7a Supp
ITEM NO. 7a_Supp DATE OF MEETING May 3, 2011 Port of Seattle Q1 2011 Financial Performance May 3, 2011 Q1 Operating Income Summary 2010 YTD 2011 YTD 2011 YTD 2011 Act vs. Bud $ in 000's Actual Actual Budget Var $ Var % Aeronautical Revenues 49,178 48,590 54,275 (5,685) -10.5% Other Operating Revenues 60,367 64,740 66,822 (2,081) -3.1% Total Operating Revenues 109,545 113,331 121,097 (7,766) -6.4% Total Operating Expenses 52,813 57,734 71,828 14,094 19.6% Income before Depreciation 56,731 55,597 49,269 6,328 12.8% Depreciation 40,189 39,834 40,074 239 0.6% Income after Depreciation 16,542 15,762 9,195 6,567 71.4% 2 Q1 Major Revenue Variances Major Revenues ($ in 000's) Bud Var. Aero Revenues (5,685) Public Parking (718) Rental Cars (681) Concessions 224 Container 539 Seaport Industrial Properties (141) Grain 105 Seaport Security Grants (1,805) Recreational Boating 72 Commercial Properties 86 Real Estate Third Party Mgmt (166) Other 405 Subtotal (2,081) TOTAL (7,766) 3 Q1 Major Expense Variances Actual/Budget Operating Expenses ($ in 000's) Var. $ Var. % Salaries & Benefits 1,469 6.7% Wages & Benefits 1,452 6.9% Payroll to Capital Projects 257 5.0% Equipment Expense 1,004 42.8% Supplies & Stock (165) -10.4% Outside Services 6,510 47.8% Travel & Other Employee Exps 1,028 59.9% Promotional Expenses 345 94.0% Pass-through Grant Expenses 1,765 95.7% Other 1,055 10.3% Net Charges to Capital Projects (626) -7.8% Total 14,094 19.6% 4 Quarterly Comparison 5 Port-wide 2011 Year-End Forecast 2010 2011 2011 2011 Bud vs. Fcst $ in 000's Actual Forecast Budget Var $ Var % Aeronautical Revenues 198,329 217,181 217,200 (19) 0.0% Other Operating Revenues 272,161 284,289 283,436 853 0.3% Total Operating Revenues 470,490 501,470 500,636 834 0.2% Total Operating Expenses 253,464 286,034 285,844 (190) -0.1% Income before Depreciation 217,026 215,436 214,792 644 0.3% Depreciation 160,775 160,491 160,491 0 0.0% Income after Depreciation 56,251 54,945 54,301 644 1.2% 6 2011 Capital Spending by Division 2011 2011 Plan of Division Q1 Act. Q2 Fcst Q3 Fcst Q4 Fcst Forecast Budget Var. $ Finance ($ in millions) Aviation 30.2 44.7 50.5 61.4 186.7 223.7 37.0 231.4 Seaport 4.6 7.4 10.0 10.0 31.8 34.0 2.1 29.5 Real Estate 3.0 6.0 4.1 3.0 16.1 16.3 0.3 15.4 Corporate 0.9 5.0 4.3 3.3 13.5 12.9 -0.6 12.1 Total 38.6 63.0 68.9 77.7 248.2 286.9 38.7 288.3 7 Aviation Division Q1 2011 Performance Report 8 Aviation Business Highlights Airline activity: YTD enplanements up 4.6% from 2010 Reviewing for possible forecast adjustment Operating Expenses: Total O&M expenses are 17.3% below budget YTD Forecasting savings of $72K Non-airline NOI: YTD Revenues up 6.9% over 2010, but down 3.1% vs. budget Forecasting positive NOI vs. Budget at year-end Airline Costs: Forecasting airline cost per enplanement (CPE) of $12.76 vs. budget of $12.76 Capital spending forecasted at 83.5% of budget Activity 2010 2011 % 2010 2011 % Figures in 000s Q1 Q1 Variance Actual Forecast Variance Enplanements 3,355 3,509 4.6% 15,773 15,845 0.5% Landed Weight 4,387 4,525 3.1% 19,786 20,089 1.5% International enplaned passengers saw greater year-over-year growth (5% vs. Q1 2010) than domestic enplanements (4.5% vs. Q1 2010). Year-to-date cargo landed weight makes up 6.98% of total landed weight, as opposed to 7.58% of total landed weight at this point in 2010. Q1 YTD Operating Revenue 2009 YTD 2010 YTD 2011 YTD 2011 YTD Actual/Budget $ in 000's Actual Actual Actual Budget Var $ Var % Revenues Landing Fees 12,511 12,881 13,467 15,300 (1,833) -12.0% Terminal Rental 32,607 32,770 31,619 35,321 (3,703) -10.5% Other Aero Revenues 3,037 3,527 3,505 3,654 (149) -4.1% Total Aeronautical 48,155 49,178 48,590 54,275 (5,685) -10.5% Public Parking 12,742 11,426 12,018 12,737 (718) -5.6% Rental Cars 7,978 6,928 6,921 7,602 (681) -9.0% Concessions 7,944 7,503 7,799 7,576 224 3.0% Other Non-airline 5,274 4,936 6,171 6,050 121 2.0% Total Non-Aeronautical 33,938 30,794 32,909 33,965 (1,055) -3.1% Other 2,128 2,128 2,127 2,088 38 1.8% Total Revenues 84,221 82,100 83,627 90,328 (6,702) -7.4% Landing Fee and Terminal Rent revenues are less than budgeted due to seasonality differences from budget. Public Parking: 2.7% growth in long-term (1+ day) transactions in Q1 2011 compared to prior year. YTD budget assumed 5.6% growth from 2010 projected transactions. Rental Cars: February YTD transactions were 5.9% higher than prior year, but industry revenues are down. Concessions: Improved concession sales per enplaned passenger and higher enplanements. 11 Q1 YTD Operating Expense & NOI 2009 YTD 2010 YTD 2011 YTD 2011 YTD Actual/Budget $ in 000's Actual Actual Actual Budget Var $ Var % Revenues 84,221 82,100 83,627 90,328 (6,702) -7.4% Expenses Salaries & Benefits 19,991 18,351 19,355 20,667 1,311 6.3% Outside Services 3,951 3,579 3,926 6,739 2,813 41.7% Utilities 4,047 2,938 3,563 3,550 (12) -0.4% Supplies & Stock 1,252 864 1,417 1,025 (392) -38.2% Other 655 1,531 1,394 3,185 1,791 56.2% Total Airport Expenses 29,897 27,263 29,656 35,166 5,510 15.7% Corporate 6,846 6,889 7,005 8,351 1,346 16.1% Police Costs 3,048 3,222 3,650 4,145 495 12.0% Capital Development/Other Expenses 1,066 1,387 1,321 2,691 1,370 50.9% Total Operating Expenses (excl. Env Res) 40,858 38,762 41,631 50,352 8,721 17.3% Environmental Remediation - - - - - n/a Total Operating Expenses 40,858 38,762 41,631 50,352 8,721 17.3% Net Operating Income 43,363 43,338 41,995 39,976 2,019 5.1% Positive YTD budget variances due to elevator/escalator invoices $618K, emergency generator invoice $287K, ramp tower invoice $141K, Airport Council membership $81K, incorrect budgeted spreads of Maintenance wages & benefits $400K, and FTEs vacancies $250K. Non Aeronautical Business 2009 2010 2011 2011 Forecast/Budget $ in 000's Actual Actual Forecast Budget Var $ Var % Revenues: Public Parking 49,689 49,416 52,847 52,847 - 0.0% Rental Cars 33,320 30,309 33,833 33,833 - 0.0% Concessions 33,473 33,765 32,859 32,640 219 0.7% Other 20,865 21,929 26,244 25,644 600 2.3% Total Revenues 137,348 135,418 145,783 144,965 819 0.6% Operating Expense 55,916 54,743 64,352 64,397 45 0.1% Share of terminal O&M 17,011 16,935 17,721 17,729 8 0.0% Less utility internal billing (16,738) (14,464) (18,370) (18,370) - 0.0% Net Operating & Maint 56,189 57,215 63,703 63,756 53 0.1% Net Operating Income 81,159 78,203 82,081 81,209 872 1.1% Positive trends seen in long term Public Parking transactions over the past four months Concessions: forecast is better than expected due to Google advertising and increase in janitorial monthly rate Planning Dept to receive $600K grant as reimbursement for Sound Transit work Summary 2009 2010 2011 2011 Forecast/Budget $ in 000's Actual Actual Forecast Budget Var $ Var % Operating Revenues Aeronautical 182,534 198,329 217,181 217,200 (19) 0.0% Non-Aeronautical 137,348 135,418 145,783 144,965 819 0.6% Other 8,359 8,426 8,353 8,353 - 0.0% Operating Revenues 328,241 342,173 371,317 370,517 800 0.2% Operating Expenses 175,482 177,871 199,108 199,180 72 0.0% Environmental Remediation Liability 1,991 3,271 1,771 1,771 - 0.0% VSP, HR10 & Unemployment 1,196 - - - - n/a OPEB Reversal (4,016) - - - - n/a Total Operating Expenses 174,654 181,142 200,879 200,951 72 0.0% Net Operating Income 153,587 161,031 170,439 169,567 872 0.5% Capital Expenditures 191,479 183,578 186,743 223,746 37,003 16.5% Forecasting airport expense savings of $72K. Net Cash Flow: NOI After Debt Service & Interest Income 2009 2010 2011 2011 Forecast/Budget $ in 000's Actual Actual Forecast Budget Var $ Var % Aeronautical Net Operating Income (NOI) 65,915 74,402 78,661 78,661 (0) 0.0% Debt Service 68,767 73,080 76,700 76,700 - 0.0% NOI After Debt Service (2,851) 1,323 1,961 1,961 (0) 0.0% Non-Aeronautical Revenues 137,348 135,418 145,783 144,965 819 0.6% Expenses (w/ Terminal Adj) 56,189 57,215 63,703 63,756 264 0.4% Net Operating Income (NOI) 81,159 78,203 82,081 81,209 872 1.1% Debt Service 39,241 41,752 42,189 42,189 - 0.0% NOI After Debt Service 41,917 36,451 39,892 39,020 872 2.2% Fuel Hydrant Revenue 8,359 8,426 8,353 8,353 - 0.0% Total Aviation NOI 155,433 161,031 169,095 168,223 872 0.5% Debt Service 108,008 114,831 118,889 118,889 - 0.0% NOI After Debt Service 47,425 46,200 50,206 49,334 872 1.8% Add ADF Interest Income 8,853 6,297 4,167 4,167 - 0.0% Less Non-Cash Fuel Hydrant Revenue (7,845) (7,912) (7,839) (7,839) - 0.0% Net Cash Flow after D/S & Interest Inc. 48,433 44,585 46,535 45,663 872 1.9% Capital Spending 2011 2011 Forecast/Budget Plan of $ in 000's YTD Actual Forecast Budget Variance % Finance Rental Car Facility Construction (1) 23,179 79,570 97,488 17,918 18.4% 98,616 Central Plant Preconditioned Air (2) 981 13,981 20,000 6,019 30.1% 8,000 Airfield Pavement Replacement (3) 120 3,370 10,500 7,130 67.9% 10,500 Parking System Replacement (4) 186 7,648 9,137 1,489 16.3% 8,994 Terminal Escalators Modernization (5) 180 6,075 8,955 2,880 32.2% 10,000 Aircraft RON Parking USPS Site (6) 45 2,645 5,050 2,405 47.6% 5,661 All Other 5,496 73,454 72,616 (838) -1.2% 89,637 Total 30,187 186,743 223,746 37,003 16.5% 231,408 1. Off-site Road Improvements and Bus Maintenance Facility contractors have gotten off to a very slow start. Soft costs are also running below forecast. 2. Site work commenced in Q12011 and project completion is on schedule. 3. Reduced budget that was not in scope for 2011. 4. Moved a portion of budget in Q4 2011 to Q1 2012. 5. Savings from actual bid of $22.7M vs. construction estimate of $45M. 6. Project to complete in 2012 due to hazardous materials evaluation. Seaport Division Q1 2011 Performance Report Seaport Business Goals TEU volume was 485K, up 8% from Q1 YTD 2010. Full inbound TEU's were up 5% and full outbound up 12%. Grain volume at 1.4 million metric tons down 3% from 2010 and 8% over 2011 Q1 YTD budget. Cruise season commenced on April 15th. Total cruise passenger volume for 2011 is expected to exceed 807,000 passengers. Disney Cruise Lines announced new homeport ship for 2012 18 Seaport Organizational Goals Environmental Stewardship Continuing implementation of Northwest Ports Clean Air Strategy. 60% of frequent calls meeting Northwest Ports Clean Air Standards target 276 pre-1994 trucks scrapped since program inception Regional Transportation Closely monitoring south harbor road construction projects and detour routes. 19 Seaport Q1 YTD Operating Results 2010 YTD 2011 YTD 2011 YTD 2011 Bud Var $ in 000's Actual Actual Budget $ % Operating Revenue 20,557 22,286 21,644 642 3% Security Grants 8 40 1,845 (1,805) -98% Total Revenue 20,565 22,326 23,489 (1,163) -5% Direct Expenses 3,778 4,990 5,667 677 12% Security Grant Expense 29 69 1,870 1,800 96% Envir Remediation Liability Exp 0 0 0 0 NA Divisional Allocations 573 185 568 383 67% Corporate Allocations 2,852 3,257 4,099 842 21% Total Expense 7,233 8,501 12,203 3,702 30% Net Operating Income (NOI) 13,332 13,825 11,285 2,539 23% 20 Seaport Division Key Variances Revenue Detail ($ in 000's) Q1 YTD Business Unit Variance to Budget Better (Worse) Containers $539 Grain $105 Industrial Properties ($141) Cruise $21 Docks $118 Security Grants ($1,805) Total ($1,163) 21 Seaport Division Key Variances Expense Detail ($ in 000's) Q1 YTD Expenses Variance to Budget Better (Worse) Security Grant Expense $1,800 Corporate $957 Outside Services $381 CDD Allocations $287 Maintenance $115 All Other $162 Total Expense $3,702 22 Seaport Business Groups NOI Before Depreciation ($ in Millions) Q1 YTD Variance to Budget Actual NOI Better (Worse) Containers $12.4 $1.4 Grain $1.3 $ .2 Sea Industrial Properties $1.5 $.4 Cruise ($ .9) $.3 Docks ($ .3) $ .1 Security ($ .2) $.1 Envir Grants/Liability Exp $ .0 $ .0 Total Seaport $13.8 $2.5 23 Seaport Full Year Operating Forecast 2010 2011 2011 2011 Bud Var $ in 000's Actual Forecast Budget $ % Operating Revenue 96,060 94,972 94,972 0 0% Security Grants 1,791 3,415 3,415 0 0% Total Revenue 97,850 98,387 98,387 0 0% Direct Expenses 20,780 26,381 24,081 (2,300) -10% Security Expense 1,983 3,451 3,451 0 0% Envir Remediation Liability Exp 1,170 500 500 0 0% Divisional Allocations 2,354 211 2,511 2,300 92% Corporate Allocations 13,033 16,565 16,565 0 0% Total Expense 39,321 47,108 47,108 0 0% Net Operating Income (NOI) 58,530 51,280 51,280 0 0% 24 Seaport Capital 2011 Estimated Approved Variance Est. Act. Plan of Actual Budget to as % of Finance Budget App. Bud $31.8 $34.0 $2.1 94% $29.5 25 Real Estate Division Q1 2011 Performance Report Real Estate 1st Quarter Key Events Full Year Net Operating Income forecasted to meet budget. The 83rd Annual Blessing of the Fleet was held at Fishermen's Terminal in March. FT NW dock fender replacement, south wall replacement, and MIC sheet pile replacement projects are underway. Signed letter of intent with potential tenant for 18-acre City of SeaTac site. RFP issued for Tsubota Steel site in February. 27 Real Estate 1st Quarter Key Events Eastside Rail Corridor Continuing to develop streamlined procedures and standard to handle volume of incoming requests. Marine Maintenance Continuation of Deferred Maintenance reduction program Established physical site for Marine Maintenance at T91 28 Real Estate Business Goals Provide Compelling Value and Asset Utilization Occupancy Rates: Commercial property at 89% occupancy, below target of 90% and above 2011 Q1 Seattle market average of 84%. Activity at Bell Harbor International Conference Center below Budget. FT/Marina Occupancy: Fishermen's Terminal and Maritime Industrial Center at Q1 YTD target occupancy. Recreational Marinas at 93%, above target of 91%. 29 Real Estate Division Qtr 1 Operating Results 2010 YTD 2011 YTD 2011 YTD 2011 Bud Var $ in 000's Actual Actual Budget $ % Operating Revenue 6,784 7,134 7,121 13 0.2% Total Revenue 6,784 7,134 7,121 13 0.2% Direct Expenses 6,229 6,179 7,986 1,806 23% Envir Remediation Liability 0 0 0 0 NA Divisional Allocations (823) (425) (827) (403) -49% Corporate Allocations 1,189 1,400 1,656 256 15% Total Expense 6,595 7,154 8,814 1,660 19% Net Operating Income (NOI) 190 (20) (1,693) 1,673 99% 30 Real Estate Division Q1 Key Variances Revenue Detail ($ in 000's) 2011 Year to Date Variance to Budget Business Unit Better (Worse) Recreational Boating $72 Fishing & Commercial ($24) Commercial Properties $86 Third Party Management ($166) RE Development & Planning $33 Eastside Rail ($20) Facilities/Maintenance $32 Total $13 31 Real Estate Division Q1 Key Variances Expense Detail ($ in 000's) 2011 Year to Date Variance to Budget Expense Better (Worse) Maintenance $704 Corporate $436 Outside Services $234 Third Party Management $216 Litigated Damages ($98) All Other $168 Total Expense $1,660 32 Real Estate Business Groups NOI Before Depreciation ($ in 000's) Q1 YTD Variance to Budget Actual NOI Better (Worse) Recreational Boating $629 $472 Fishing & Commercial ($449) $132 Commercial & Third Party ($53) $749 RE Development & Planning ($47) $256 Eastside Rail ($99) $64 Total Real Estate ($20) $1,673 33 Real Estate Division Full Year Forecast 2010 2011 2011 2011 Bud Var $ in 000's Actual Forecast Budget $ % Operating Revenue 29,820 30,707 30,707 0 0% Total Revenue 29,820 30,707 30,707 0 0% Direct Expenses 29,503 30,921 33,221 2,300 7% Environmental Reserve (2) 0 0 0 NA Divisional Allocations (3,485) (1,487) (3,787) (2,300) -61% Corporate Allocations 5,481 6,645 6,645 0 0% Total Expense 31,499 36,079 36,079 0 0% Net Operating Income (NOI) (1,678) (5,372) (5,372) 0 0% 34 Real Estate Capital 2011 Estimated Approved Variance Est. Act. Plan of Actual Budget to as % of Finance Budget App. Bud $16.1 $16.3 $.2 98% $15.4 35 Capital Development Division Q1 2011 Performance Report Capital Development Division 2010 Business Events Began construction on Bus Maintenance Facility, critical path item for opening of new Rental Car Facility in 2012. Purchase-Card procedure implemented; 7 training sessions completed; development of website underway. Construction complete and beneficial occupancy obtained for the Terminal 18 South Fender Replacement, Phase 1 of the Fender Damage Repair and North Harbor Island Mooring Dolphins. Corps of Engineers completed interim clearance of discarded munitions at Terminal 91. Q1 2011 Performance Report Capital Development Division Key Indicators CDD Construction Soft Costs % 100% 90% 19% 21% 20% 20% 19% 80% 70% 60% 50% Total Soft Costs 40% 81% 79% 80% 80% 81% Total Construction Costs 30% 20% 10% 0% Q3 2009 - Q2 2010 Q4 2009 - Q3 2010 Q1 2010 - Q4 2010 Q2 2010 - Q1 2011 Q2 2008 - Q1 2011 (36 month average) Q1 2011 Performance Report Capital Development Division Key Indicators Completed Projects Completed Projects Q1 2011 Summary 20% 20% 15% 15% 10% 0.7% 10% 0.4% 4.7% 5% 10.0% 9.6% 5% 9.8% 5.75% 0% 0% 2009 AIP - Contract 1 South 160th St Loop/NER 2010 2011 Phase 1 (11 Projects) (2 Projects) Mandatory Change Discretionary Change Mandatory Change Discretionary Change Cost Growth During Construction Q1 2011 Performance Report Capital Development Division Key Indicators continued Completed Projects Completed Projects Q1 2011 Summary 200% 200% 150% 150% 100% 100% 178.5% 50% 74.5% 50% 74.5% 0% 0% 2009 AIP - Contract 1 South 160th St Loop/NER 2010 2011 Phase 1* (11 Projects)* (2 Projects)* Project Value $3,750,697.50 $93,448,650.50 Cumulative Value $65,227,922 $97,199,348 Design Schedule Growth Initial Commission Planned Actual Construction Design Project Authorization Construction Contract Contract Award Schedule Award Growth 1st Quarter 2011 2009 AIP - Contract 1 21-Apr-09 11-Jun-09 19-Jul-09 74.5% South 160th St Loop/NER Phase 1 3-Mar-05 * 13-Jul-06 * * Information not reported in the initial Commission Authorization Q1 2011 Performance Report Capital Development Division Key Indicators continued Completed Projects Completed Projects Q1 2011 Summary 100% 100% 80% 80% 60% 60% 40% 40% 59.9% 20% 20% 33.3% 29.9% 0% 0.0% 0% 2009 AIP - Contract 1 South 160th St Loop/NER 2010 2011 Phase 1 (11 Projects) (2 Projects) Project Value $3,750,697.50 $93,448,650.50 $65,227,922 $97,199,348 Construction Schedule Growth Actual Planned Substantial Actual Substantial Construction Project Construction Completion of Completion of Schedule Contract Award Construction Construction Growth 1st Quarter 2011 2009 AIP - Contract 1 19-Jul-09 28-Oct-10 28-Oct-10 0% South 160th St Loop/NER Phase 1 13-Jul-06 26-Aug-08 3-Dec-09 59.9% Q1 2011 Performance Report Capital Development Division Key Indicators continued 2010 Procurement Schedule: Total Time RFS to Execution (Avg # Days) 2010 Q1 2011 Goods & Services 81 days 76 days Major Public Works 62 days 91 days Small Works 56 days 42 days Service Agreements 256 days 252 days Q1 2011 Performance Report Capital Development Division Gross Operating Results 2010 YTD 2011 YTD 2011 Bud Var. $ in 000's Notes Actual Actual Budget $ % Total Revenues - 65 - 65 0.0% EXPENSES BEFORE CHARGES TO CAPITAL PROJECTS Capital Development Administration 89 85 91 6 6.1% Engineering 2,188 2,588 3,803 1,215 32.0% Port Construction Services 1,564 1,353 1,889 535 28.3% Central Procurement Office 709 1,411 1,099 (312) -28.4% Aviation Project Management 1,085 882 2,161 1,279 59.2% Seaport Project Management 520 438 636 197 31.1% Total Before Charges to Capital Projects 6,155 6,758 9,678 2,920 30.2% Q1 2011 Performance Report Capital Development Division Key Variances to Net Budget Q1 2011 Expenses Variance to Budget YTD Var. F/(UNF) $ in 000's Better (Worse) % Salaries and Benefits 875 12.4% Outside Services 1,001 50.8% Travel and Other 121 78.8% Telecommunications 5 16.0% Property Rentals 2 7.5% General Expenses 49 424.5% All Other 867 196.9% Charges to Capital Projects (1,741) 28.7% Total 1,180 32.6% Q1 2011 Performance Report Corporate Q1 2011 Performance Report Corporate Key Events for Q1 Held a candlelight service to remember the victims of Japan. Presented the State of the Port and Centennial at Seattle Propeller Club. Completed and unfolded the Port's Centennial Website with map, timeline and interactive history of the Port. Offered Employee Involvement and Workplace Integrity Surveys to all Port employees. Launched the 2011 Wellness Rewards Tiered Program. Received a clean and unqualified CPA audit opinion on the Port's 2010 financial statements. Issued $104 million Limited Tax General Obligation Bonds. 46 Corporate Key Metrics for Q1 Port website received over 2.0 million page views. Responded to 76 public disclosure requests. Generated 85 jobs openings and received 2,858 job applications. 30 employees participating in REALeadership Program. Completed 20 individual job evaluations. Presented 4 internal audit reports to the Audit Committee. 72 employees engaged in telephonic and online coaching. Handled 27 litigation and claims. 1,198 small businesses registered on the roster. Received 13,012 calls for Police services. 47 Q1 Corporate Operating Results 2010 YTD 2011 YTD 2011 Bud Var. Year-End Projections $ in 000's Notes Actual Actual Budget $ % Budget Forecast Variance Total Revenues 95 242 159 83 52.6% 1,025 1,059 34 Executive 348 352 440 87 19.9% 1,500 1,500 - Commission 225 148 231 84 36.2% 931 931 - Legal 611 512 1,043 531 50.9% 2,906 2,906 - Risk Services 601 617 690 73 10.6% 2,789 2,750 39 Health & Safety Services 240 263 295 31 10.7% 1,129 1,123 6 External Affairs 1,183 1,253 1,791 538 30.0% 7,012 7,012 - Human Resources & Development 746 1,040 1,251 212 16.9% 5,285 5,275 10 Labor Relations 128 208 232 24 10.2% 922 922 - Information & Communications Technology 4,082 4,212 4,536 324 7.1% 19,511 19,511 - Finance & Budget 348 348 376 28 7.5% 1,493 1,490 3 Accounting & Financial Reporting Services 1,365 1,314 1,725 411 23.8% 6,596 6,586 10 Internal Audit 241 256 299 43 14.3% 1,215 1,215 - Office of Social Responsibility 209 194 375 181 48.3% 1,567 1,567 - Police 4,302 4,880 5,425 545 10.1% 21,452 21,432 20 Contingency - 44 175 131 74.9% 700 700 - Total Expenses 14,629 15,642 18,886 3,244 17.2% 75,008 74,920 88 48 Corporate Major Expense Variances Actual/Budget Operating Expenses ($ in 000's) Var. $ Var. % Salaries & Benefits 394 4.5% Wages & Benefits 288 6.0% Payroll to Capital Projects 112 15.1% Equipment Expense 105 49.5% Outside Services 1,347 45.4% Travel & Other Employee Exps 441 55.3% General Expenses 153 89.2% Other 519 39.3% Net Charges to Capital Projects (115) -14.0% Total 3,244 17.2% 49 Port of Seattle Q1 2011 Financial Performance May 3, 2011
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