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PORT OF SEATTLE MEMORANDUM COMMISSION AGENDA Item No. 7a STAFF BRIEFING Date of Meeting July 23, 2013 DATE: July 16, 2013 TO: Tay Yoshitani, Chief Executive Officer FROM: Dan Thomas, Chief Financial and Administrative Officer Michael Tong, Corporate Budget Manager SUBJECT: Second Quarter Financial Performance Briefing BACKGROUND The purpose of this presentation is to provide a status report of the second quarter 2013 financial performance results. The Port's overall operating revenues for the second quarter of 2013 were $240.2 million. Excluding Aeronautical Revenues and Seaport Security Grants, which are based on cost recovery/reimbursement, other operating revenues were $1.2 million below the revised budget. Most of the unfavorable budget variances came from Grain, Conference & Event Center, and Concessions. Total operating expenses for the second quarter of 2013 were $146.0 million, which is $14.5 million, or 9.1%, below the revised budget. The operating expense variance was mainly due to timing of spending, some vacant positions, and actual budget savings. Net Operating Income before depreciation was $94.2 million, which is $2.3 million, or 2.4%, below the revised budget. Net Operating Income after Depreciation was $9.0 million, which is $1.5 million lower than the revised budget. Each division will present its results to the Commission. The presentation outline is as follows: 1. Portwide Operating Results 2. Corporate Operating Results 3. Capital Development Division Operating Results 4. Aviation Division Operating Results 5. Seaport Division Operating Results 6. Real Estate Division Operating Results Template revised May 30, 2013. COMMISSION AGENDA Tay Yoshitani, Chief Executive Officer July 16, 2013 Page 2 of 2 ATTACHMENTS TO THIS BRIEFING PowerPoint presentation. PREVIOUS COMMISSION ACTIONS OR BRIEFINGS None.
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