6d Supp
ITEM NO.: _ 6d_______ DATE OF MEETING: 11/23/2010 Port of Seattle 2011 Preliminary Budget Second Reading/Public Hearing November 23, 2010 1 Overview 2011 Budget Process Operating Budget Comprehensive Budget Capital Budget Tax Levy Public Hearing 2 2011 Budget Process Jun. 8 Budget Process Briefing Aug. 17 Budget Assumptions Briefing Aug. 17 Business Plan and Capital Plan Briefing Sept. 28 Capital Budget Briefing Oct. 5 Preliminary Operating Budget Briefing Oct. 12 Preliminary Tax Levy Commission Discussion Oct. 26 Draft Plan of Finance & Tax Levy Discussion Nov. 2 Tax Levy Discussion and Preliminary Budget Update Nov. 9 First Reading & Public Hearing, Preliminary Budget Nov. 23 Final Reading & Public Hearing, Preliminary Budget Dec. 2 Statutory Budget Filed with King County and Assessor Dec. 15 Release Final Budget and Draft Plan of Finance 3 2011 Preliminary Budget Summary 2009 2010 2011 ($ in 000s) Actual Budget Budget Change $Change % Aeronautical Revenues 182,534 210,367 217,200 6,833 3.2% Revenues w/o Aero 266,901 266,417 283,437 17,020 6.4% Total Operating Revenues 449,435 476,784 500,637 23,853 5.0% Total Operating Expenses 245,767 262,829 285,844 23,016 8.8% Net Operating Income 203,668 213,955 214,792 837 0.4% NOI w/o Capital Policy Change * 203,668 213,955 218,032 4,077 1.9% * Without the capital policy change, O&M costs are estimated to be $5M lower and aeronautical revenues are expected to be $1.8M lower. Net NOI impact is estimated to be $3.2M. 4 Comprehensive Budget Summary Revenues ($ in 000s) 2010 Budget 2011 Budget Change $Changes % Operating Revenues 476,784 500,636 23,852 5.0% Tax Levy 73,500 73,500 - 0.0% PFCs 58,535 60,379 1,844 3.2% CFCs 22,475 22,237 (238) -1.1% Non-Capital Contributions 2,209 8,494 6,286 284.6% Capital Contributions 50,152 32,106 (18,046) -36.0% Interest Income 24,489 13,654 (10,835) -44.2% Total 708,144 711,006 2,863 0.4% Expenses O&M Expense 262,829 285,844 23,015 8.8% Depreciation 158,575 160,491 1,916 1.2% Revenue Bond Interest Expense 150,070 148,206 (1,864) -1.2% GO Bond Interest Expense 14,432 13,781 (651) -4.5% PFC Bond Interest Expense 10,497 10,191 (306) -2.9% Non-Op Environmental Expense 20,000 6,200 (13,800) -69.0% Public Expense 39,464 17,205 (22,259) -56.4% Misc. Non-Op Rev/Expense 2,217 2,521 304 13.7% Total 658,084 644,439 (13,645) -2.1% Change In Net Assets 50,060 66,568 16,508 33.0% 5 2011 Capital Budget Summary ($ in millions) Aviation Seaport Real Estate Corporate (1) Total Committed $231.4 $29.5 $15.4 $12.1 $288.3 Business Plan Prospective $71.8 $18.6 $5.0 $1.4 $96.8 Total $303.2 $48.1 $20.4 $13.5 $385.1 (1) Includes $0.5 million for CDD 6 5-Year Capital Plan by Division The 5-year capital plan from 2011-2015 is $1.49 billion Aviation Committed Projects $487.5M Seaport Committed Projects $ 88.2M Real Estate Committed Projects $ 31.9M Corporate & CDD Committed Projects $ 24.2M Total Committed Projects $631.8M Aviation Business Plan Prospective* $564.8M Seaport Business Plan Prospective* $214.4M Real Estate Business Plan Prospective* $ 43.9M Corp & CDD Business Plan Prospective* $ 37.9M Total Business Plan Prospective* $861.0M *The preliminary numbers may change pending outcome of tax Levy discussions 7 Tax Levy Sources and Uses $'000 2011 LEVY USES G.O. DS - existing 40,438 2011 tax levy is $73.5 million Other uses Roads and Transportation Projects 9,100 2011 maximum levy School Construction & Noise Insulation 650 Sea & RE Environmental expenditures - preliminary 11,559 is estimated to be PortJobs 46 $88.3 million Subtotal Other 21,355 The levy fund Real Estate Support balance excludes RE Capital Total 20,357 RE Operating Subsidy 5,372 $13 million in the Subtotal RE Support 25,729 Transportation & Total Uses 87,521 Infrastructure Fund LEVY SOURCES Beginning Tax Levy Fund Balance 26,634 Seaport reimbursement for environmental exp. 500 Annual levy 73,500 Total uses (87,521) 0.0% Projected Ending Tax Levy Balance 13,113 8 Port of Seattle 2011 Preliminary Budget Second Reading/Public Hearing November 23, 2010 9
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