PORT OF SEATTLE 
MEMORANDUM 
COMMISSION AGENDA               Item No.      7b 
STAFF BRIEFING 
Date of Meeting     March 24, 2015 
DATE:    February 20, 2015 
TO:     Ted Fick, Chief Executive Officer 
FROM:    Dan Thomas, Chief Financial and Administrative Officer 
Michael Tong, Corporate Budget Manager 
SUBJECT:  2014 Financial Performance Briefing 

SYNOPSIS 
The purpose of this presentation is to provide a status report of the 2014 financial
performance results. 
BACKGROUND 
The Port's overall operating revenues for 2014 were $535.0 million, which is $2.4
million under budget and $10.0 million lower than 2013 actual mainly due to lower
Aeronautical revenues, which are based on cost recovery and revenue sharing formulas.
Excluding Aeronautical revenues, other operating revenues were $309.8, which is $10.2
million higher than budget and $17.7 million higher than 2013 actual due to higher
revenues from Public Parking, Rental Cars, Airport Dining and Retail, and Grain;
partially offset by lower revenues from Container. 
Total operating expenses for 2014 were $308.0 million, which is $15.4 million, or 4.8%,
below budget. The operating expense variance was largely due to delays in hiring, some
vacant positions, and other budget savings. 
Operating income before depreciation was $227.0 million, which is $12.9 million, or
6.0%, over budget. Operating income after depreciation was $60.6 million, which is
$11.0 million, or 22.2%, higher than budget. 
Each division will present its results to the Commission. The presentation outline is as
follows: 
1.  Aviation Division Operating Results
2.  Seaport Division Operating Results 
3.  Real Estate Division Operating Results 
4.  Capital Development Division Operating Results 
5.  Corporate Operating Results 
6.  Portwide Operating Results 
Template revised May 30, 2013.

COMMISSION AGENDA 
Ted Fick, Chief Executive Officer 
February 20, 2015 
Page 2 of 2 

ATTACHMENTS TO THIS BRIEFING 
2014 Financial and Performance Report. 
PowerPoint presentation (Short version). 
PowerPoint presentation (Long version). 
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS 
None