Item 7b Supp-1
ITEM NO. 7b Supp-1 DATE OF MEETING November 3, 2009 Briefing on Third Quarter 2009 Financial Performance and the 2009 Year-End Forecast. Port of Seattle November 3, 2009 Portwide Income Summary 2008 YTD 2009 YTD 2009 YTD 2009 Bud vs. Act ($ in thousands) Actual Actual Budget Var $ Var % Operating Revenues 364,714 358,465 367,221 (8,756) -2.4% Operating Expenses 190,517 178,488 208,946 30,457 14.6% Income before Depreciation 174,197 179,976 158,276 21,701 13.7% Depreciation 106,997 112,885 117,456 4,571 3.9% Income after Depreciation 67,201 67,091 40,819 26,272 64.4% 2 Portwide Year-End Forecast 2008 2009 2009 2009 Bud vs. Fcst ($ in thousands) Actual Forecast Budget Var $ Var % Operating Revenues 488,996 459,875 486,367 (26,492) -5.4% Operating Expenses 280,278 257,374 277,862 20,488 7.4% Income before Depreciation 208,719 202,501 208,506 (6,005) -2.9% Depreciation 144,208 157,036 157,036 - 0.0% Income after Depreciation 64,510 45,465 51,470 (6,005) -11.7% 3 Year-End Payroll Items Estimate VSP Costs: $3,342K (53 FTEs participated) HR-10 Costs related to layoff: $1,203K Non-represented employees: $623K Represented employees: $580K OPEB Medical Costs Reversal: $7,630K Due to change in retiree medical cost Net Cost Reduction: $3,085K 4 Total Port 2009 Capital Spending Q1 Q2 Q3 Q4 YE App'd Plan of Division Act. Act. Act. Est. Fcst Budget Var. Finance ($ in millions) Aviation 31.7 36.7 61.9 84.4 214.7 214.7 0.0 348.2 Seaport 18.8 18.0 4.5 10.1 51.4 100.4 49.0 126.7 Real Estate 0.4 0.5 0.5 98.8 100.2 105.2 5.0 116.3 Corporate 1.9 1.7 1.7 8.6 13.9 15.9 1.9 12.8 Total 52.7 57.0 68.5 201.9 380.2 436.1 55.9 604.0 5 Aviation Division Performance Report 3rd Quarter 2009 Aviation Business Highlights Airline activity: YTD enplanements down 4.2% from 2008. Operating budget: Implemented Aviation Expense Savings Plan of $7.8M. YTD expenses are below budget due to the Expense Savings Plan. 2009 forecast $3.2M over the targeted expense reductions due to emergency generators, snow event costs and elevator/escalator repairs. Non-airline revenues: Decline in non-airline revenues exceeds decline in passengers. Reduced forecast of non-airline revenues for a total of $11M below approved budget. Capital budget: Expect to spend more than approved annual budget due to restarting construction of Rental Car Facility. 7 Q3 Activity Enplanements vs. Prior Year Landed Weight vs. Prior Year -0.50% 0% 2% 0.38% 0.03% Growth Rate -2.16% 0% -4.02% -3.87% -4.59% -4.65% -4.57% Growth Rate -2% -3.95% -5% -6.08% -4% -5.45% -6.27% -8.11% -6% -7.25% -7.37% -7.84% -7.85% -8% -10% -10% Jan Feb Mar Apr May Jun Jul Aug Sept Jan Feb Mar Apr May Jun Jul Aug Sept 2008 2009 % 2008 2009 % Figures in 000's YTD YTD Variance Actual Fcst Variance Enplanements 12,441 11,925 -4.2% 16,081 15,361 -4.5% Landed Weight 16,459 15,597 -5.2% 21,519 20,430 -5.1% March and April landed weight augmented by cargo diversion from Anchorage due to volcanic activity. 8 Q3 YTD Operating Revenues 2007 YTD 2008 YTD 2009 YTD 2009 YTD Actual/Budget Figures in $ 000s Actual Actual Actual Budget Var $ Var % Revenues Landing Fees 24,855 13,470 43,648 45,258 (1,610) -3.6% Terminal Rental 66,882 30,858 98,249 97,384 866 0.9% Other Aero Revenues 6,287 2,770 9,958 10,454 (496) -4.7% Total Aeronautical 151,454 150,550 152,449 153,883 (1,433) -0.9% Public Parking 40,884 45,201 37,697 42,479 (4,782) -11.3% Rental Cars 25,898 27,364 26,508 26,901 (393) -1.5% Concessions 21,433 25,460 25,500 24,531 970 4.0% Other Non-airline 15,735 16,954 15,694 16,555 (861) -5.2% Total Non-Aeronautical 103,949 114,980 105,400 110,467 (5,067) -4.6% Other 6,373 4,296 6,305 6,528 (223) -3.4% Total Revenues 261,776 269,826 264,154 270,877 (6,723) -2.5% Air terminal revenues variance due to increase leased space than budgeted. Public parking revenues down 20% compare to YTD 2008 due to decrease in long-term transactions. 9 Q3 YTD Operating Expenses 2007 YTD 2008 YTD 2009 YTD 2009 YTD Actual/Budget Figures in $ 000s Actual Actual Actual Budget Var $ Var % Total Revenues 261,776 269,826 264,154 270,877 (6,723) -2.5% Expenses Total Salaries & Benefits 55,406 58,139 59,921 62,558 2,637 4.2% Total Utilities 9,393 9,436 9,740 10,434 694 6.7% Total Supplies & Stock 3,747 2,946 3,048 2,812 (236) -8.4% Total Outside Services 17,952 16,528 13,621 18,179 4,557 25.1% Total Other 558 5,310 2,249 4,674 2,425 51.9% Airport Expenses 87,057 92,680 88,580 98,657 10,077 10.2% Corporate 12,930 22,288 22,820 26,981 4,161 15.4% Police Costs 6,576 11,148 10,147 11,900 1,753 14.7% Other Charges/CDD 10,458 4,889 3,294 3,934 640 16.3% Operating Expenses (excl Env. Res.) 117,020 131,005 124,841 141,473 16,632 11.8% Environmental Reserve - 321 12 966 954 98.8% Total Operating Expense 117,020 131,326 124,852 142,438 17,586 12.3% Net Operating Income 144,756 138,500 139,302 128,439 10,863 8.5% YTD total spending under budget due to unfilled positions and delay of expense projects. 10 Aeronautical Business 2008 2009 2009 Forecast/Budget Figures in $000s Actual Forecast Budget Var $ Var % Revenues requirement: Capital Costs 81,535 78,791 80,350 (1,559) 0.0% Operating Costs net Non-Aero 131,024 122,532 127,921 (5,389) -4.2% Total Costs 212,559 201,323 208,271 (6,948) -3.3% FIS Offset (5,250) (5,550) (5,550) - 0.0% Other Offsets (15,686) (15,109) (14,052) (1,057) 7.5% Net Revenue Requirement 191,623 180,664 188,670 (8,005) -4.2% Other Aero Revenues 12,738 13,244 14,244 (1,000) 0.0% Total Aero Revenues 204,361 193,908 202,913 (9,005) -4.4% Non-passenger Airline Costs 13,039 14,660 14,830 170 1.1% Net Pasenger Airline Costs 191,323 179,248 188,084 8,835 4.7% Operating costs are forecasted to be lower than budgeted due to Expense Savings Plan and reversal of OPEB reserves which offset by HR-10, Volunteer Separation Program and unemployment costs. 11 Aeronautical Key Indicators 2008 2009 2009 Forecast/Budget Actual Forecast Budget Var $ Var % CPE: Capital Costs / Enpl 5.07 5.13 5.09 (0.04) -0.9% Operating Costs / Enpl 8.15 7.98 8.10 0.12 1.5% Offsets (1.30) (1.34) (1.24) 0.10 -8.4% Other Aero Revenues 0.79 0.86 0.90 (0.04) -4.4% Non-passenger Airline Costs (0.81) (0.95) (0.94) (0.02) 1.7% Passenger Airline CPE 11.89 11.67 11.90 0.23 2.0% Forecasted passenger airline CPE of $11.67 is lower than budget due to cost cutting measures, lower interest rate paid to variable rate bond issues and savings from reversal of Other Post Employment Benefit (OPEB) reserves. 12 Non-Aeronautical Business 2008 2009 2009 Forecast/Budget Figures in $000s Actual Forecast Budget Var $ Var % Revenues: Public Parking 59,111 51,963 57,377 (5,413) -9.4% Rental Cars 35,592 33,850 35,867 (2,018) -5.6% Concessions 33,181 30,300 32,821 (2,521) -7.7% Other 22,644 21,196 22,224 (1,027) -4.6% Total Revenue 150,528 137,309 148,289 (10,979) -7.4% Operating Expense 61,279 55,624 60,329 4,705 7.8% Terminal O&M 90,643 92,731 97,006 4,275 4.7% S3826, S3827, S3828 8,664 8,638 9,120 483 5.6% Share of terminal O&M 16,396 17,323 18,105 781 4.3% Less utility internal billing (13,515) (16,848) (16,848) - 0.0% Net Operating & Maint 64,160 56,100 61,586 5,486 8.9% Net Operating Income 86,367 81,210 86,703 (5,493) -6.3% Rental cars forecasted lower due to decrease transactions and expiration of Minimum Annual Guarantee at the end of October. Concessions sales forecasted lower in concourses D and A. 13 Non-Aero Key Indicators 2008 2009 2009 Forecast/Budget Actual Forecast Budget Var $ Var % Revenues / Enplanement Parking 3.67 3.38 3.63 (0.25) -6.8% Rental Car 2.21 2.20 2.27 (0.07) -2.9% Concessions 2.06 1.97 2.08 (0.10) -5.0% Other 1.41 1.38 1.41 (0.03) -1.9% Total Revenue 9.36 8.94 9.39 (0.45) -4.8% Primary Concessions Sales / Enpl 10.29 9.62 10.19 (0.57) -5.6% Primary concessions sales forecasted lower than budgeted. 14 Year-end Expense Forecast Summary 2007 2008 2009 2009 Forecast/Budget Figures in $ 000s Actual Actual Forecast Budget Var $ Var % Operating Revenues 347,487 358,329 339,912 360,006 (20,094) -5.6% Expenses Payroll 82,627 89,458 80,192 84,777 4,585 5.4% Outside Services 28,900 31,928 22,085 23,737 1,652 7.0% Utilities 12,603 12,636 14,817 13,571 (1,246) -9.2% Other 8,981 13,301 10,097 9,393 (704) -7.5% Total Airport Expenses 133,110 147,323 127,190 131,478 4,287 3.3% Corporate/Capital Development 24,260 30,031 37,509 41,113 3,604 8.8% Police 14,253 15,287 14,420 15,743 1,323 8.4% O&M Exclude Env. Reserve 171,624 192,641 179,119 188,334 9,215 4.9% Savings: OPEB Reversal (5,574) 5,574 n/a Costs: VSP, HR10, Unemployment 2,934 (2,934) n/a Environmental Reserve - 2,542 1,390 1,187 (203) -17.1% Total Operating Expenses 171,624 195,183 177,869 189,521 11,652 6.1% Net Operating Income 175,864 163,146 162,043 170,485 (8,442) -5.0% Operating expense is forecasted to be $9.2 million favorable due to $11.5 M of Expense Savings Plan offset by $1.75M for emergency generators in preparation of Howard Hanson Dam flooding and $2M elevator/escalator repairs. FEMA reimbursement for snow event costs of $800k. 15 Summary Financial Results 2007 2008 2009 2009 Forecast/Budget Figures in $ 000s Actual Actual Forecast Budget Var $ Var % Revenues Aeronautical 195,029 204,361 193,799 202,913 (9,114) -4.5% Non-Aeronautical 143,975 150,528 137,309 148,289 (10,979) -7.4% Other 8,483 3,440 8,804 8,804 - 0.0% Total Revenues 347,487 358,329 339,912 360,006 (20,094) -5.6% O&M Expenses (excl. Env. Res.) 171,624 192,641 179,119 188,334 9,215 4.9% Savings: OPEB Reversal - - (5,574) - 5,574 n/a Costs: VSP, HR10, Unemployment - - 2,934 - (2,934) n/a Environmental Reserve - 2,542 1,390 1,187 (203) -17.1% Total O&M Costs 171,624 195,183 177,869 189,521 11,652 6.1% Net Operating Income 175,864 163,146 162,043 170,485 (8,442) -5.0% Capital Expenditures 298,387 209,813 238,767 214,743 (24,024) -11.2% Traffic Enplanements 15,662 16,085 15,361 15,800 (439) -2.8% Landed Weight 21,014 21,516 20,430 21,281 (851) -4.0% Key Measures Non-Aero NOI ($ in 000s) 87,714 86,474 81,209 86,393 (5,183) -6.0% Passenger Airline CPE 11.73 11.89 11.67 11.90 0.23 2.0% Total Operating Cost / Enpl 10.96 12.13 11.82 11.99 0.18 1.5% Debt Service Coverage 1.58 1.42 1.45 1.51 (0.06) -3.9% Expense reductions have mitigated increase in CPE. Debt service coverage remains strong. 16 Capital Budget Spending 2009 2009 Forecast/Budget 2009 Plan Figures in $000s YTD Actual Forecast Budget Var $ Var % of Finance R/W 16L/34R Reconstruction 52,631 59,631 71,000 11,369 16.0% 82,715 Rental Car Facility 34,010 92,907 40,562 (52,345) -129.0% 119,011 MT 100% Baggage Screening 9,395 10,395 18,000 7,605 42.3% 21,727 Third Runway Projects 8,649 15,052 17,281 2,229 12.9% 47,027 All Other 25,604 60,782 67,900 7,118 10.5% 77,722 Total 130,289 238,767 214,743 (24,024) -11.2% 348,202 Reduced budgeted spending by $109M vs. plan of finance budget (31%) for 2009. Rental Car Facility restarted after six months of suspension. Includes both design and construction costs. 2009 Budget had anticipated claims from contractor which Port staff successfully negotiated down. 17 Seaport Division Performance Report 3rd Quarter 2009 Seaport Business Goals Provide Compelling Value and Asset Utilization TEU volume was 1,125K, down (14%) from year-to date 2008. Full inbound TEU's were down (16%) and full outbound down (9%). TEU volume for the 3rd quarter 2009, was up 2% from 3rd quarter 2008. Grain volume at 3.9 million metric tons down 18% from 2008. Reduction partially due to temporary closures for grain spout upgrades. Full season cruise passengers 875,433 or 10% over 2009 full year budget. 19 2009 Expense Budget Reductions $1.8 million in Seaport specific expense budget reductions. $2.6 million in expense budget reductions inclusive of direct charges and allocations from other groups. Expense reductions reflected in full year forecasts. 20 Seaport Q3 YTD Operating Results In $ Thousands 2008 YTD 2009 YTD 2009 YTD 2009 Bud Var Actual Actual Budget $ % Operating Revenue 65,789 69,903 69,833 70 0% Environmental Grants 6,846 643 425 218 51% Security Grants 744 207 3,392 (3,185) -94% Total Revenue 73,378 70,753 73,649 (2,897) -4% Direct Expenses 13,084 16,005 21,071 5,066 24% Security Expense 1,406 916 4,569 3,653 80% Environmental Reserve 2,987 3,829 1,688 (2,142) -127% Allocations 11,167 10,446 11,977 1,531 13% Total Expense 28,644 31,196 39,304 8,108 21% Net Operating Income (NOI) 44,734 39,557 34,345 5,211 15% NOI Excl Envir Grants/Reserve 40,875 42,743 35,608 7,135 20% 21 Seaport Division Key Variances Revenue Detail ($'s in Thousands) Q3 YTD Business Unit Variance to Budget Better (Worse) Containers ($1,776) Support Properties ($ 331) Cruise $1,205 Grain $350 Docks/Industrial Properties $577 Security ($3,185) Environmental Grants/Other $ 263 Total ($2,897) 22 Seaport Division Key Variances Expense Detail ($'s in Thousands) Q3 YTD Expenses Variance to Budget Better (Worse) Outside Services $4,446 Security Expenses $3,653 Environmental Reserve ($2,142) Corporate/CDD $1,237 ABC Fuels (classification change) $375 All Other $539 Total Expense $8,108 23 Seaport Business Groups NOI Before Depreciation ($'s in Millions) Q3 YTD Variance to Budget Actual NOI Better (Worse) Containers $29.1 $3.6 Container Support Props $ .5 ($ .6) Cruise $7.2 $1.9 Grain $3.3 $ .6 Docks/Indust Props $3.7 $ 1.1 Security ($1.1) $ .5 Envir Grants/ Reserve ($3.2) ($1.9) Total Seaport $39.6 $5.2 24 Seaport Full Year Operating Forecast In $ Thousands 2008 2009 2009 2009 Bud Var Actual Forecast Budget $ % Operating Revenue 85,453 86,187 90,131 (3,944) -4% Environmental Grants 8,833 850 850 0 0% Security Grants 850 1,747 3,955 (2,208) -56% Total Revenue 95,136 88,784 94,935 (6,152) -6% Direct Expenses 22,265 23,424 27,234 3,810 14% Security Expense 1,715 2,562 5,431 2,869 53% Environmental Reserve 5,872 3,829 3,375 (454) -13% Allocations 15,069 15,239 15,888 648 4% Total Expense 44,921 45,055 51,928 6,873 13% Net Operating Income (NOI) 50,215 43,729 43,007 721 2% NOI Excl Envir Grants/Reserve 47,254 46,708 45,532 1,176 3% 25 Seaport Capital 2009 Estimated Approved Variance Est. Act. Plan of Actual Budget to as % of Finance Budget App. Bud $51.4 $100.4 $49.1 51% $126.7 26 Real Estate Division Performance Report 3rd Quarter 2009 Real Estate Business Goals Provide Compelling Value and Asset Utilization Occupancy Rates: Commercial property at 94% occupancy, slightly below target of 95% and above 2009 Q3 Seattle market average of 82%. FT/Marina Occupancy: Fishermen's Terminal exceeded the Q3 YTD occupancy target. Shilshole Bay Marina, Harbor Island Marina, Bell Harbor, and Maritime Industrial Center below targets. 28 2009 Expense Budget Reductions $1.4 million in Real Estate specific expense budget reductions. $2.0 million in expense budget reductions inclusive of direct charges and allocations from other groups. Expense reductions reflected in 2009 full year forecasts. 29 Real Estate Division Q3 YTD Operating Results In $ Thousands 2008 YTD 2009 YTD 2009 YTD 2009 Bud Var Actual Actual Budget $ % Operating Revenue 25,826 23,168 23,171 (3) 0% Environmental Grants (1,015) 0 75 (75) -100% Total Revenue 24,812 23,168 23,246 (78) 0% Direct Expenses 28,945 19,908 23,997 4,089 17% Environmental Reserve (13) 124 563 438 78% Allocations 1,177 1,554 1,839 285 16% Total Expense 30,109 21,586 26,399 4,813 18% Net Operating Income (NOI) (5,297) 1,582 (3,152) 4,735 150% NOI Excl Envir Grants/Reserve (4,296) 1,707 (2,665) 4,371 164% 30 Real Estate Division Q3 Key Variances Revenue Detail ($'s in Thousands) 2009 Year to Date Variance to Budget Business Unit Better (Worse) Recreational Boating ($164) Fishing & Commercial $0 Commercial Properties ($62) Third Party Management $171 RE Development & Planning $188 Eastside Rail ($138) Facilities/Maintenance/Envir ($73) Total ($78) 31 Real Estate Division Q3 Key Variances Expense Detail ($'s in Thousands) 2009 Year to Date Variance to Budget Expense Better (Worse) Third Party Management $666 Outside Services $1,405 Corporate /CDD $1,633 Maintenance Expense $713 Environmental Reserve $438 All Other ($42) Total Expense $4,813 32 Real Estate Business Groups NOI Before Depreciation ($'s in Thousands) Q3 YTD Variance to Budget Actual NOI Better (Worse) Recreational Boating $1,879 $633 Fishing & Commercial ($1,211) $696 Commercial & Third Party $1,244 $2,526 RE Development & Planning ($130) $230 Eastside Rail ($75) $286 Environmental Reserve ($124) $363 Total Real Estate $1,582 $4,735 33 Real Estate Division Full Year Forecast In $ Thousands 2008 2009 2009 2009 Bud Var Actual Forecast Budget $ % Operating Revenue 34,875 30,709 30,961 (252) -1% Environmental Grants 1 150 150 0 0% Total Revenue 34,877 30,859 31,111 (252) -1% Direct Expenses 36,375 30,260 31,821 1,561 5% Environmental Reserve 604 1,125 1,125 0 0% Allocations 1,840 1,711 2,445 734 30% Total Expense 38,819 33,096 35,391 2,295 6% Net Operating Income (NOI) (3,943) (2,236) (4,279) 2,043 48% NOI Excl Envir Grants/Reserve (3,340) (1,261) (3,304) 2,043 62% 34 Real Estate Capital 2009 Estimated Approved Variance Est. Act. Plan of Actual Budget to as % of Finance Budget App. Bud $100.1 $105.2 $5.0 95% $116.3 35 Capital Development Division Performance Report 3rd Quarter 2009 Capital Development Division 3d Qtr Business Events Mowat was the low bidder at 2.44% below the engineer's estimate for the East Marginal Way Grade Separation (EMWGS) Project. T115 Received Berth 1 permits. Construction awarded to Pacific Pile and Marine. Steel piling bids were approximately 10% below the engineer's estimate. T-30 Apron Upgrade: SSA commenced container operation on August 3, 2009. First vessel call on August 9, 2009. Returned $23M in AV CIP project savings. Runway 16L was reopened ahead of schedule and under budget after complete rebuilding. Working with OSR in development of the small business program. 37 Capital Development Division Key Indicators Cost Growth on Major Construction for projects completed in 3rd Quarter. PROJECT NON- DISCRETIONARY DISCRETIONARY CHANGE CHANGE 3RD RUNWAY 2007-08 CONSTRUCTION 1.6% 2.6% T-86 GRAIN SPOUT REPLACEMENTS 3.7% 0% T-91 BUILDING W-40 PARTIAL DEMOLITION PROJECT 1.3% 0% T-18 CRANE 36 DEMOLITION 3.0% 0% STAGE 1 MECHANICAL ENERGY CONSERVATION PROJECT 1.2% -0.7% MAIN TERMINAL ROOF REPLACEMENT 1.5% 0% T-91 CRUISE SHIP TERMINAL 10.3% 2.9% EMWGS SR 99 COLUMN RELOCATION 0% - 83.2% EMWGS COLUMN RELOCATION WATERLINE 32.7% - 1.4% C-1 100% BAGGAGE SCREENING 7.8% 38.2% SOUTH CRUISE INPUT PROJECT 9.9% 0% New Construction Management Standard Operation Procedure (SOP) on Field Directives being developed. 38 Capital Development Division Key Indicators New Service Agreements in the 3rd Quarter are: CONTRACT CONTRACT DOLLAR CATEGORY NUMBER AMOUNT NAVIGANT CONSULTING P-00316114 $186,000 CONSTRUCTION AUDITING FOR RCF PROJECT APPLIED PROFESSIONAL S-00316202 $100,000 UTILITY LOCATING SERVICE SERVICES Small Business Participation: PCS made WBE payments of 11%, SBE payments of 11.3%, MBE payments of 1.2 % and DBE payments of 0.2% for a total 23.7% in Small Business Participation at the end of the third Quarter. Goal: 30% PCS Small Business Participation. 39 Capital Development Division Operating Results and Forecast 2008 YTD 2009 YTD 2009 Bud Var. Year-End Projections In $ Thousands Actual Actual Budget $ % Budget Revised Forecast Var. AvPMG 597 419 572 152 26.6% 761 721 759 2 PCS 2,854 1,094 1,059 (35) -3.3% 1,449 1,431 1,384 65 ENG 906 724 973 250 25.6% 1,351 1,298 1,401 (50) SPMG 560 542 1,096 554 50.5% 1,400 845 917 483 CPO 916 1,179 1,110 (70) -6.3% 1,494 1,636 1,664 (170) CDD Admin 34 249 421 172 40.9% 554 294 276 278 Total CDD 5,868 4,207 5,231 1,024 19.6% 7,010 6,226 6,401 609 Corporate Performance Report 3rd Quarter 2009 Corporate Highlights Presented the Port's cruise program to the Partnership for Prosperity Tourism Tour. Planned and managed a media event to celebrate the inaugural flight of Icelandair and re-start of the Rental Car Facility. Established health care premium sharing and wellness rewards for 2010. The Port's new Learning Management System was selected as the "Best Launch to an Organization" at the Plateau annual conference. Implemented the Concur expense system "Cognos". 42 Corporate Indicators More than 200 attended the first three Port 101 series event (Airport, Duwamish River, and Cruise) Managed 20 delegation visits and tours at Seaport and P69. Port's public website visits up 20.67 to 2.67M Occupational injury rate down from 5.89 to 5.48 98% completed the health assessment in the Wellness Incentive Program Completed and presented a number of internal audits to the Audit Committee 43 Corporate Operating Results 2008 YTD 2009 YTD 2009 Bud Var. Year-End Projections In $ Thousands Actual Actual Budget $ % Budget Revised Forecast Var. Total Revenues 313 514 724 (210) -29.0% 1,470 1,470 1,417 53 Executive 1,250 1,056 1,173 117 10.0% 1,540 1,449 1,449 92 Commission 704 608 675 67 9.9% 867 844 844 22 Legal 1,992 1,904 2,039 135 6.6% 2,703 2,638 2,720 (16) Risk Services 2,110 1,913 2,150 237 11.0% 2,861 2,838 2,778 84 Health & Safety 761 715 744 29 3.9% 985 947 927 58 Public Affairs 2,915 2,393 3,304 911 27.6% 4,270 3,565 3,565 705 External Affairs 808 905 1,021 116 11.4% 1,347 1,249 1,249 98 Economic & Trade Development 1,006 1,002 1,584 581 36.7% 2,099 1,638 1,638 462 Human Resources & Development 2,969 2,668 3,164 496 15.7% 4,165 3,926 3,766 398 Labor Relations 500 458 541 83 15.4% 731 689 663 69 Information & Communication Tech 9,423 12,538 14,793 2,255 15.2% 19,658 18,404 18,404 1,253 Finance & Budget 1,197 1,102 1,296 194 15.0% 1,719 1,645 1,482 236 Accounting & Financial Reporting 4,325 4,441 4,882 440 9.0% 6,541 6,352 6,286 255 Internal Audit 502 758 895 137 15.3% 1,211 1,164 1,090 121 Office of Social Responsibilities 606 1,062 1,271 209 16.5% 1,647 1,401 1,387 259 Regional Transportation 280 315 374 59 15.8% 498 461 463 36 Police 13,981 13,055 15,100 2,045 13.5% 19,979 18,379 18,371 1,607 Industrial Development Corp 10 10 - (10) 0.0% - - 10 (10) Contingency 2,784 396 563 166 29.6% 750 750 750 Total Expenses 48,126 47,299 55,568 8,269 14.9% 73,572 68,338 67,842 5,730 44
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