7b memo
PORT OF SEATTLE MEMORANDUM COMMISSION AGENDA Item No. 7b STAFF BRIEFING Date of Meeting February 25, 2014 DATE: February 7, 2014 TO: Tay Yoshitani, Chief Executive Officer FROM: Dan Thomas, Chief Financial and Administrative Officer Michael Tong, Corporate Budget Manager SUBJECT: 2013 Financial Performance Briefing SYNOPSIS The purpose of this presentation is to provide a status report of the 2013 financial performance results and an update on uses of tax levy. BACKGROUND The Port's overall operating revenues for 2013 were $544.7 million, which is $9.0 million over budget and $23.0 million higher than 2012 mainly due to higher revenues from Concessions, Public Parking, Rental Cars, and Seaport Industrial Properties; partially offset by lower revenues from Container, Grain, Conference & Event Centers, and Utilities. Total operating expenses for 2013 were $307.1 million, which is $17.0 million, or 5.3%, below budget. The operating expense variance was largely due to delays in hiring, some vacant positions, and other budget savings. All divisions and Corporate were under budget for 2013. Operating income before depreciation was $237.6 million, which is $26.1 million, or 12.3%, over budget. Operating income after depreciation was $66.2 million, which is $26.2 million, or 65.6%, higher than budget. Each division will present its results to the Commission. The presentation outline is as follows: 1. Aviation Division Operating Results 2. Seaport Division Operating Results 3. Real Estate Division Operating Results 4. Capital Development Division Operating Results 5. Corporate Operating Results 6. Portwide Operating Results 7. Uses of Tax Levy Update Template revised May 30, 2013. COMMISSION AGENDA Tay Yoshitani, Chief Executive Officer February 7, 2014 Page 2 of 2 ATTACHMENTS TO THIS BRIEFING 2013 Financial and Performance Report. PowerPoint presentation. PREVIOUS COMMISSION ACTIONS OR BRIEFINGS None
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.