to delays in hiring, vacant
positions, and other budget savings. 
Operating income before depreciation was $241.6 million, which is $22.7 million, or
10.4%, over budget. Operating income after depreciation was $78.2 million, which is
$21.5 million, or 37.8%, 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 

Template revised May 30, 2013.

COMMISSION AGENDA 
Ted Fick, Chief Executive Officer 
February 5, 2016 
Page 2 of 2 
ATTACHMENTS TO THIS BRIEFING 
2015 Financial and Performance Report. 
PowerPoint presentation. 
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS 
None