7b
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
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