9a Presentation Maritime and EDD Budget and Portwide Rollup
Item No. 9a_supp Meeting Date: October 13, 2020 2021 Maritime and EDD Operating & CIP Budgets and Portwide Rollup October 13, 2020 Maritime Division 2021 Preliminary Budget October 13, 2020 Century Agenda Drives Division Plans and Budgets CA Goal Department & Initiatives Key Metrics Seaport Project Management Advance maritime industries through Progress of completion on Maritime Invest responsibly in the economic growth innovation. Innovation Center. of the region and all its communities. Strategic investment/management of % projects on time, within budget. Port facilities. Invest responsibly in the economic growth Cruise Operations Percentage complete on T91 Cruise. of the region and all its communities. Expand benefits of Cruise. % of Shorepower installed at P66. Preserve industrial lands. Maritime Environment & Sustainability Meet increased energy needs. Percentage of renewable energy. Be the greenest and most energy efficient Meet requirements for stormwater. Percentage of agency requirements port in North America. Reduce carbon emissions. met. Percentage of GHG to 2005 baseline. 3 Maritime Priorities 2021 DIFFICULT TIMES require focusing on the foundations Focus in 2021 on Financial Sustainability 4 Summary SWOT: Maritime OPPORTUNITIES THREATS Cruise economic benefit to support COVID recovery, Uncertainty of global cruise industry, including both in Seattle and Alaska, can reframe business in impacts from Canadian restrictions, likely limits from context of high community value; leadership in new COVID 19 protocols; community concerns about collaboration with Alaskan ports with new protocols. cruise beyond COVID (e.g. environmental impacts). Innovations through connecting robust maritime and COVID 19, regulatory and recession impacts to costs, tech sectors (e.g. Maritime Blue); technology operations and productivity, as well as Alaskan improvements in vessel management. communities (e.g. boating, fishing). Current attention on issues of social justice can Climate change impact to fisheries including sea support diversifying sector, youth pipeline and other temperature changes and acidification. new ways to improve equity. West Seattle Bridge closure impacts (and eventual construction), solutions could conflict with support for disadvantaged communities in Duwamish Valley. 5 Summary SWOT: Maritime STRENGTHS WEAKNESSES Diverse business portfolio, including essential fishing Operations and maintenance impacted by low staffing business, strong cruise market and approved social to provide social distancing during peak season. distance activity of recreational boating. Resource gaps due to hiring "frost." Competitive advantage with facility locations and Constraints on capital capacity. significant expertise to support the infrastructure through capital project delivery and sustainability. Fishing and commercial operation moorage demand exceeds capacity during certain seasons. Knowledgeable in-house maintenance team and infrastructure to support industry COVID response. Organizational inefficiencies and competing priorities. Ability to adapt to remote/virtual work environment and new technologies, continuing to focus on CPI, innovation, and employee engagement during times of disruption. 6 Maritime Budget: Bottom Line Up Front Compared to 2020 Budget Revenue down $17.7M or 28% Expenses down $4.2M or 8% Budget Drivers Covid-19 impact on Cruise Port wide short term cash needs both at Seaport and Airport Executive guidance No discretionary travel or training Zero net pay increase or equivalent for all employees Default to deferring all open FTE positions to 2022 Zero based approach, every line reviewed by leadership Reevaluating 2024 goal of Net Positive NOI Planning for a slower recovery 7 Maritime Revenues Overall down $17.6M or 28% compared Commercial, Fishing, and Recreational to 2020 approved budget Marinas Cruise forecast to 25% of original No annual tariff rate increase at Fishermen's estimate Terminal or Shilshole Bay Marina Lots of sailing reserved, but significant Favorable 2020 impacts at T91 from Ballard uncertainty Locks closure not seen in 2021 Grain seeing an uptick in demand from Event driven moorage limitations expected in 2021 China for soybeans and corn Re-evaluating Bell Harbor Marina financials 2019 2020 2020 2020 2021 Inc/(Dec) from 2020 Approved Revised Proposed Approved Budget $ in 000's Actual Budget Budget Forecast Budget $ % Ship Canal Fishing & Operations 3,929 4,264 4,264 4,324 4,135 (128) -3% Elliott Bay Fishing & Commercial Operations 6,095 5,123 5,123 5,483 4,509 (614) -12% Recreational Boating 12,484 13,361 13,361 12,964 12,915 (446) -3% Cruise 22,410 26,261 5,909 4,261 8,558 (17,703) -67% Grain 4,266 3,490 3,490 3,740 4,903 1,413 40% Maritime Portfolio Management 10,108 10,428 10,428 9,622 10,259 (169) -2% Other (3) 11 11 11 (11) -100% Total Revenue 59,289 62,938 42,585 40,405 45,280 (17,658) -28% COVID-19 continues to impact Revenue in 2021 8 Maritime Expenses Compared to 2020 Approved Budget Support Services down $2.1M from reduced projects using outside services FTE - 11 deferred to 2022. and deferred FTEs. Direct Expenses down $1.7M or 8% from Central services down $370K or 2% from deferred hiring, reduced Port Valet, rightcost cutting initiatives. sizing security, and elimination of most discretionary spend. Overall Expenses down $4.2M or 8%. *2019 2020 2020 2020 2021 Inc/(Dec) from 2020 Approved Revised Proposed Approved Budget $ in 000's Actual Budget Budget Forecast Budget $ % Expenses Total Direct 18,776 22,637 22,035 21,315 20,903 (1,734) -8% Total Support Services 14,611 16,110 15,051 15,251 14,050 (2,059) -13% Total Central Services / Other 15,258 15,650 15,106 14,580 15,280 (370) -2% Total Expense 48,644 54,396 52,191 51,145 50,234 (4,163) -8% *Note 2019 Actual does not include $2M payment to the alliance and included $1.9M favorable pension adjustment Reducing expenses across the organization 9 2021 Maritime Budget Summary Inclusive of Direct Charges & Allocations from Corporate, & Other Divisions 2019 2020 2020 2020 2021 Inc/(Dec) from 2020 Net Operating Income before Approved Revised Proposed Approved Budget $ in 000's Actual Budget Budget Forecast Budget $ % Depreciation $13.5M below Ship Canal Fishing & Operations 3,929 4,264 4,264 4,324 4,135 (128) -3% Elliott Bay Fishing & Commercial Operations 6,095 5,123 5,123 5,483 4,509 (614) -12% Recreational Boating 12,484 13,361 13,361 12,964 12,915 (446) -3% 2020 approved budget Cruise 22,410 26,261 5,909 4,261 8,558 (17,703) -67% Grain 4,266 3,490 3,490 3,740 4,903 1,413 40% Maritime Portfolio Management 10,108 10,428 10,428 9,622 10,259 (169) -2% Other (3) 11 11 11 (11) -100% Cashflow changes compared to Total Revenue 59,289 62,938 42,585 40,405 45,280 (17,658) -28% Expenses 2020 Plan of Finance resulting Maritime (Excl. Maint) 13,789 16,881 16,408 15,688 15,539 (1,342) -8% Economic Development 4,987 5,756 5,626 5,626 5,364 (392) -7% Total Direct 18,776 22,637 22,035 21,315 20,903 (1,734) -8% primarily from COVID-19 Maintenance Expenses 12,186 13,073 12,426 12,426 11,594 (1,479) -11% impact: Envir Services & Planning 2,250 2,681 2,295 2,345 2,140 (541) -20% Seaport Project Management 175 356 330 480 316 (40) -11% 2020 = ($19M) Total Support Services 14,611 16,110 15,051 15,251 14,050 (2,059) -13% IT 2,685 2,906 2,895 2,868 2,853 (52) -2% 2021 = ($18M) Police Expenses 4,086 3,382 3,368 3,226 3,116 (267) -8% External Relations 1,564 1,635 1,501 1,118 1,342 (293) -18% Other Central Services 6,645 7,481 6,974 7,000 7,725 245 3% Aviation Division / Other 278 245 368 368 243 (2) -1% Total Central Services / Other 15,258 15,650 15,106 14,580 15,280 (370) -2% Total Expense 48,644 54,396 52,191 51,145 50,234 (4,163) -8% NOI Before Depreciation 10,644 8,541 (9,606) (10,740) (4,954) (13,495) -158% Depreciation 17,627 17,244 17,249 17,249 16,899 (345) -2% NOI After Depreciation (6,982) (8,703) (26,855) (27,989) (21,853) (13,150) -151% Pandemic continues to impact near term cash 10 Maritime Division Financial Trends In 000s 80,000 70,000 60,000 Depreciation 50,000 Central Services / Other 40,000 Support Services 30,000 20,000 Direct 10,000 Revenue - 2014 2015 2016 2017 2018 2019 Act 2020 Approved 2020 Revised 2020 Forecast 2021 Budget Cruise reduction driving total revenue below trend Since cruise is a high margin operating business, direct expenses do not have a proportionate impact from reduced passengers and sailings COVID-19 driving division off trend 11 Cruise Operations Compared to 2020 Approved Budget In 000s Depreciation 30,000 Central Services / Other Revenue down $17.7M / -67.4% Support Services 25,000 Estimating COVID-19 impacts Direct continue through early Cruise 20,000 Revenue season. 15,000 Direct Expenses down $342K / -5.4% Lower Port Valet expenses. 10,000 Includes $2M payment to NWSA for 5,000 T46 lease starting in 2020. - Support Services down $1.2M / -31.3% 2016 2017 2018 2019 Act 2020 Approved 2020 Revised 2021 Budget Central Services down $1M / -20.4% Depreciation Flat 12 Recreational Boating Compared to 2020 Approved Budget In 000s Depreciation Central Services / Other Revenue down $446K / -3.3% 16,000 Support Services Direct Estimating COVID-19 impacts Revenue 14,000 continue through 2021 at Bell Harbor Marina & Shilshole Bay 12,000 Marina 10,000 8,000 Direct Expenses down $444K / -8.5% 6,000 Right-sizing security 4,000 Elimination of most discretionary 2,000 spend in travel & promotional - expenses 2016 2017 2018 2019 Act 2020 Approved 2020 Revised 2021 Budget Support Services up $285K / 9.7% Central Services up $294K / 8.3% Depreciation down $269K / -9.2% 13 Elliott Bay Fishing & Commercial Operations Compared to 2020 Approved Budget In 000s Depreciation Central Services / Other 12,000 Revenue down $614K / -12% Support Services Direct Estimating COVID-19 impacts Revenue 10,000 continue through 2021 at T-91 8,000 Direct Expenses down $8K / -0.3% 6,000 Right-sizing security Eliminating of most discretionary 4,000 spend in travel & promotional expenses 2,000 Offset by higher in Utilities expenses - Support Services down $736K / -35% 2016 2017 2018 2019 Act 2020 Approved 2020 Revised 2021 Budget Central Services down $5K / -0.3% Depreciation down $40K / -1.2% 14 Ship Canal Fishing & Operations Compared to 2020 Approved Budget Depreciation In 000s Central Services / Other 10,000 Support Services Revenue down $128K / -3% 9,000 Direct Estimating less usages in space Revenue 8,000 rental, service, utilities from 7,000 customers 6,000 Offset by increase in moorage 5,000 4,000 Direct Expenses down $601K / -19% 3,000 Deferring hiring and project to 2022 Lower utilities expenses 2,000 Right-sizing security 1,000 - 2016 2017 2018 2019 Act 2020 Approved 2020 Revised 2021 Budget Support Services down $340K / -15.2% Central Services up $308K / 21% Depreciation up $216K / 10% 15 Maritime Portfolio Management Compared to 2020 Approved Budget Revenue down $169K / -1.6% In 000s Depreciation 16,000 Central Services / Other Utility down -$512K mainly electricity. Support Services Direct This is partially offset by 14,000 Revenue Increased Space Rental Revenue at T91 12,000 Industrial with an escalation of 2.5% and 10,000 an additional space/new lease $295K; 8,000 Lineage and Glacier Fish 6,000 Direct Expenses down $591K / -11.4% 4,000 MIC Tenant Improvements down -$236K 2,000 - 2016 2017 2018 2019 Act 2020 Approved 2020 Revised 2021 Budget Support Services down $341K / -9.0% Central Services up $118K / 3.7% Includes uplands of Shilshole Bay Marina, Terminal 91 (Industrial), Fishermen's Depreciation down $33K / -1.3% Terminal, Maritime Industrial Center, Salmon Bay Marina, T-115, T-108, and T-106. 16 Grain Terminal Goal Compared to 2020 Approved Budget Depreciation In 000s Central Services / Other 6,000 Support Services Direct Revenue Revenue up $1.4M / 40% 5,000 Increased demand from China 4,000 Direct Expenses down $53K / -18% 3,000 Lower divisional allocation 2,000 Support Services up $57K / 7.5% 1,000 Central Services down $12K / -14.6% - Depreciation Down $215K / -41% 2016 2017 2018 2019 Act 2020 Approved 2020 Revised 2021 Budget Return in Chinese demand for feed stock 17 Maritime Division Service Group Summary 2021 Preliminary Budget October 13, 2020 Marine Maintenance Marine Maintenance expenses down $1.75M or 7% from 2020 Approved Budget. Reductions seen in Outside Services, Equipment, and Travel & Other Employee Expenses. 19 Maritime Environment and Sustainability 2021 Proposed Budget and Comparisons $6,000 Thousands Overall down $680K/14% compared to 2020 original budget $5,000 Salary & Benefits $4,000 Decreased $120K/3% from 2020 approved budget The 2 new positions for Sustainability and $3,000 Orca/habitat/cruise approved for 2020 are not in 2021 proposed $2,000 Non-Staff Costs $1,000 Decreased $680K/39% from 2020 approved budget Cuts to outside services, travel, equipment, etc.. $0 2019 Actual 2020 original 2020 Revised 2021 proposed Salary and Benefits Non-staff Costs 20 Maritime Environment and Sustainability 2021 Business Plan Highlights Continuing core services but assessed and reduced service levels to meet current financial picture Not proposing any new programs or initiatives continue habitat work: T117, mitigation bank, smith cove, site maintenance and restoration, community engagement Implement NW Ports Clean Air Strategy and Port GHG reductions, develop waterfront energy plan Continue strong support for planning and capital delivery Continue dangerous waste compliance and spill response Progress remediation and cleanups on LDW, EWW, T91 and other sites 21 Program Changes/Cost Reductions Highlights Eliminate 2 positions: Sustainability Coordinator and Cross-Disciplinary Orca/habitat/cruise project manager Reduce number of waste audits Scaled back outside services for habitat restoration and delayed design work to 2022 Delay or cut energy initiatives - 3rd party emissions verification, embodied carbon research, cruise passenger carbon offset, some cruise environmental strategies Cut climate change resiliency study in the Lower Duwamish Cut travel and training and removed money available for regional, national, international shared projects 22 Maritime Division FTE Summary .5 Converted, 11 Deferred 2020 2020 2021 2021 2021 2021 Deferred FTEs 2020 Mid Year Revised Frozen / Internal Eliminated Proposed 2021 FTE % DEPARTMENT Budget Approval Total Deferred Transfer FTEs New FTEs Budget Change Change By Departments: Capital Development Capital Development 23.00 23.00 (3.00) - - 23.00 0.00 0.0% Project Manager Cruise Operations 4.00 4.00 (1.00) - - 4.00 0.00 0.0% Project Assistant Marine Maintenance1 143.00 4.00 147.00 - - (3.00) 3.00 147.00 0.00 0.0% Project Controls Maritime Division Management 5.00 5.00 (3.00) - - 5.00 0.00 0.0% Maritime Marketing 3.00 3.00 - - - 3.00 0.00 0.0% Cruise Operations Specialist Recreational Marinas & Commercial Operations 42.00 - 42.00 (1.00) (1.00) - 0.50 41.50 -0.50 -1.2% Elliott Bay Fishing & Commercial Operations 4.25 4.25 - (0.25) 4.00 -0.25 -5.9% Maritime Management Fishing & Operations Admin 2.00 - 2.00 - - 2.00 0.00 0.0% Sr. Planner Maritime Security 3.00 3.00 - - 3.00 0.00 0.0% Recreational Boating2 20.75 20.75 - (0.75) 0.50 20.50 -0.25 -1.2% Planner Ship Canal Fishing & Operations 12.00 12.00 (1.00) - 12.00 0.00 0.0% CPI Specialist Maritime Environment & Sustainability 21.00 1.00 22.00 (2.00) - - 22.00 0.00 0.0% Seaport Finance 14.00 14.00 (1.00) - - 14.00 0.00 0.0% Harbor Operations Specialist (Salmon Bay Stormwater Utility 3.00 3.00 - - - 3.00 0.00 0.0% Marina) Total Maritime Division 258.00 5.00 263.00 (11.00) (1.00) (3.00) 3.50 262.50 -0.50 -0.2% Maritime Environment & Sustainability Staff support for Orca recovery 1. Marine Maintenance eliminated 1.) Administrative Assistant, 2.) Inventory Specialist, and 3.) SharePoint planning and implementation Administrator. Additions were 1.) HVAC technician, 2.) SWU/SWPP Laborer (repurposed emergency hire), Support for implementation of and 3.) SWU/SWPP Operating Engineer (currently filled by an emergency hire). Sustainability in Capital Design 2. Recreational Boating added a .5 seasonal FTE to help expedite the turnaround for moorage customers at Shilshole Bay Marina. Seaport Finance Maintenance & Asset Analyst 23 Stormwater Utility Summary 2021 Preliminary Budget October 13, 2020 Stormwater Utility Budget Capital Plan for 5 years is total of $4.37M for system renewal and repairs 3 Percent Rate Increase Proposed 25 Stormwater Utility Capital Budget Summary $'s in 000's 2021 2022 2023 2024 2025 Total Commission Authorized/Underway PW Stormwater Sys Renewal 500 500 500 500 500 2,500 T18 SW outfall upgrade 500 970 - - - 1,470 SWU Small Capital 400 - - - - 400 Total Projects 1,400 1,470 500 500 500 4,370 Note: The T18 project is expected to be completed in 2021 and any remaining dollars will be savings and placed in the cash balance to use for other priority projects. 26 Maritime Appendix 2021 Preliminary Budget October 13, 2020 2021 Maritime Budget Summary including 2019 Budget 2019 2019 2020 2020 2020 2021 Inc/(Dec) from 2020 Approved Revised Proposed Approved Budget $ in 000's Budget Actual Budget Budget Forecast Budget $ % Ship Canal Fishing & Operations 4,021 3,929 4,264 4,264 4,324 4,135 (128) -3% Elliott Bay Fishing & Commercial Operations 5,927 6,095 5,123 5,123 5,483 4,509 (614) -12% Recreational Boating 12,794 12,484 13,361 13,361 12,964 12,915 (446) -3% Cruise 22,406 22,410 26,261 5,909 4,261 8,558 (17,703) -67% Grain 4,254 4,266 3,490 3,490 3,740 4,903 1,413 40% Maritime Portfolio Management 10,328 10,108 10,428 10,428 9,622 10,259 (169) -2% Other 0 (3) 11 11 11 (11) -100% Total Revenue 59,729 59,289 62,938 42,585 40,405 45,280 (17,658) -28% Expenses Maritime (Excl. Maint) 13,957 13,789 16,881 16,408 15,688 15,539 (1,342) -8% Economic Development 4,996 4,987 5,756 5,626 5,626 5,364 (392) -7% Total Direct 18,953 18,776 22,637 22,035 21,315 20,903 (1,734) -8% Maintenance Expenses 11,980 12,186 13,073 12,426 12,426 11,594 (1,479) -11% Envir Services & Planning 2,559 2,250 2,681 2,295 2,345 2,140 (541) -20% Seaport Project Management 222 175 356 330 480 316 (40) -11% Total Support Services 14,761 14,611 16,110 15,051 15,251 14,050 (2,059) -13% IT 2,788 2,685 2,906 2,895 2,868 2,853 (52) -2% Police Expenses 4,473 4,086 3,382 3,368 3,226 3,116 (267) -8% External Relations 1,646 1,564 1,635 1,501 1,118 1,342 (293) -18% Other Central Services 7,995 6,645 7,481 6,974 7,000 7,725 245 3% Aviation Division / Other 206 278 245 368 368 243 (2) -1% Total Central Services / Other 17,108 15,258 15,650 15,106 14,580 15,280 (370) -2% Total Expense 50,822 48,644 54,396 52,191 51,145 50,234 (4,163) -8% NOI Before Depreciation 8,908 10,644 8,541 (9,606) (10,740) (4,954) (13,495) -158% Depreciation 17,613 17,627 17,244 17,249 17,249 16,899 (345) -2% NOI After Depreciation (8,705) (6,982) (8,703) (26,855) (27,989) (21,853) (13,150) -151% 28 Economic Development Division 2021 Preliminary Budget October 13, 2020 Century Agenda Goal Department & Initiatives Key Metrics Advance this Region as a Leading EDD Tourism Department Tourism Destination and Business Tourism Recovery Initiative Passenger enplanement Gateway Promote Air Travel and Cruise/Stay increases Tourism grant programs EDD Diversity in Contracting Become a Model for Equity, Diversity in Contracting WMBE/DBE % Utilization Diversity and Inclusion WMBE/DBE Outreach # WMBE/DBE firms utilized WBE/DBE Technical Assistance EDD Real Estate Be a Highly Effective Public Maritime/EDD property and lease Property acquired/redeveloped management Agency Exceed energy efficiency goals Real Estate Development Pier 69 HQ Management # small biz receiving recovery Responsibly Invest in the EDD Partnerships & Innovation support through partners Economic Growth of the Region City ED Partnership Grants Duwamish partnership # of emerging maritime and all its Communities Innovation Initiatives companies assisted 30 Economic Development Division SWOT Strengths Weaknesses Port can remain a patient steward of properties Port properties are usually encumbered with Updated Bell Harbor Conference Center development challenges/limitations P69's 100% outside air HVAC system and generous Financial challenges may lead to deferred maintenance workstation allocations Strong initial Diversity in Contracting results Uncertain capital capacity driven by COVID19 driven economic downturn $1.5 Million tourism recovery initiative can help regenerate travel and tourism in WA State. Hiring freeze/vacant positions could impact customer service and property management Opportunities Threats Continued demand for industrial property Tenant insecurity and restructuring Acquiring property during economic downturn Competition may increase for event space Eliminating disparities for women and ethnic communities in Real estate market disruption Port contracting WMBE/DBE firms disproportionately impacted by COVID ED and tourism grant programs can demonstrate the Port's (esp. access to capital) leadership on COVID-19 recovery 31 Economic Development Division Summary Compared to 2020 Budget Revenue down $5.8M or 30% Expenses down $8.0M or 27% Budget Drivers: Covid-19 impact on Conference & Event Centers; Lower Revenue, Lower Expense Targeted funding to help restart regional tourism and provide small biz assistance Moving forward Maritime Innovation Executive guidance & response to pandemic 32 Economic Development Revenues Overall down $5.8M or 30% Conference & Event Centers Down $5M or 50% compared to 2020 approved budget. Bell Harbor Conference Center down $3,647K Bell Street Garage down $695K or World Trade Center Seattle down $730K 32%, fewer Cruise & Clipper Smith Cove Cruise Terminal down $574K passengers and less downtown Leasing revenue down $116K with loss of DHS at T-102 and merchant demand. Tesla at T91 offset by King Co. lease at Pier 2 / CEM. 2019 2020 2020 2020 2021 Inc/(Dec) from 2020 Approved Revised Proposed Approved Budget $ in 000's Actual Budget Budget Forecast Budget $ % Bell Street Garage 1,899 2,150 1,850 1,618 1,454 (695) -32% Conf & Event Centers 12,239 9,985 6,833 2,496 5,035 (4,950) -50% Leasing Revenue 7,014 6,975 6,975 6,403 6,859 (116) -2% Total Revenue 21,151 19,110 15,658 10,517 13,348 (5,762) -30% COVID-19 continues to impact Revenue in 2021 33 Economic Development Expenses Compared to 2020 Approved Budget EDD Initiatives up $0.8M due to remaining $1.2M Washington Tourism Alliance Program. EDD & Maritime Expenses down $6.2M or 33% from: Central services down $2.6M (33%) from Reduction in budgeted tenant improvement and brokerage fees. Workforce Development transfer and expense reductions. Reduced volumes at Conference & Event Centers. General reduction in Travel, Training, Memberships and Overall Expenses down $8.1M or 27%. discretionary expenses. FTE Net increase 0.4 2019 2020 2020 2020 2021 Inc/(Dec) from Approved Revised Proposed 2020 Approved Budget $ in 000's Actual Budget Budget Forecast Budget $ % Expenses Portfolio Management 3,732 4,008 3,988 3,853 3,401 (608) -15% Conf & Event Centers 10,218 8,902 6,703 2,098 4,920 (3,982) -45% Maintenance Expenses 3,145 3,819 3,476 3,476 2,537 (1,282) -34% Other 1,534 1,894 1,515 1,515 1,602 (292) -15% Total EDD & Maritime 18,630 18,624 15,682 10,943 12,459 (6,164) -33% Diversity in Contracting 152 197 151 151 141 (56) -28% Tourism 1,337 1,536 2,842 2,342 2,481 945 61% EDD Grants & Innovation 785 1,110 1,110 810 1,060 (50) -5% Total EDD Initiatives 2,274 2,843 4,103 3,303 3,682 839 30% Total Central Services 6,251 7,901 7,437 6,982 5,268 (2,633) -33% Total Expense 27,156 29,368 27,222 21,227 21,409 (7,958) -27% Reducing expenses across the organization 34 EDD P&L Summary 2019 2020 2020 2020 2021 Inc/(Dec) from Approved Revised Proposed 2020 Approved Budget $ in 000's Actual Budget Budget Forecast Budget $ % Net Operating Income before Revenue 8,912 9,124 8,824 8,020 8,313 (812) -9% Conf & Event Centers 12,239 9,985 6,833 2,496 5,035 (4,950) -50% Depreciation $2.3M above 2020 Total Revenue 21,151 19,110 15,658 10,517 13,348 (5,762) -30% Expenses approved budget. Portfolio Management 3,732 4,008 3,988 3,853 3,401 (608) -15% Conf & Event Centers 10,218 8,902 6,703 2,098 4,920 (3,982) -45% P69 Facilities Expenses 215 230 226 226 222 (9) -4% RE Dev & Planning 136 208 145 145 154 (54) -26% Economic Development Division EconDev Expenses Other 930 932 632 632 835 (97) -10% Maintenance Expenses 3,145 3,819 3,476 3,476 2,537 (1,282) -34% cash flow budgeted flat from 2020 Maritime Expenses (Excl Maint) 253 524 512 512 392 (133) -25% Total EDD & Maritime Expenses 18,630 18,624 15,682 10,943 12,459 (6,164) -33% plan of finance. Diversity in Contracting 152 197 151 151 141 (56) -28% Tourism 1,337 1,536 2,842 2,342 2,481 945 61% EDD Grants & Innovation 785 1,110 1,110 810 1,060 (50) -5% Total EDD Initiatives 2,274 2,843 4,103 3,303 3,682 839 30% EDD Tax Levy Items Environmental & Sustainability 344 323 260 265 294 (29) -9% $910K - EDD Grants $910K Police Expenses 61 233 232 222 209 (24) -10% Other Central Services 5,732 7,223 6,752 6,302 4,645 (2,578) -36% $150K - Maritime Blue (Innovation) Aviation Division 114 123 193 193 120 (3) -2% Total Central Services & Aviation 6,251 7,901 7,437 6,982 5,268 (2,633) -33% $10K Port Gen $200K - Tourism Marketing Total Expense 27,156 29,368 27,222 21,227 21,409 (7,958) -27% NOI Before Depreciation (6,005) (10,258) (11,564) (10,711) (8,061) 2,197 21% $1.2M Washington Tourism Alliance Depreciation 3,647 3,389 3,392 3,389 3,216 (173) -5% NOI After Depreciation (9,651) (13,647) (14,956) (14,100) (11,277) 2,370 17% 35 Economic Development Division Financial Trend In 000s 35,000 30,000 25,000 Depreciation 20,000 *Program Expense 15,000 **Operating Expense Revenue 10,000 5,000 - 2014 2015 2016 2017 2018 2019 Act 2020 Approved 2020 Revised 2020 Forecast 2021 Budget Conference & Event Center bookings progressively declined in 2020, small uptick expected in 2021 36 Portfolio Management Financial Trend In 000s Compared to 2020 Approved Budget Depreciation 35,000 Revenue down $5.8M / -30% Central Services / Other Support Services Decreased Conference activity due to 30,000 Direct COVID-19 pandemic: BHICC -$3,647K; Revenue 25,000 WTCS -$730K; SCCT -$574K Bell St Parking Garage down -$623K. 20,000 Direct Expenses down $5M / -33% 15,000 3rd Party Management costs related to BHICC/SCCT/WTCS -$3,612K. 10,000 Decreased Capital Reserves -$147K Bell St Parking Garage building 5,000 improvement project down -$216K - Broker's Fees down -$162K 2016 2017 2018 2019 Act 2020 Approved 2020 Revised 2021 Budget SWU down -$277K Support Services down $1.3M / -31% Includes non-alliance & upland real-estate at Tsubota, T-91 (General), T-86, P-69, Central Services down $1.1M / -18% Bell Street Garage, Smith Cove Conference Center, Bell Harbor Conference Center, World Trade Center, Foreign Trade Zone, Pier 2, T-34, and T-102. Depreciation down $173K / -5.1% 37 Diversity in Contracting 1. Provide technical assistance to help WMBE businesses recover from COVID pandemic related challenges In $000s 2020 Budget 2021 Budget difference 2. Increase WMBE contracting utilization results to Personnel 1,131 1,022 (109) reduce disparities in Port contracting processes Outside Service 197 334 138 3. Provide PortGen workshops/trainings to interested WMBE and DBE businesses Promo Expenses 64 66 2 4. Implement communication and education General Expenses 89 53 (36) programs to build external and internal support Outside services includes funds for: training (Portgen) 80k; for WMBE utilization WMBE accelerator 130k; Highline SBDC 50k; and Tabor 100 50k 5. Work with Public Sector partners to advance WMBE and DBE utilization Become a Diversity in Contracting ED D WMBE/DBE % Model for K ey CA Goal Utilization Divers ity in WMBE/DBE Outreach Equity, Diversity Contra cting WBE/DBE Technical Me trics # WMBE/DBE firms and Inclusion Assistance utilized 38 Tourism 1. Implement Tourism Recovery initiative in partnership with WA Tourism Alliance In $000s 2020 Budget 2021 Budget difference 2. Utilize Tourism Grant programs to Personnel 524 527 4 support tourism recovery and help regenerate consumer confidence in travel Outside Service 704 1,789 1,085 3. Promote Cruise and Stay options in select Promo Expenses 159 68 (92) domestic and international markets General Expenses 56 49 (7) 4. Partner with Visit Seattle and South Includes funding for Tourism Recovery Initiative ($1.2M); Sound Regional Tourism Authority to Europe/Australia promotions 234k, and Tourism grants 200k leverage Port tourism investments and grant programs Advance this Tourism Recovery Initiative CA Region as a EDD Key Passenger enplanement Goal Leading Tourism Touris m Promote Air Travel and increases Destination and Cruise/Stay Departm ent M etrics $ value of promotions, etc. Business Gateway Tourism grant programs 39 Real Estate Development & Management Provide appropriate relief measures to tenants impacted by COVID pandemic Total Real Estate Development & Management Expenses Redevelop Terminal 106 and other Port In $000s 2020 Budget 2021 Budget difference properties (ex. Des Moines Creek W) RE Development 813 633 (180) Continue Terminal 91 Uplands P69 Facilities 1,694 1,578 (116) planning/development Portfolio Leasing 17,975 13,129 (4,846) Move Maritime Innovation Center forward Evaluate Acquisition/Partnership Includes funding for appraisals 32k; Real estate development opportunities identified in acquisitions /partnership research 150k Port Real Estate Strategic Plan Manage, Operate & Maintain Pier 69 Headquarters CA Responsibly Invest in the EDD Real Estate Development Green buildings Economic Growth of the Key Goal Real Estat e & Industrial Lands Region and all its Admin Property Duwamish partnership M etrics Communities redeveloped/acquired 40 Economic Development and Innovation Partnerships 1. Support Regional Economic Recovery via Economic Development Partnership Grant Program 2. Support Greater Seattle Partners' regional In $000s 2020 Budget 2021 Budget difference economic recovery plan finalization and Personnel 474 595 121 implementation Outside Service 960 1,060 100 3. Support Duwamish Community Equity Partners' economic development initiatives Promo Expenses 60 31 (29) 4. Support maritime innovation initiatives to General Expenses 500 150 (250) discover, promote and help advance promising Includes funding for City ED Partnership grants 910k; maritime ventures and startups Greater Seattle Partners 130k, and Maritime Blue 150k 5. Advance and coordinate Port innovation initiatives Green buildings CA Responsibly Invest in E DD City ED Partnership Grants the Economic Growth K ey Goal Rea l Estate Duwamish partnership Property of the Region and all its Communities & A dmin Innovation Initiatives Me trics redeveloped or acquired 41 Net Increase of 0.6 FTE 2020 Budget 35.6 2021 Budget Staff Additions (Subtractions): Real Estate Analyst (0.6) Innovation Initiatives Manager 1.0 Net Change 2020 36.0 Proposed 2020 Budget 0.4 42 Economic Development Division Commission Briefing - Appendix 2021 Preliminary Budget Maritime and Economic Development 2021-2025 Capital Improvement Plan (CIP) October 13, 2020 44 Agenda Capital Improvement Plan (CIP) Development Schedule Capital Planning Process Changes 2021 Budget Principles Capital Project Priorities Review of Financial Capacity Review Revised Preliminary Capital Improvement Plan (CIP) Discuss projects impacted by lower financial capacity Discuss Next Steps 45 Budget Timeline 2021-2025 CIP Budget Dev Review Initial Continue to Commission Briefing & Preliminary Draft Planning and Refine CIP, Budget Approval of Development Funding MD/EDD Funding Plan of Finance Briefings 2021 Budget Capacity Capacity and Review 2021-2025 CIP & Tax Levy Budget & Funding November 17 May/June October 27 October 13 July August 6 August/Sept. 46 Capital Planning Guidelines Maintain construction to help stimulate recovery across the region. Capital planning should incorporate potential impacts of COVID-19 on future operations and facility needs. New projects should be prioritized according to the Guiding Principles and the timing of new construction should consider updated demand forecasts, cash preservation needs and opportunities to perform work while business activity is low. Project designs and environmental reviews should generally continue to advance to preserve the option to proceed if grant funding becomes available or the Port's financial outlook improves sooner than expected. Consider potential added costs related to COVID-19 and the local bidding environment in preparing and updating project budgets. 47 Capital Improvement Plan Priorities Asset Financial Community and Stewardship: Sustainability: Environment: Maintaining the Port's capital Making investments that support Stewarding our environment assets and preserving Seattle's maritime industries and the Port's responsibly, partnering with iconic working waterfront long term funding capacity surrounding communities, and promoting social responsibility 48 2021-2025 Capital Capacity: Key Assumptions Conservative approach where downside risk in 2021 can more easily be managed by additional adjustments, if warranted Key assumptions: Recommended continuation of 3% annual levy increase for 2021 to 2023 Cruise activity: 2021 = 25% of 2021 forecast (Scenario #2 from Commission retreat) 2022 = partial recovery to 75% of 2022 forecast 2021 MD & EDD operating expense slightly below revised 2020 budget and grows modestly Conference and parking 2021 = 50% and 60% of 2020 budget No additional support to Airport from tax levy or G.O. bonds Incorporates draft NWSA CIP of $344 million (Port share $172 million) The risk of over-optimism is far greater than risk of pessimism 49 Reduced Forecasted Capacity Revised CIP 2021-25 CIP Total June: Initial 2021-25 CIP $531 million $600 $531M $500 ($144M) $400 $387M Revised 5-year capital capacity $312M $300 ($75M) forecast: $200 August: $387 million $100 $0 September: $312 million June Initial August Revision September Revision In Construction Large Projects Mid-Cap Projects Incorporates preliminary NWSA CIP Small Projects Fleet/Technology/TIs Reserve Funding Reduced income forecast and borrowing ability 50 2021-25 CIP with Continued 3% Levy Increase 2021 to 2025 CIP 5-Year Total ($ in millions) Total June August Sept Group/Project Initial Revised 2021 2022 2023 2024 2025 Revised Change In Construction 0.1 0.1 0.1 - - - - 0.1 T117 Restoration 21.4 13.2 7.7 4.7 0.3 0.3 0.3 13.2 T91 Northwest Fender 8.4 8.4 7.7 0.2 - - - 7.9 Large Projects in Design (> $5M) T46 Replace N Pier Structure 49.2 49.2 - - 1.0 5.2 20.0 26.2 Postponed 2 years T91 Uplands Dev Phase I 47.7 47.7 1.0 17.0 26.0 3.7 - 47.7 T91 Berth 6 & 8 Redev 39.8 39.8 1.2 1.0 11.7 26.0 - 39.9 New Cruise Terminal 121.7 39.7 - - 0.7 4.0 35.0 39.7 Postponed 3 years P66 Shore Power 16.5 16.5 1.0 15.4 0.1 - - 16.5 FT Maritime Innovation Center 15.2 15.7 0.5 5.0 9.0 0.8 - 15.3 T91 New Cruise Gangways 6.9 6.9 0.6 4.8 1.5 0.0 - 6.9 Cruise Upgrades COVID19 6.8 6.8 3.5 1.8 1.0 0.5 - 6.8 Added to CIP Mid-Cap Projects ($300K to $5M) 56.4 49.4 10.5 14.3 8.6 6.6 2.4 42.4 $7M in spending delayed to 2026+ Small Projects (<$300K) 7.3 7.3 2.4 1.0 1.0 1.0 1.0 6.4 Fleet/Technology 12.5 12.5 4.1 3.3 2.7 1.5 1.0 12.7 Tenant Improvements 2.8 2.8 0.6 0.6 0.6 0.6 0.6 2.8 Reserve 35.0 70.0 3.0 3.0 4.0 6.0 11.0 27.0 Reserves reduced to $27M CIP Cash Flow Adjustment - - (12.4) 7.4 4.9 - - - Total 447.4 385.8 31.5 79.5 73.0 56.2 71.3 311.4 EDD Strategic Opportunity Fund 25.0 - - - - - - - All spending moved to 2026 FT Gateway Building 50.9 1.0 1.0 - - - - 1.0 Evaluate design, Construction moved to 2026+ T91 Uplands Phase 2 Buildings 0.5 - - - - - - - All spending moved to 2026 T91 Uplands Phase 2 Util Infra 7.7 - - - - - - - All spending moved to 2026 Revised Total 2021-2025 CIP $531 $387 $32 $79 $73 $56 $71 $312 CIP Revisions based on August capacity forecast CIP Revisions for September forecast 51 In Construction projects includes final spending of project nearly complete (SBM Service Buildings, BHICC Modernization, and FT Pier Improvements) Key Capital Project Review Cruise Proposed new terminal postponed for 3+ years until industry and economic uncertainty settles. Added spending for COVID-related updates at existing terminals FT Gateway Project Construction postponed to 2026, evaluating completing design in 2021 Focus on T91 Uplands Phase I provides more flexibility to uncertain market T91 Uplands Development Phase I: Maintain ongoing work in 2021-2025 CIP Phase II: all spending moved out to 2026+ T46 Replacement of North Pier Structure Project postponed 2 year, will continue ongoing feasibility work Will reevaluate project/funding during next year's capital planning process Reduced Reserves Lowered reserves to accommodate reduced funding Reduced Mid-Cap Project Spending Projects postponed: FT C15 Improvements, Harbor Mooring Dolphins, P69 Skylight Renewal 52 Tax Levy Alternatives Considered Recommendation: Continue annual 3% tax levy increase for the next three years (2021-23): $312 million Continues investment in regional economy Keeps up with construction inflation Preserves some flexibility for unforeseen needs and potential further economic downturn Alternatives: 2021 Levy increase of 0%, then 3% per year 2022-24: $290 million Reduces borrowing capacity by $22 million over five-year period Delays Terminal 46 North Pier Replacement to 2024 Defers $9 million in spending for mid-cap projects until 2026+ 2021 Levy increase of 5%, then 3% per year 2022-23: $334 million Funds prioritized 2021-2025 CIP T46 North Pier Replacement begins 2021 Amounts reflect 2021-25 CIP total 53 Conclusions Adjusts to new business realities & constrained financial capacity Reduced flexibility Aligns with guiding principles & supports economic recovery Meets critical needs: Asset Preservation, Financial Sustainability and Environment/Community 54 Portwide Budget Rollup 2021 Preliminary Budget October 13, 2020 Portwide Preliminary 2021 Budget Summary Revenues down $126.4 million, or 15.6% compared to 2020 Approved Budget Significant reductions in Aviation Non-Aeronautical, Maritime Cruise and EDD Conference & Event Center revenues Operating expenses down $48.6 million, or 10.1% Net Operating Income is down $77.7 million, or 23.4% 167 vacant FTEs frozen or eliminated in 2021 Currently no furloughs or layoffs included in budget Five-year CIP amounts to $3.7 billion 56 Portwide Operating Budget Summary 2019 2020 2020 2021 Inc/(Dec) from 2020 Approved Revised Proposed Approved Budget Description (in $000's) Actual Budget Budget Budget $ Change % Change Operating Revenues Aeronautical 357,570 401,342 401,342 389,342 -12,000 -3.0% Non-Aeronautical Revenues 269,347 283,167 135,074 191,637 -91,530 -32.3% Aviation 626,917 684,510 536,416 580,980 -103,530 -15.1% Maritime 50,436 53,082 32,730 35,699 -17,384 -32.7% EDD 31,033 29,263 25,811 23,432 -5,830 -19.9% NWSA/Joint Venture 50,189 40,035 40,035 39,945 -90 -0.2% Stormwater Utility 4,499 4,696 4,696 5,012 316 6.7% Central Services 1,282 40 40 181 141 352.3% Portwide Total 764,356 811,626 639,727 685,248 -126,378 -15.6% Operating Expenses Aviation 264,758 269,702 247,692 241,109 -28,593 -10.6% Maritime 44,984 49,902 47,383 45,692 -4,209 -8.4% EDD 24,709 25,579 23,972 21,231 -4,348 -17.0% Central Services 113,891 134,279 127,983 122,374 -11,905 -8.9% JV & SWU 3,083 -320 -320 104 424 -132.6% Total* 451,425 479,142 446,712 430,511 -48,631 -10.1% Net Operating Income (NOI) 312,932 332,484 193,015 254,737 -77,746 -23.4% * Total Operating Expenses are on org base, which includes $9.3M direct charges and cost allocations to the NWSA. 57 Portwide Comprehensive Budget Summary 2019 2020 2020 2021 Inc/(Dec) from 2020 Approved Revised Proposed Approved Budget Description (in $000's) Actual Budget Budget Budget $ Change % Change Explanations Revenues 1. Operating Revenues 764,174 811,616 639,717 685,248 (126,368) -15.6% Lower operating revenue from each line of business. 2. Tax Levy 73,801 76,385 76,385 78,676 2,292 3.0% Assume a 3% increase from 2020. 3. Passenger Facilities Charges 100,004 99,505 99,505 67,990 (31,515) -31.7% Assumes 18.2M enplanements. 4. Customer Facilities Charges 22,355 23,914 17,630 24,153 240 1.0% No significant change in CFC debt service payment from 2020. 5. Fuel Hydrant 6,742 7,022 7,022 7,022 () 0.0% No change from 2020. 6. Non-Capital Grants and Donations 2,884 2,551 2,551 41,209 38,658 1515.4% CARES (AIP 148) funds to be used in 2021. 7. Capital Contributions 17,736 48,010 48,010 74,911 26,900 56.0% Increase grants reimbursement from FAA and TSA. 8. Interest Income 54,078 27,669 27,669 13,158 (14,512) -52.4% Lower rates and fund balances. Total 1,041,775 1,096,672 918,490 992,367 (104,305) -9.5% Expenses 1. Operating Expenses 441,700 469,769 438,081 421,166 (48,603) -10.3% Across the board reductions by each division. 2. Depreciation 174,903 179,053 179,053 176,509 (2,544) -1.4% Depreciation of assets. 3. Revenue Bond Interest Expense 105,601 157,231 157,231 155,990 (1,240) -0.8% Regular amortization of existing revenue bond debt. 4. GO Bond Interest Expense 12,493 12,003 12,003 11,268 (735) -6.1% Amortization of outstanding GO debts and no new issuance assumed. 5. PFC Bond Interest Expense 3,547 2,740 2,740 2,539 (202) -7.4% Decreased debt service on PFC bonds through amortization. 6. Non-Op Environmental Expense 118 5,000 5,000 10,200 5,200 104.0% Increase for East Water Way and other sites. 7. Public Expense 12,986 19,233 19,233 10,144 (9,089) -47.3% Safe and Swift down $5M and Heavy Haul down $2M. 8. Other Non-Op Rev/Expenses 19,536 2,905 2,905 2,413 (493) -17.0% Total 770,885 847,935 816,246 790,229 (57,706) -6.8% Revenues over Expenses 270,890 248,737 102,244 202,138 (46,599) -18.7% 58 2021-2025 CIP Summary* 2021-2025 Division (in $000's) 2021 2022 2023 2024 2025 Total Aviation 464,234 686,580 673,831 791,875 692,070 3,308,590 Maritime 26,380 52,665 41,955 49,650 67,675 238,325 Economic Development 5,874 26,812 31,089 6,711 3,585 74,071 Joint Venture 3,891 820 13,361 19,330 3,000 40,402 Stormwater Utility 1,400 1,520 500 500 500 4,420 Central Services 6,745 8,262 7,741 7,601 7,490 37,839 TOTAL 508,524 776,659 768,477 875,667 774,320 3,703,647 * Excludes $191 million of NWSA capital contributions 59 Next Steps Release of 2021 Preliminary Budget to the Public: October 22nd Tax Levy & Draft Plan of Finance Briefing: October 27th NWSA Budget Study Session: October 28th NWSA Budget Adoption: November 11th Introduction and Public Hearing of 2021 Budget: November 11th Adoption of 2021 Budget: November 17th Filing the 2021 Statutory Budget: November 30th Release of 2021 Budget to the Public: December 15th 60 Maritime & EDD CIP Appendix 61 August Revision: Impacted Mid-Cap Projects ($300K to $5M) Initial 5Y Revised 5Y Project Description CIP Total 2021 2022 2023 2024 2025 Total Variance FT C3 Bldg Roof Replace C800733 866 0 0 0 34 34 -832 P66 BHM Wavebreak Protect C800536 4,700 0 0 0 -4,700 P66 Fender Overhaul C800674 2,030 0 0 0 -2,030 Salmon Bay Fire Suppression C801071 537 150 537 0 0 687 150 T10 Mooring Dolphins C800181 200 0 0 0 0 -200 T106 Mooring Dolphins C800741 2,440 0 0 100 2,340 600 3,040 600 56,424 10,390 15,908 12,515 8,742 1,857 49,412 -7,012 62 June/Initial Maritime 21-25 CIP page 1 Status CIPDescr 2021 2022 2023 2024 2025 2021-25 4 New Cruise Terminal 700 4,000 35,000 55,000 27,000 121,700 4 FT Gateway Building 1,000 17,000 32,890 - 50,890 2 T46 Replace N Pier Structure 1,000 5,200 20,000 23,000 - 49,200 4 T91 Berth 6 & 8 Redev 1,400 8,100 30,250 37 39,787 4 T117 Restoration 20,000 500 285 285 285 21,355 4 P66 Shore Power 950 15,400 100 - - 16,450 4 FT Maritime Innovation Center 900 5,000 9,258 - - 15,158 3 MD Fleet 2021 Beyond 2,530 2,740 2,150 932 500 8,852 4 T91 Northwest Fender 8,150 200 - - 8,350 2 T91 New Cruise Gangways 580 4,800 1,485 15 - 6,880 2 P91 Pass Term Upgrade COVID19 3,500 1,800 1,000 500 6,800 2 P66 BHM Wavebreak Protect - 50 300 4,350 4,700 3 Harbor Mooring Dolphins 20 900 3,580 - - 4,500 3 JBP Pier Replacement 678 195 1,195 1,742 3,810 3 P66 BHM Pile Wraps - 135 475 2,803 13 3,426 2 Maritime Video Camera Project 1,400 1,800 - - 3,200 3 MD: 2021 + Small Projects 655 770 500 500 750 3,175 3 T102 HIM E Dock 265 1,775 1,060 - - 3,100 2 FT C-14 Downey Bldg Improv 55 1,500 1,445 84 3,084 2 T106 Mooring Dolphins 100 2,340 2,440 2 FT C15 Bldg Misc Improv 120 1,200 925 87 2,332 3 P66 Fender Overhaul 358 685 987 - - 2,030 63 June/Initial Maritime 21-25 CIP page 2 Status CIPDescr 2021 2022 2023 2024 2025 2021-25 3 SBM Dock X Pier Replacement 520 1,105 - - - 1,625 2 SBM Fuel Float Rehabilitation 50 470 980 1,500 3 Maritime Technology Projects 250 250 250 250 250 1,250 3 MD Tenant Improvements - Cap 250 250 250 250 250 1,250 2 MD Access Control Upgrade 100 900 100 1,100 3 MD: 2020 Small Projects 1,090 - - - - 1,090 3 T91 P91W Slope Stabilization 1,000 - 1,000 2 FT C3 Bldg Roof Replace 34 832 866 2 P90E Timber Pile Caps 800 800 4 Marina Mgt Sys Replacement 640 - - 640 3 Salmon Bay Fire Suppression 537 - 537 3 MD Fleet 2020 500 - - - - 500 3 Cruise Cap Allow - CTA Lease 225 250 - - 475 4 SBM Pad Site Developement - 206 206 - - 412 2 Energy Management System 200 200 400 2 T10 Mooring Dolphins 100 100 200 3 MD: 2019 Small Projects 180 180 3 Salmon Bay Fire Suppression 150 150 2 SBM Lower A Dock Impr. 100 100 4 Cruise per Passenger Allowance 50 50 - - 100 2 FT Net Shed 10 Roof Overlay - 40 40 2 FT Net Shed 11 Roof Overlay - 40 40 5 SBM Restrms/Service Bldgs Rep 32 - - 32 5 SBM Paving 13 13 2 MD Reserve & Cash flow Mgt 6,500 3,500 4,750 4,750 6,500 26,000 TOTAL Maritime CIP 54,211 80,061 150,441 96,826 39,980 421,519 64 June/Initial EDD 21-25 CIP Status CIPDescr 2021 2022 2023 2024 2025 2021-2025 4 T91 Uplands Dev Phase I 1,000 17,000 26,000 3,651 - 47,651 2 EDD Strategic Opportunity Fund 12,500 12,500 25,000 2 EDD Reserve & Cash Flow Mgt 2,500 1,500 1,750 1,750 1,500 9,000 2 T91 Uplands Phase 2 Util Infra 500 2,500 4,700 7,700 3 WTC HVAC Replacement 3,070 115 - - 3,185 3 P69 Underdock Utility Rplc 1,800 1,000 - 2,800 3 EDD: 2021 Small Projects + 490 270 500 500 500 2,260 5 P66 HVAC Systems Upgrade 250 1,527 1,777 2 WTC Garage Elevator Mods 50 1,492 216 1,758 3 CW Bridge Elev Modernizations 1,217 400 1,617 3 P66 Roof Upgrades 840 768 - - 1,608 3 Tenant Improvements -Capital 300 300 300 300 300 1,500 3 EDD Technology Projects 250 250 250 250 250 1,250 2 P69 Clerestory and Skylight Re 50 1,002 36 - 1,088 2 WTCW Roof Replacement 30 693 51 - 774 2 T91 Uplands Phase 2 Buildings 500 500 3 EDD: 2020 Small Projects 75 230 - - - 305 3 EDD Fleet 2021 Beyond 35 70 70 90 35 300 5 P66 BHICC Interior Modernize 50 - - 50 12,377 38,510 47,815 8,120 3,301 110,123 65
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