PORT OF SEATTLE 
MEMORANDUM 
COMMISSION AGENDA               Item No.      7b 
STAFF BRIEFING 
Date of Meeting      May 13, 2014 
DATE:    April 24, 2014 
TO:     Tay Yoshitani, Chief Executive Officer 
FROM:    Dan Thomas, Chief Financial and Administrative Officer 
Michael Tong, Corporate Budget Manager 
SUBJECT:  2014 First Quarter Financial Performance Briefing 

SYNOPSIS 
The purpose of this presentation is to provide a status report of first quarter of the 2014 
financial performance results. 
BACKGROUND 
The Port's overall operating revenues for the first quarter of 2014 were $120.7 million,
which is $1.4 million below budget but $9.0 million higher than the same period in 2013.
Excluding Aeronautical revenues, which are based on cost recovery, other operating
revenues were $278 thousand above budget and $4.2 million over the same period last
year mainly due to higher revenues from Public Parking, Rental Cars, Concessions, and
Grain; partially offset by lower revenues from Container and Conference & Event
Centers. 
Total operating expenses for the first quarter of 2014 were $67.4 million, which is
$7.0 million, or 9.3%, below budget. The operating expense variance was largely due to 
delays in hiring, some vacant positions, and timing of spending. All divisi ons and
Corporate were under budget in the first quarter of 2014. 
Operating income before depreciation was $53.3 million, which is $5.5 million, or
11.5%, over budget. Operating income after depreciation was $11.1 million, which is
$5.4 million, or 93.0%, higher than 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.  Seaport Division Operating Results 
4.  Real Estate Division Operating Results 
5.  Capital Development Division Operating Results 
6.  Corporate Operating Results 
Template revised May 30, 2013.

COMMISSION AGENDA 
Tay Yoshitani, Chief Executive Officer 
April 24, 2014 
Page 2 of 2 
ATTACHMENTS TO THIS BRIEFING 
Q1 2014 Financial and Performance Report. 
PowerPoint presentation. 
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS 
None.