7a Supp
ITEM NO. ___7a Supp______ DATE OF MEETING: __Aug. 10, 2010___ Q2 2010 Financial Performance Port of Seattle July 26, 2010 Portwide Q2 Income Summary 2009 YTD 2010 YTD 2010 YTD 2010 Bud vs. Act ($ in thousands) Actual Actual Budget Var $ Var % Operating Revenues 231,759 229,778 231,713 -1,935 -0.8% Operating Expenses 114,014 117,553 132,459 14,906 11.3% Income before Depreciation 117,745 112,225 99,254 12,971 13.1% Depreciation 75,243 79,773 79,201 -572 -0.7% Income after Depreciation 42,502 32,452 20,053 12,399 61.8% 2 Q2 Major Revenue Variances Actual/Budget Operating Revenues (In $ '000) Var. $ Var. % Aero Revenues (4,712) -4.5% Public Parking (1,411) -5.5% Rental Cars 1,149 8.9% Concessions 1,682 11.6% Container 1,564 5.6% Cruise 263 7.3% Grain 535 21.0% Seaport Security Grants (906) -57.0% Seaport Environmental Grants (400) -100.0% Real Estate Third Party Mgmt 469 9.6% Other (168) -0.5% Subtotal 2,777 2.2% TOTAL (1,935) -0.8% 3 Q2 Major Expense Variances Actual/Budget Operating Expenses (In $ '000) Var. $ Var. % Salaries & Benefits 2,018 4.7% Wages & Benefits 566 1.5% Payroll to Capital Projects 3,110 27.7% Equipment Expense 1,027 31.4% Utilities 993 9.2% Outside Services 6,541 29.5% Travel & Other Employee Exps 1,240 45.3% Promotional Expenses 459 66.7% General Expenses 2,638 19.8% Other 163 3.6% Charges to Capital Projects (3,847) 21.3% Total 14,907 11.3% 4 Portwide 2010 Year-End Forecast 2009 2010 2010 2010 Bud vs. Fcst ($ in thousands) Actual Forecast Budget Var $ Var % Operating Revenues 449,435 470,779 476,784 (6,005) -1.3% Operating Expenses 245,767 263,917 262,829 (1,088) -0.4% Income before Depreciation 203,668 206,862 213,955 (7,093) -3.3% Depreciation 156,192 158,575 158,575 0 0.0% Income after Depreciation 47,476 48,287 55,380 (7,093) -12.8% 5 Total Port 2010 Capital Spending Q1 Q2 Q3 Q4 YE App'd Plan of Division Act. Act. Est. Est. Fcst Budget Var. Finance ($ in millions) Aviation 39.2 41.8 68.7 59.8 209.5 247.6 38.1 275.8 Seaport 2.6 4.0 5.2 8.0 19.8 30.8 11.0 30.6 Real Estate 0.8 0.8 2.7 3.8 8.0 11.8 3.8 12.1 Corporate 0.8 1.5 4.0 4.2 10.5 16.7 6.2 10.5 Total 43.4 48.0 80.7 75.8 247.8 306.8 59.0 329.1 6 Aviation Division Performance Report Q2 2010 Aviation Business Highlights Airline activity: Enplanements down 0.7% YTD from 2009, but only 0.07% off of forecast through Q2 Operating budget: Total O&M expenses are 10% YTD below budget due to delay of expense related projects Non-airline revenues: Total revenue per enplaned passenger up 1% YTD vs. budget Public Parking has seen positive trends over the past four months Airline cost per enplanement (CPE) of 12.45 vs. budget of $12.66 Capital: forecasting to spend 81% of 2010 annual budget Activity Enplanements vs. Prior Year Landed Weight vs. Prior Year -0.91% 5% 0% Growth Rate 2.42% -3.28% -2% 0.97% -4% -6.73% -0.79% -6% -7.89% 0% -1.29% -2.35% Growth Rate -8% -10.33% -3.08% -10% -11.65% -12% Jan Feb Mar Apr May Jun -5% -14% Jan Feb Mar Apr May Jun 2009 2010 % 2009 2010 % Figures in 000s YTD YTD Variance Actual Forecast Variance Enplanements 7,376 7,322 -0.7% 15,610 15,361 -1.6% Landed Weight 10,079 9,404 -6.7% 20,388 19,890 -2.4% No change in forecast for enplanements or landed weight since Q1 Landed weight in 2009 includes 267 wide-body cargo diversions from Anchorage due to volcanic activity Q2 YTD Operating Revenue 2008 YTD 2009 YTD 2010 YTD 2010 YTD Actual/Budget Figures in $ 000s Actual Actual Actual Budget Var $ Var % Revenues Landing Fees 28,203 27,917 26,815 30,325 (3,510) -11.6% Terminal Rental 62,148 65,517 66,595 67,736 (1,141) -1.7% Security Grants - - - - - n/a Other Aero Revenues 5,621 6,353 7,043 7,103 (60) -0.9% Total Aeronautical 95,972 99,787 100,452 105,164 (4,712) -4.5% Public Parking 31,060 25,626 24,149 25,559 (1,411) -5.5% Rental Cars 16,271 16,250 14,083 12,934 1,149 8.9% Concessions 15,842 16,410 16,235 14,553 1,682 11.6% Other Non-airline 11,006 10,164 10,268 11,058 (790) -7.1% Total Non-Aeronautical 74,179 68,450 64,734 64,104 630 1.0% Other 4,296 4,177 4,234 4,177 58 1.4% Total Revenues 174,447 172,413 169,421 173,445 (4,024) -2.3% Public Parking signs of improvement: June revenues for 2010 exceeded June 2009 Concessions includes one-time Google wi-fi promotion revenues 10 Q2 YTD Operating Expense 2008 YTD 2009 YTD 2010 YTD 2010 YTD Actual/Budget Figures in $ 000s Actual Actual Actual Budget Var $ Var % Revenues 174,447 172,413 169,421 173,445 (4,024) -2.3% Expenses Salaries & Benefits 37,891 39,428 37,952 38,796 845 2.2% Outside Services 10,516 8,688 9,062 11,311 2,250 19.9% Utilities 6,509 6,784 5,832 7,001 1,168 16.7% Supplies & Stock 1,911 2,135 1,772 1,949 177 9.1% Other 3,753 1,212 3,277 4,548 1,270 27.9% Total Airport Expenses 60,580 58,248 57,895 63,605 5,710 9.0% Corporate 13,681 14,291 15,196 17,560 2,364 13.5% Police Costs 7,377 6,445 6,811 7,658 847 11.1% Other Charges/CDD 2,475 2,114 2,837 3,189 352 11.1% Total Operating Expenses (excl. Env Res) 84,113 81,098 82,738 92,011 9,273 10.1% Environmental Reserve - - 1,278 1,363 85 6.2% Total Operating Expenses 84,113 81,098 84,016 93,374 9,358 10.0% Net Operating Income 90,334 91,316 85,405 80,071 5,334 6.7% Utilities surface water usage down due to mild winter, YTD electricity savings due to less power usage, lower than forecasted summer energy prices Outside Services delays or deferrals of invoice payments, Part 150, South Access work 11 Forecast Operating Expense 2008 2009 2010 2010 Forecast/Budget Figures in $ 000s Actual Actual Forecast Budget Var $ Var % Total Operating Revenues 358,329 328,241 347,754 355,324 (7,570) -2.1% Operating Expenses Payroll 89,458 80,804 78,728 78,141 (586) -0.8% Outside Services 31,928 21,509 23,687 23,847 160 0.7% Utilities 12,636 13,209 11,548 12,762 1,214 9.5% VSP, HR10 & Unemployment Savings - 1,196 - - - n/a OPEB Reversal - (4,016) - - - n/a Environmental Reserve 2,542 1,991 2,971 2,971 - 0.0% Other Expenses 13,301 8,183 12,466 11,501 (966) -8.4% Baseline Airport Expenses 149,865 122,877 129,399 129,221 (178) -0.1% Corporate/Capital Development 30,031 37,316 41,257 41,257 - 0.0% Police 15,287 14,461 15,170 15,170 - 0.0% Total Operating Expenses 195,183 174,654 185,826 185,648 (178) -0.1% Net Operating Income 163,146 153,587 161,928 169,676 (7,748) -4.6% Savings in commodity costs from favorable weather and increased recycling Delay in opening of Club International Concessionaire buyouts Probable further studies to Sound Transit extension, Terminal Development Strategy Division-wide unemployment benefits and overtime costs Aeronautical Business 2008 2009 2010 2010 Forecast/Budget Figures in $000s Actual Actual Forecast Budget Var $ Var % Revenues requirement: Capital Costs 81,535 71,872 86,905 92,610 5,705 6.2% Operating Costs net Non-Aero 131,024 118,482 125,714 125,604 110 0.1% Total Costs 212,559 190,355 212,620 218,214 5,815 2.7% FIS Offset (5,250) (5,250) (7,000) (7,000) - 0.0% Other Offsets (15,686) (16,441) (14,092) (15,062) 970 -6.4% Net Revenue Requirement 191,623 168,663 191,528 196,152 (4,625) -2.4% Other Aero Revenues 12,738 13,871 14,097 15,240 (1,143) -7.5% Total Aero Revenues 204,361 182,534 205,625 211,393 (5,768) -2.7% Less: Non-passenger Airline Costs 13,039 12,074 14,315 16,752 2,437 14.5% Net Passenger Airline Costs 191,323 170,460 191,311 194,641 (3,331) -1.7% Airline revenues based on cost recovery Capital costs lower due to savings from low interest rates on variable rate debt Aeronautical Key Indicators 2008 2009 2010 2010 Forecast/Budget Actual Actual Forecast Budget Var $ Var % Cost Per Enplanement: Capital Costs / Enpl 5.22 4.60 5.66 6.03 (0.37) -8.1% Operating Costs / Enpl 8.39 7.59 8.18 8.18 0.01 0.1% Offsets (1.30) (1.39) (1.37) (1.44) 0.06 -4.5% Other Aero Revenues 0.79 0.89 0.92 0.99 (0.07) -8.4% Non-passenger Airline Costs (0.84) (0.77) (0.93) (1.09) 0.16 -20.5% Passenger Airline CPE 11.89 10.92 12.45 12.67 (0.22) -2.0% Change in accounting for TSA grant as non-operating revenue Change in CPE calculation methodology including Ramp Tower Fees as a passenger airline cost Non Aeronautical Business 2008 2009 2010 2010 Forecast/Budget Figures in $000s Actual Actual Forecast Budget Var $ Var % Revenues: Public Parking 59,111 49,688 49,368 51,812 (2,444) -4.7% Rental Cars 35,592 33,321 31,014 31,014 - 0.0% Concessions 33,181 33,482 32,023 29,953 2,071 6.9% Other 22,644 20,858 21,371 22,350 (979) -4.4% Total Revenues 150,528 137,348 133,776 135,128 (1,352) -1.0% Operating Expense 61,279 55,916 57,405 57,422 17 0.0% Share of terminal O&M 16,396 17,011 17,172 17,175 3 0.0% Less utility internal billing (13,515) (16,738) (14,466) (14,466) - 0.0% Net Operating & Maint 64,160 56,189 60,111 60,131 19 0.0% Net Operating Income 86,367 81,159 73,664 74,998 (1,333) -1.8% Positive trends seen in long term Public Parking transactions over the past four months increased year-end forecast by $2.6 million from Q1 Concessions: better than expected due to land rental income, Google Wi-Fi deal, higher observed sales per enplanement than budgeted Non Aeronautical Key Indicators 2008 2009 2010 2010 Forecast/Budget Actual Actual Forecast Budget Var $ Var % Revenues Per Enplanement Parking 3.67 3.18 3.21 3.37 (0.16) -4.7% Rental Car 2.21 2.13 2.02 2.02 0.00 0.0% Concessions 2.06 2.14 2.08 1.95 0.13 6.9% Other 1.41 1.34 1.39 1.45 (0.06) -4.4% Total Revenues 9.36 8.80 8.71 8.80 (0.09) -1.0% Primary Concessions Sales / Enpl 10.29 9.66 9.94 9.78 0.16 1.6% May Primary Concessions Sales per Enplanement of $10.08 Summary 2008 2009 2010 2010 Forecast/Budget Figures in $ 000s Actual Actual Forecast Budget Var $ Var % Operating Revenues Aeronautical 204,361 182,534 205,625 211,392 (5,768) -2.7% Non-Aeronautical 150,528 137,348 133,776 135,128 (1,352) -1.0% Other 3,440 8,359 8,353 8,803 (450) -5.1% Operating Revenues 358,329 328,241 347,754 355,324 (7,570) -2.1% Operating Expenses 192,641 175,482 182,855 182,677 (178) -0.1% Environmental Reserve 2,542 1,991 2,971 2,971 - 0.0% VSP, HR10 & Unemployment - 1,196 - - - n/a OPEB Reversal - (4,016) - - - n/a Total Operating Expenses 195,183 174,654 185,826 185,648 (178) -0.1% Net Operating Income 163,146 153,587 161,928 169,676 (7,748) -4.6% Capital Expenditures 209,813 191,479 201,353 247,567 46,214 18.7% Traffic Enplanements 16,085 15,610 15,361 15,361 - 0.0% Landed Weight 21,516 20,388 19,890 20,364 (474) -2.3% Key Measures Non-Aero NOI ($ in 000s) 86,474 81,159 73,664 74,998 (1,333) -1.8% Passenger Airline CPE 11.89 10.92 12.45 12.67 0.22 1.7% Total Operating Cost / Enpl 12.13 11.19 12.10 12.09 (0.01) -0.1% Debt Service Coverage 1.40 1.41 1.33 1.36 (0.02) -1.8% Forecast $4.1 million interest expense savings from variable rate debt service Capital Spending 2010 2010 2010 Forecast/Budget Plan of Figures in $ 000s YTD Actual Forecast Budget Var $ Var % Finance Rental Car Facility (1) 62,505 149,678 174,699 25,021 14.3% 157,818 Third Runway Projects (2) 562 2,765 7,714 4,949 64.2% 5,549 North Expressway Relocation (817) 5,202 5,600 398 7.1% 13,000 RW 16C-34C Panel Replacement (3) 230 3,246 5,450 2,204 40.4% 0 Aircraft RON Parking USPS Site 5,025 5,247 5,210 (37) -0.7% 5,100 3rd R/W Overflights Acq (ATZ) 577 3,827 4,000 173 4.3% 2,138 Cent Plant Preconditioned Air (4) 1,212 1,962 3,500 1,538 43.9% 10,500 Loading Bridges Utilities (5) 27 427 2,900 2,473 85.3% 3,500 Alaska Air 2 Step Ticket Counters (6) 0 20 2,015 1,995 99.0% 0 All Other 10,035 28,979 36,479 7,500 20.6% 78,227 Total 79,356 201,353 247,567 46,214 18.7% 275,832 1. Turner Construction is behind in their January 2010 cash flow projections 2. Pond M will not be completed in 2010 3. Bids for 2010 AIP contract significantly under engineer estimate 4. Scope changes extended design schedule 5. Delays with Harris Group required going back to Commission 6. Port owes Alaska $1.9 million; baggage dispute still in negotiations Seaport Division Performance Report Q2 2010 Seaport Business Goals TEU volume was 1,004K, up 45% from first half 2009. Full inbound TEU's were up 63% and full outbound up 27%. Grain volume at 2.8 million metric tons up 11% from 2009 and 23% over 2010 Q2 YTD budget. Cruise season started on April 26th. On track to meet 2010 budgeted passenger volume of 850,000 passengers. Executed new lease with PCC Logistics at Terminal 104. Louis Dreyfus exercised option for 5 year lease extension at Terminal 86. 20 Seaport Organizational Goals Environmental Stewardship Continuing implementation of Northwest Ports Clean Air Strategy. AAPA award for Environmental Compliance Assessment Program. Regional Transportation Closely monitoring south harbor road construction projects and detour routes. 21 Seaport Q2 YTD Operating Results In $ Thousands 2009 YTD 2010 YTD 2010 YTD 2010 Bud Var Actual Actual Budget $ % Operating Revenue 43,714 44,508 42,254 2,254 5% Security Grants 129 682 1,588 (906) -57% Total Revenue 43,842 45,190 43,842 1,348 3% Direct Expenses 11,023 8,886 10,787 1,901 18% Security Expense 529 1,074 2,201 1,128 51% Environmental Reserve 0 855 750 (105) -14% Divisional Allocations 1,001 1,210 1,282 73 6% Corporate Allocations 5,736 6,198 7,028 830 12% Total Expense 18,287 18,223 22,049 3,826 17% Net Operating Income (NOI) 25,555 26,967 21,794 5,173 24% 22 Seaport Division Key Variances Revenue Detail ($'s in Thousands) Q2 YTD Business Unit Variance to Budget Better (Worse) Containers $1,564 Support Properties ($90) Cruise $263 Grain $535 Docks/Industrial Properties $382 Security Grants ($906) Environmental Grants ($400) Total $1,348 23 Seaport Division Key Variances Expense Detail ($'s in Thousands) Q2 YTD Expenses Variance to Budget Better (Worse) Security Expenses $1,128 Outside Services $1,075 Corporate $900 Advertising/Promotional $175 Salaries and Benefits (Seaport) $173 All Other $375 Total Expense $3,826 24 Seaport Business Groups NOI Before Depreciation ($'s in Millions) Q2 YTD Variance to Budget Actual NOI Better (Worse) Containers $21.6 $3.3 Container Support Props $ .3 $ .0 Cruise $1.7 $ .7 Grain $2.5 $ .6 Docks/Indust Props $2.2 $ .9 Security ($ .6) $ .2 Envir Grants/Reserve ($ .8) ($ .5) Total Seaport $26.9 $5.2 25 Seaport Full Year Operating Forecast In $ Thousands 2009 2010 2010 2010 Bud Var Actual Forecast Budget $ % Operating Revenue 89,844 91,151 90,134 1,017 1% Security Grants 847 2,535 2,535 0 0% Total Revenue 90,691 93,686 92,669 1,017 1% Direct Expenses 24,329 22,260 21,631 (629) -3% Security Expense 1,640 3,756 3,756 0 0% Environmental Reserve 24 1,500 1,500 0 0% Divisional Allocations 2,123 2,575 2,575 0 0% Corporate Allocations 12,430 13,862 13,862 0 0% Total Expense 40,545 43,953 43,324 (629) -1% Net Operating Income (NOI) 50,145 49,733 49,345 388 1% 26 Seaport Capital 2010 Estimated Approved Variance Est. Act. Plan of Actual Budget to as % of Finance Budget App. Bud $19.8 $30.8 $11.0 64% $30.6 27 Real Estate Division Performance Report Q2 2010 Real Estate 2nd Quarter Key Events Full Year Net Operating Income forecasted to meet budget. Terminated Portside Caf management agreement and issued RFP for leasing the facility. Closed sale on a portion of Eastside Rail Corridor to the City of Redmond. Vessel liability insurance requirement effective at Fishermen's Terminal on January 1, 2010. Compliance as of June 30th at 93%. 29 Real Estate Business Goals Provide Compelling Value and Asset Utilization Occupancy Rates: Commercial property at 89% occupancy, below target of 90% and above 2010 Q2 Seattle market average of 87%. FT/Marina Occupancy: Fishermen's Terminal exceeded the second quarter YTD occupancy target. Maritime Industrial Center below target. Recreational Marinas at 92%, slightly below target of 93%. 30 Real Estate Division Qtr 2 Operating Results In $ Thousands 2009 YTD 2010 YTD 2010 YTD 2010 Bud Var Actual Actual Budget $ % Operating Revenue 15,348 14,857 14,417 441 3% Total Revenue 15,348 14,857 14,417 441 3% Direct Expenses 13,126 13,861 15,391 1,531 10% Environmental Reserve 0 0 0 0 NA Divisional Allocations (1,482) (1,733) (1,893) (160) -8% Corporate Allocations 2,397 2,579 2,924 345 12% Total Expense 14,041 14,706 16,423 1,716 10% Net Operating Income (NOI) 1,307 151 (2,006) 2,157 108% 31 Real Estate Division Q 2 Key Variances Revenue Detail ($'s in Thousands) 2010 Year to Date Variance to Budget Business Unit Better (Worse) Recreational Boating $8 Fishing & Commercial $134 Commercial Properties $15 Third Party Management $469 RE Development & Planning ($21) Eastside Rail ($104) Facilities/Maintenance ($60) Total $441 32 Real Estate Division Q2 Key Variances Expense Detail ($'s in Thousands) 2010 Year to Date Variance to Budget Expense Better (Worse) Outside Services $689 Corporate $415 Maintenance Expense $446 Salaries and Benefits (Real Estate) $173 Third Party Management $106 All Other ($113) Total Expense $1,716 33 Real Estate Business Groups NOI Before Depreciation ($'s in Thousands) Q2 YTD Variance to Budget Actual NOI Better (Worse) Recreational Boating $1,033 $571 Fishing & Commercial ($978) $552 Commercial & Third Party $455 $1,019 RE Development & Planning ($248) ($2) Eastside Rail ($111) $17 Total Real Estate $151 $2,157 34 Real Estate Division Full Year Forecast In $ Thousands 2009 2010 2010 2010 Bud Var Actual Forecast Budget $ % Operating Revenue 30,132 29,947 29,798 149 1% Total Revenue 30,132 29,947 29,798 149 1% Direct Expenses 27,525 31,046 30,949 (97) -0.3% Environmental Reserve 0 0 0 0 NA Divisional Allocations (3,200) (3,750) (3,802) (52) -1% Corporate Allocations 5,244 5,808 5,808 0 0% Total Expense 29,569 33,105 32,956 (149) -0.5% Net Operating Income (NOI) 563 (3,158) (3,158) 0 0% 35 Real Estate Capital 2010 Estimated Approved Variance Est. Act. Plan of Actual Budget to as % of Finance Budget App. Bud $8.0 $11.8 $3.8 68% $12.1 36 Capital Development Division Performance Report Q2 2010 Capital Development Division 2nd Quarter Business Events Completed initial draft engineering department (and PCS) re-evaluation in June 2010. Engineering providing increased expense project work at the Operating Divisions' request. Updated PCS Compass website to include a monthly featured project that includes construction status and customer comments. Multiple projects went to construction bid, including PC air, airfield stormwater improvements (Contract 2), and C1-C88 baggage system. Major project coordination effort started for 25+ south satellite-area projects scheduled over the next 3 years, particularly 2011. Project art planner has completed the T91 cruise terminal art plan. SPU agreed to work with the Port on the preferred option of indemnification to resolve Qwest Hut encroachment to their sewer line. Audit conducted by FHWA on EMWGS project-specific documentation. Very good report with full concurrence of accurate project documentation, assuring Port's continuing status as a fully certified lead agency for the administration of state and federal grant funds. Drafted CPO P-card Procedures for review and finalization for 3rd 4th Qtr implementation. Conducted 6 classes for CPO-1, Evaluation &Source Selection, and Contract Administration. Trained 148 employees. 2010 Q2 YTD Update Capital Development Division Key Indicators Completed Projects Completed Projects Q2 2010 Summary 100% 2.5% 20% 0.4% 80% 15% 60% 97.5% 10% 6.2% 40% 18.36% 20% 5% 7.7% 14.5% 7.2% 18.2% 0% 0.0% 9.3% 0% North/South Main 2nd Floor AV 4th Floor Satellite Terminal Fire HVAC Consolidated Walkway 2009 2010 Food Court Piping Project Warehouse Project (23 Projects) (8 Projects) Flooring Upgrades Mandatory Change Discretionary Change Mandatory Change Discretionary Change Cost Growth During Construction 2010 Q2 YTD Update Capital Development Division Key Indicators continued Completed Projects Completed Projects Q2 2010 Summary 100% 150% 80% 100% 60% 170.7% 40% 50% 62.2% 20% 39.7% 0% 3.8% 5.7% 3.3% 15.1% 0% North/South Main 2nd Floor AV 4th Floor Satellite Terminal Fire HVAC Warehouse Walkway 2009 2010 Food Court Piping Project Project (23 Projects) (8 Projects) Flooring Upgrades Project Cumulative Value $918,000 $237,233 $790,000 $4,660,754 $571,900 Value $365,794,281 $7,899,854 Project Schedule Growth Original Construction Non-Discretionary Discretionary Change Initial Commission Planned Substantial Project Contract Amount Change Authorized Start of Completion of Design Construction 2nd Quarter 2010 North/South Satellite Food Court Flooring $918,000 97.5% 2.5% 1-Jul-07 30-Jun-08 Main Terminal Fire Piping Upgrades $237,233 0.0% 0.0% 1-Sep-08 31-Mar-10 2nd Floor HVAC Project $790,000 14.5% 0.0% 1-Apr-08 28-Feb-10 AV Warehouse $4,660,754 9.3% 7.2% 1-Apr-08 28-Feb-10 4th Floor Walkway Project $571,900 18.2% 0.0% 1-Feb-06 31-Jul-09 Capital Development Division Operating Results 2009 YTD 2010 YTD 2010 Bud Var. Year-End Projections In $ Thousands Actual Actual Budget $ % Budget Forecast Variance Total Revenues 81 - - - 0.0% - - - EXPENSES BEFORE CHARGES TO CAPITAL PROJECTS Capital Development Administration 161 197 194 (2) -1.2% 387 400 (13) Engineering 4,926 4,716 6,732 2,017 30.0% 13,574 13,574 - Port Construction Services 2,923 3,448 3,406 (41) -1.2% 6,814 6,855 (41) Central Procurement Office 1,637 1,572 2,062 490 23.8% 4,171 4,171 - Aviation Project Management 2,454 2,338 3,333 995 29.9% 6,545 6,545 Seaport Project Management 1,272 1,219 1,349 130 9.6% 2,672 2,522 150 Total Before Charges to Capital Projects 13,372 13,490 17,077 3,588 21.0% 34,162 34,066 96 2010 Q2 YTD Update Capital Development Division Key Variances to Budget 2010 Expenses Variance to Budget YTD Var. F/(UNF) in $ Thousands Better (Worse) % Salaries and Benefits 2,735 19.2% Outside Services 331 26.8% Travel and Other 148 63.7% Telecommunications 50 50.6% Property Rentals 68 28.7% General Expenses 45 8.2% All Other 210 47 % Charges to Capital Projects (3,149) 23.8% Total 439 11.4% 2010 Q2 YTD Update Corporate Professional & Technical Services Performance Report Q2 2010 Corporate Business Events Drafted a letter on behalf of the US West Coast Collaboration to US Secretary of Transportation Ray LaHood to provide feedback on the draft USDOT Strategic Plan. Finalized Eastside Rail Corridor closing and signing ceremony with City of Redmond. Hosted the Mayor's Industrial Tour showcasing Fishermen's Terminal/MIC, Terminal 91, Viaduct and Cargo Terminals/Duwamish River industrial area. Published 2009-2010 Annual Report to the Community. Police completed Accreditation through the Washington Association of Sheriffs and Police Chiefs. 44 Corporate Key Indicators Port website received 1.95 million visits. 97% completed Health Assessment. Responded to 138 public disclosure requests. 89% of ICT projects completed on budget. Negotiated 4 labor contracts, 9 MOU's and 1 PLA. Presented 7 internal audit reports to the Audit Committee. 1,123 small businesses registered on the roster. Received 29,534 calls for Police services. 45 Corporate Q2 Operating Results 2009 YTD 2010 YTD 2010 Bud Var. In $ Thousands Actual Actual Budget $ % Total Revenues 157 309 9 300 3337.2% Executive 715 697 790 92 11.7% Commission 422 404 473 69 14.7% Legal 975 1,603 1,506 (98) -6.5% Risk Services 1,253 1,259 1,515 256 16.9% Health & Safety Services 468 499 572 73 12.8% External Affairs 2,407 2,644 3,209 565 17.6% Economic & Trade Development 660 - - - 0.0% Human Resources & Development 1,740 1,741 2,376 635 26.7% Labor Relations 319 294 393 99 25.3% Information & Communications Technology 7,722 8,696 9,527 831 8.7% Finance & Budget 719 729 772 43 5.5% Accounting & Financial Reporting Services 2,928 2,946 3,363 417 12.4% Internal Audit 460 494 531 37 7.0% Office of Social Responsibility 534 576 760 184 24.3% Police 8,299 9,204 10,252 1,048 10.2% Contingency 313 17 375 358 95.3% Total Expenses 29,933 31,802 36,413 4,610 12.7% 46 Corp Q2 Major Expense Variances Actual/Budget Operating Expenses (In $ '000) Var. $ Var. % Salaries & Benefits 280 1.7% Wages & Benefits 667 7.4% Payroll to Capital Projects 546 32.3% Equipment Expense 398 63.3% Outside Services 1,579 27.1% Travel & Other Employee Exps 618 42.3% General Expenses 492 28.2% Other 354 36.8% Charges to Capital Projects (322) 17.8% Total 4,610 12.7% 47 Corporate Year End Forecast Year-End Projections In $ Thousands Budget Forecast Variance Total Revenues 18 338 320 Executive 1,536 1,536 - Commission 868 868 - Legal 2,923 3,163 (241) Risk Services 3,009 2,992 17 Health & Safety Services 1,095 1,091 4 External Affairs 5,997 5,997 - Human Resources & Development 4,838 4,588 250 Labor Relations 784 784 - Information & Communications Technology 19,033 19,033 - Finance & Budget 1,529 1,525 4 Accounting & Financial Reporting Services 6,716 6,654 61 Internal Audit 1,109 1,108 1 Office of Social Responsibility 1,458 1,456 2 Police 20,314 20,282 32 Contingency 750 550 200 Total Expenses 71,958 71,628 330 48
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.