11a. Memo

2021 Financial Performance Briefing

AGENDA MEMORANDUM                        Item No.          11a 
BRIEFING ITEM                            Date of Meeting       March 8, 2022 
DATE:     February 17, 2022 
TO:        Stephen P. Metruck, Executive Director 
FROM:    Dan Thomas, Chief Financial Officer 
Michael Tong, Director, Corporate Budget 
SUBJECT:  2021 Financial Performance Briefing 
The purpose of this presentation is to provide a status report of the 2021 financial performance
The Port's overall operating revenues for 2021 were $621.8 million, which is $59.1 million
below the budget but $110.9 million higher than 2020. Excluding Aeronautical revenues, which
are based on cost recovery and revenue sharing formulas, other Airport Non-Aero revenues
were $183.8 million, $5.7 million or 3.0% below the budget and $67.3 million or 57.8% higher
than 2020 from all lines of businesses. 
Non-Airport revenues were $120.4 million, $15.8 million or 15.1% above the budget and $24.0 
million or 24.9% higher than 2020 mainly due to higher revenues from NWSA Distributable 
Revenue, Fishing & Operations, Grain, Cruise, and unbudgeted police forfeitures; partially offset
by lower revenues from Conference and Event Center. 
Total operating expenses for 2021 were $364.7 million, which is $58.7 million or 13.9% below
budget and $44.0 million lower than 2020. The favorable budget variance was largely due to a
$57.7 million DRS Pension True-up Credit. Excluding the Pension Credit, the budget variance
was $1.0 million or 0.2% favorable mainly to savings from Outside Services, vacant positions,
Third Party Management Expense, and Utilities. 
Net operating income before depreciation was $257.1 million, which is $350 thousand below 
budget and $155.0 million higher than 2020. 
Each division will present its results to the Commission. The presentation outline is as follows: 
1.  Portwide Operating Results 
2.  Aviation Division Operating Results

Template revised April 12, 2018.

COMMISSION AGENDA  Briefing Item No. 11a                                 Page 2 of 2 
Meeting Date: March 8, 2022 
3.  Maritime Division Operating Results 
4.  Economic Development Division Operating Results 
5.  Central Services Operating Results 
(1)   2021 Financial and Performance Report 
(2)   Presentation slides 
August 10, 2021  Q2 2021 Financial Performance Briefing 
May 11, 2021  1Q 2021 Financial Performance Briefing 

Template revised September 22, 2016.

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