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PORT OF SEATTLE MEMORANDUM COMMISSION AGENDA Item No. 7f STAFF BRIEFING Date of Meeting August 23, 2016 DATE: August 2, 2016 TO: Ted Fick, Chief Executive Officer FROM: Dan Thomas, Chief Financial Officer Michael Tong, Asst. Finance Director - Budget SUBJECT: Second Quarter Financial Performance Briefing SYNOPSIS The purpose of this presentation is to provide a status report the second quarter of the 2016 financial performance results. BACKGROUND The Port's overall operating revenues for the second quarter of 2016 were $279.4 million, which is $5.7 million above budget and $11.0 million higher than the same period last year. Excluding Aeronautical revenues, which are based on cost recovery and revenue sharing formulas, other operating revenues were $161.7 million, which is $9.4 million above budget and also $9.4 million higher than 2015 levels primarily due to higher revenues from Public Parking, Rental Cars, Airport Dining and Retail, Ground Transportation, Employee Parking, Maritime Operations, and Licensed NWSA Assets. Total operating expenses for the second quarter of 2016 were $147.9 million, which is $20.7 million, or 12.3%, below budget. The operating expense variance was largely due to delays in hiring, vacant positions, timing of spending, and some actual budget savings. Operating income before depreciation was $131.5 million, which is $26.5 million, or 25.2%, over budget. Each division will present its results to the Commission. The presentation outline is as follows: 1. Portwide Operating Results 2. Aviation Division Operating Results 3. Maritime Division Operating Results 4. Economic Development Division Operating Results 5. Corporate Operating Results Template revised May 30, 2013. COMMISSION AGENDA Ted Fick, Chief Executive Officer August 2, 2016 Page 2 of 2 ATTACHMENTS TO THIS BRIEFING Q2 2016 Financial and Performance Report. PowerPoint presentation. PREVIOUS COMMISSION ACTIONS OR BRIEFINGS None
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