PORT OF SEATTLE 
MEMORANDUM 
COMMISSION AGENDA               Item No.      7a 
STAFF BRIEFING 
Date of Meeting     August 11, 2015 
DATE:    July 27, 2015 
TO:     Ted Fick, Chief Executive Officer 
FROM:    Dan Thomas, Chief Financial Officer 
Michael Tong, Corporate Budget Manager 
SUBJECT:  2015 Second Quarter Financial Performance Briefing 

SYNOPSIS 
The purpose of this presentation is to provide a status report of second quarter of the 2015 
financial performance results. 
BACKGROUND 
The Port's overall operating revenues for the second quarter of 2015 were $268.4 million,
which is $1.7 million above budget and $8.8 million higher than the same period in 2014.
Excluding Aeronautical revenues, which are based on cost recovery, other operating
revenues were $698 thousand above budget and $6.1 million over the same period last
year mainly due to higher revenues from Public Parking, Airport Dining and Retail, and
unbudgeted Stormwater Utility; partially offset by lower revenue from Container. 
Total operating expenses for the second quarter of 2015 were $146.1 million, which is
$17.6 million, or 10.7%, below budget. The operating expense variance was largely due
to delays in hiring, some vacant positions, timing of spending, and actual budget savings.
All divisions and Corporate were under budget in the second quarter of 2015. 
Operating income before depreciation was $122.3 million, which is $19.3 million, or
18.7%, over budget. Operating income after depreciation was $40.5 million, which is
$18.4 million, or 83.4%, 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 
July 27, 2015 
Page 2 of 2 
ATTACHMENTS TO THIS BRIEFING 
Q2 2015 Financial and Performance Report. 
PowerPoint presentation. 
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS 
None.