PORT OF SEATTLE 
MEMORANDUM 

COMMISSION AGENDA STAFF BRIEFING 

Item No.       7b 
Date of Meeting    March 6, 2012 

DATE:      February 24, 2012 
TO:        Tay Yoshitani, Chief Executive Officer 
FROM:     Dan Thomas, Chief Financial and Administrative Officer 
Michael Tong, Corporate Budget Manager 
SUBJECT:    2011 Financial Performance Briefing 

BACKGROUND: 
In compliance with Port strategies of "Ensuring Airport and Seaport Vitality" through financial
performance and "Enhancing Public Understanding and Support of the Port's Role in the
Region," this presentation is to provide a status report of 2011 financial performance results. 
The Port's overall operating revenues for 2011 were $483.8 million, which was $9.0 million, or
1.8%, below budget. Excluding the $9.3 million unfavorable budget variance from the
aeronautical revenues, which are based on airline cost recovery formulas, and $3.0 million
unfavorable budget variance from Seaport Security Grants, which would have a corresponding
reduction in operating expense, operating revenues were $3.4 million over budget. 
Total operating expenses were $268.7 million, which was $17.1 million, or 6.0%, below budget.
The operating expense variance was largely due to budget savings from some vacant positions
and outside services expense. Excluding the $3.0 million the Seaport Pass-through Grant
expenses, the Port was still $14.1 million, or 4.9%, below budget. 
Operating income before depreciation was $215.1 million, which was $8.2 million, or 4.0%, over 
budget. Operating income after depreciation was $57.0 million, which was $10.6 million, or
22.7%, higher than budget.

COMMISSION AGENDA 
Tay Yoshitani, Chief Executive Officer 
February 24, 2012 
Page 2 of 2 

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 
OTHER DOCUMENTS ASSOCIATED WITH THIS BRIERFING: 
2011 Financial and Performance Report. 
PowerPoint presentation. 
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS: 
None.