9c. 2018 Financial Performance memo
COMMISSION AGENDA MEMORANDUM Item No. 9c BRIEFING ITEM Date of Meeting March 12, 2019 DATE: February 26, 2019 TO: Stephen P. Metruck, Executive Director FROM: Dan Thomas, Chief Financial Officer Michael Tong, Asst. Finance Director Budget SUBJECT: 2018 Financial Performance Briefing EXECUTIVE SUMMARY The purpose of this presentation is to provide a status report of the 2018 financial performance results. BACKGROUND The Port's operating results for 2018 were very strong .Total operating revenues were $689.4 million, which is $18.9M above budget and $57.4M higher than 2017 primarily due to higher revenues from Public Parking, Rental Cars, Airport Dining and Retail, Ground Transportation, Cruise, Fishing Operations and Conference & Event Centers. Total operating expenses were $397.6M, $25.2M below budget mainly due to staffing vacancies, outside services and a $15.6M Washington State Department of Retirement Systems (DRS) Pension True-up credit. Net operating income before depreciation was $291.8 million, which is $44.2 million above budget and $32.7 million higher than 2017 actuals. 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. Central Services Operating Results ATTACHMENTS TO THIS BRIEFING (1) 2018 Financial and Performance Report (2) Presentation slides Template revised September 22, 2016. COMMISSION AGENDA Briefing Item No. 9c Page 2 of 2 Meeting Date: March 12, 2018 PREVIOUS COMMISSION ACTIONS OR BRIEFINGS None Template revised September 22, 2016.
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