6a Supp
ITEM NO. 6a_Supp DATE OF MEETING March 1, 2011 2010 Financial Performance Port of Seattle March 1, 2011 Background Zero Based Budgeting for 2010 Budget: Reduced and eliminated some programs and functions Implemented Voluntary Separation Program (VSP) Introduced premium sharing for Port sponsored medical plan Eliminated 110 positions (6.2% of the total workforce) 2010 budget was very lean. 2 Operating Income Summary 2009 2010 2010 2010 Act vs. Bud $ in 000's Actual Actual Budget Var $ Var % Aeronautical Revenues 182,534 198,329 210,367 (12,038) -5.7% Other Operating Revenues 266,901 272,161 266,416 5,745 2.2% Total Operating Revenues 449,435 470,490 476,784 (6,293) -1.3% Total Operating Expenses 245,767 253,195 262,696 9,501 3.6% Income before Depreciation 203,668 217,295 214,088 3,208 1.5% Depreciation 157,068 160,775 158,575 (2,199) -1.4% Income after Depreciation 46,600 56,521 55,512 1,008 1.8% 3 2010 Major Revenue Variances Major Revenues ($ in 000's) Bud Var. Aeronautical Revenues (12,038) Public Parking (2,396) Rental Cars (705) Concessions 3,177 Container 4,838 Cruise 1,359 Grain 502 Dock & Industrial Properties 1,183 Seaport Security Grants (744) Seaport Environmental Grants (1,600) Commercial Properties (405) Real Estate Third Party Mgmt 358 Other 178 Total Non-Aero Revenues 5,745 TOTAL (6,293) 4 2010 Major Expense Variances Actual/Budget Operating Expenses ($ in 000's) Var. $ Var. % Salaries & Benefits 6,399 7.3% Wages & Benefits (860) -1.1% Payroll to Capital Projects 6,566 29.0% Equipment Expense (1,230) -23.6% Supplies & Stock (915) -15.8% Outside Services 5,686 12.1% Utilities 927 4.6% Travel & Other Employee Exps 806 18.9% Promotional Expenses 389 25.8% Other (485) 3.6% Charges to Capital Projects (7,782) 21.5% Total 9,501 3.6% 5 Net Operating Income Comparison 6 Comprehensive Summary ($ in 000s) 2009 2010 2010 Actual/Budget Revenues Actual Actual Budget Var. $ Var. % Aeronautical Revenues 182,534 198,329 210,367 (12,038) -5.7% Other Operating Revenues 266,901 272,161 266,416 5,745 2.2% Tax Levy 75,587 73,125 73,500 (375) -0.5% PFCs 59,689 59,744 58,535 1,209 2.1% CFCs 21,866 23,243 22,475 768 3.4% Non-Capital Contributions 7,153 12,087 2,209 9,878 447.2% Capital Contributions 76,781 30,518 50,152 (19,634) -39.1% Interest Income 17,251 13,096 24,489 (11,393) -46.5% Total 707,763 682,304 708,143 (25,839) -3.6% Expenses O&M Expense 245,767 253,195 262,696 9,501 3.6% Depreciation 157,068 160,775 158,575 (2,200) -1.4% Revenue Bond Interest Expense 121,148 135,277 150,070 14,793 9.9% GO Bond Interest Expense 15,785 17,463 14,432 (3,031) -21.0% PFC Bond Interest Expense 10,956 10,187 10,497 310 3.0% Non-Op Environmental Expense 14,676 22,828 20,000 (2,828) -14.1% Public Expense 20,370 25,085 39,464 14,379 36.4% Misc. Non-Op Rev/Expense 10,004 8,988 2,217 (6,771) -305.3% Total 595,773 633,798 657,951 24,153 3.7% Change In Net Assets 111,989 48,506 50,192 (1,686) -3.4% 7 Capital Spending by Division 2009 2010 2010 Budget Plan of Division Actual Actual Budget Variance Finance ($ in millions) Aviation 191.5 183.6 247.6 64.0 275.8 Seaport 44.7 11.2 30.9 19.7 30.6 Real Estate 74.0 4.0 11.8 7.8 12.1 Corporate 7.7 3.8 16.7 12.8 10.5 Total 317.9 202.6 306.9 104.3 329.1 8 2010 Performance Report Aviation Division 9 Aviation Business Highlights Airline activity: Enplanements up 1.06% from 2009, with positive YOY enplanements since June Operating budget: Total O&M expenses are 2.2% below budget due to savings of benefits and Corporate allocations Non-airline NOI: $2.6 million over budget; primarily due to cost savings Revenues favorable $290K strong Concessions offset negative variances in public parking and rental cars Airline cost per enplanement (CPE) of 11.63 vs. budget of $12.69 Capital spending at 74.2% of 2010 annual budget 10 Strategic Initiatives Customer Service: New service to Osaka started in June Initiated terminal realignment with airline agreement Non-Aeronautical Business: New concession agreements with taxis and limousine service Environmental Leadership: Completed design and initiated construction on PC Air project Secured grants for electric ground service equipment project Supportive Community: Executed voluntary runway use plan with FAA Employee Development: Completed internal internship program with eight interns Asset Management South Satellite as prototype 11 Activity 2009 2010 % 2009 2010 % Figures in 000s Q4 Q4 Variance Actual Actual Variance Enplanements 3,686 3,842 4.2% 15,610 15,773 1.0% Landed Weight 4,792 4,874 1.7% 20,388 19,786 -3.0% Enplanements growth of 1.0% over 2009 actual, up from forecast of 0.5%. Landed weight in 2009 (March & April) included 267 wide-body cargo diversions from Anchorage due to volcanic activity. Q4 landed weight showed positive growth airlines adding capacity 12 Division Summary 2008 2009 2010 2010 Actual/Budget $ in 000's Actual Actual Actual Budget Var $ Var % Operating Revenues Aeronautical 204,361 182,534 198,329 210,367 (12,038) -5.7% Non-Aeronautical 150,528 137,348 135,418 135,128 290 0.2% Other 3,440 8,359 8,426 8,803 (377) -4.3% Operating Revenues 358,329 328,241 342,173 354,299 (12,126) -3.4% Operating Expenses 192,641 175,482 177,871 182,075 4,203 2.3% Environmental Remediation Liability 2,542 1,991 3,271 2,971 (300) -10.1% VSP, HR10 & Unemployment - 1,196 - - - n/a OPEB Reversal - (4,016) - - - n/a Total Operating Expenses 195,183 174,654 181,142 185,045 3,903 2.1% Net Operating Income 163,146 153,587 161,031 169,254 (8,223) -4.9% Capital Expenditures 209,813 191,479 183,578 247,567 63,989 25.8% Traffic Enplanements 16,085 15,610 15,773 15,361 412 2.7% Landed Weight 21,516 20,388 19,786 20,364 (578) -2.8% Key Measures Non-Aero NOI ($ in 000s) 86,474 81,159 78,203 75,688 2,515 3.3% Passenger Airline CPE 11.89 10.92 11.63 12.69 1.06 8.3% Total Operating Cost / Enpl 12.13 11.19 11.48 12.05 0.56 4.7% Debt Service Coverage 1.40 1.41 1.39 1.35 0.04 2.6% Exceeded budget for all key performance measures 13 Operating Expense 2008 2009 2010 2010 Actual/Budget $ in 000's Actual Actual Actual Budget Var $ Var % Total Operating Revenues 358,329 328,241 342,173 354,299 (12,126) -3.4% Operating Expenses Salaries & Benefits 89,458 80,804 76,036 78,103 2,067 2.6% Outside Services 31,928 21,509 22,519 24,848 2,329 9.4% Utilities 12,636 13,209 11,381 12,762 1,381 10.8% VSP, HR10 & Unemployment Savings - 1,196 - - - n/a OPEB Reversal - (4,016) - - - n/a Environmental Remediation Liability 2,542 1,991 3,271 2,971 (300) -10.1% Other Expenses 6,135 8,183 13,275 9,063 (4,212) -46.5% Baseline Airport Expenses 142,699 122,877 126,481 127,745 1,264 1.0% Corporate Expenses 34,940 31,181 32,558 34,776 2,217 6.4% Police Expenses 15,287 14,461 14,317 15,170 853 5.6% Capital Development/Other Expenses 2,257 6,135 7,785 7,354 (431) -5.9% Total Operating Expenses 195,183 174,654 181,142 185,045 3,903 2.1% Net Operating Income 163,146 153,587 161,031 169,254 (8,223) -4.9% Operating expense is $3.9 million favorable. Savings are from payroll benefits $2.0M, utilities commodities $1.4M, International Lounge expenses $390K, deferral of South Access Study $450K, FTE vacancies $218K and Corporate and Police allocations $3.0M. Budget deficits are from back-up power generators not budgeted for Fall season $1.6M, litigated injury and damages claims $1M, janitorial contract cost of living increase $255K, unemployment benefits $400K, and B&O taxes $530K. 14 Aeronautical Business 2008 2009 2010 2010 Actual/Budget $ in 000's Actual Actual Actual Budget Var $ Var % Revenues requirement: Capital Costs 81,535 72,013 82,083 92,610 10,527 11.4% Operating Costs net Non-Aero 131,024 118,456 122,985 125,605 2,620 2.1% Total Costs 212,559 190,469 205,067 218,215 13,147 6.0% FIS Offset (5,250) (5,250) (7,000) (7,000) - 0.0% Other Offsets (15,686) (16,441) (14,825) (15,062) (237) -1.6% Net Revenue Requirement 191,623 168,778 183,243 196,153 12,911 6.6% Other Aero Revenues 12,738 13,757 15,087 14,215 (871) -6.1% Total Aero Revenues 204,361 182,534 198,329 210,369 12,039 5.7% Less: Non-passenger Airline Costs 13,039 12,074 14,885 15,485 (599) -3.9% Net Passenger Airline Costs 191,323 170,460 183,444 194,884 12,639 6.5% Airline revenues based on cost recovery. Landing Fee revenues were less than budget due to savings from not utilizing commercial paper financing $2M, operating costs $900K, and ramp tower $1M. Terminal Rental revenues lower than budget due to savings from lower interest rate of variable rate bonds. Operating costs lower due to cost savings from payroll benefits and Corporate allocations. 15 Aeronautical Key Indicators 2008 2009 2010 2010 Actual/Budget Actual Actual Actual Budget Var $ Var % Cost Per Enplanement: Capital Costs / Enpl 5.22 4.61 5.20 6.03 0.83 13.7% Operating Costs / Enpl 8.39 7.59 7.80 8.18 0.38 4.6% Offsets (1.30) (1.39) (1.38) (1.44) (0.05) 3.7% Other Aero Revenues 0.79 0.88 0.96 0.93 (0.03) -3.4% Non-passenger Airline Costs (0.84) (0.77) (0.94) (1.01) (0.06) 6.4% Passenger Airline CPE 11.89 10.92 11.63 12.69 1.06 8.3% Actual passenger airline cost per enplanement (CPE) came in at $11.66, forecasted at $11.99. If enplanements equal to budget, CPE would be $11.98. 16 Non Aeronautical Business 2008 2009 2010 2010 Actual/Budget $ in 000's Actual Actual Actual Budget Var $ Var % Revenues: Public Parking 59,111 49,688 49,416 51,812 (2,396) -4.6% Rental Cars 35,592 33,321 30,309 31,014 (705) -2.3% Concessions 33,181 33,482 33,765 29,953 3,812 12.7% Other 22,644 20,858 21,929 22,350 (421) -1.9% Total Revenues 150,528 137,348 135,418 135,128 290 0.2% Operating Expense 61,279 55,916 54,743 56,732 1,988 3.5% Share of terminal O&M 16,396 17,011 16,935 17,174 238 1.4% Less utility internal billing (13,515) (16,738) (14,464) (14,466) 2 0.0% Net Operating & Maint 64,160 56,189 57,215 59,440 2,225 3.7% Net Operating Income 86,367 81,159 78,203 75,688 2,515 3.3% Public Parking actual variance of $2.4M is better than forecasted of $5M below budget. Growth in 1-4 day transactions. Rental Car revenues were budgeted using higher industry gross sales. Concessions revenues were better than expected due to space rental income $1.1M, advertising $500K, food & beverages $1.1M, retail/duty free $1M, Google Wi-Fi deal. Other Non-airline revenues shortfall due to delay in South Access Planning study ($450K) and Club International ($700K) offset by increase in ground transportation revenues from Yellow Cab contract which began November 1. Operating expense under spent due to outside services not utilized for the Club International Lounge $512K. Non Aeronautical Key Indicators 2008 2009 2010 2010 Actual/Budget Actual Actual Actual Budget Var $ Var % Revenues Per Enplanement Parking 3.67 3.18 3.13 3.37 (0.24) -7.1% Rental Car 2.21 2.13 1.92 2.02 (0.10) -4.8% Concessions 2.06 2.14 2.14 1.95 0.19 9.8% Other 1.41 1.34 1.39 1.45 (0.06) -4.4% Total Revenues 9.36 8.80 8.59 8.80 (0.21) -2.4% Primary Concessions Sales / Enpl 10.29 9.66 9.99 9.78 0.21 2.1% Concessions sales per enplanement was 10.32 for Q4. 18 Non Aeronautical Activity 2008 2009 2010 2010 2010 Var 2010 vs 2009 Yr to Yr Garage Parking Actual Actual Actual Budget to Budget Actual % Var Transactions: Number of Garage Parking vehicles paying to park in Transactions: 0-3 Hours 1,676,276 1,581,271 1,413,600 1,516,420 (102,820) (167,671) -10.6% the General & Direct Transactions: 3-24 Hours 195,224 164,924 168,604 171,501 (2,897) 3,680 2.2% garage parking. Transactions: 1-4 Days 419,077 351,011 357,594 368,104 (10,510) 6,583 1.9% Revenue to Port: Transactions: +4 Days 130,758 105,862 105,670 113,468 (7,798) (192) -0.2% Revenue from airport 2,421,335 2,203,068 2,045,468 2,169,493 (124,025) (157,600) -7.2% garage parking (net of all Revenue to Port ($000) $ 53,548 $ 44,797 $ 45,060 $ 46,911 $ (1,851) $ 263 0.6% taxes). Rental Cars Rental Cars Transactions Cars 1,210,954 1,019,534 1,075,568 1,064,000 11,568 56,034 5.5% Revenue to Port: 10% of Transactions Days 5,199,183 4,388,906 4,695,879 4,495,000 200,879 306,973 7.0% gross sales generated by Revenue to Port ($000) $ 28,474 $ 26,140 $ 23,129 $ 23,834 $ (705) $ (3,011) -11.5% rental cars (does not Ground Transportation include space rent). Trips 2,145,898 1,919,508 1,790,374 1,949,389 (159,015) (129,134) -6.7% Revenue to Port ($000) $ 4,691 $ 4,629 $ 4,814 $ 4,432 $ 383 $ 185 4.0% Primary Concessions Primary Concessions Sales: Total sales Sales 165,391,237 150,682,463 157,551,180 150,123,000 7,428,180.00 6,868,717.00 4.6% generated by the Primary SPE 10.29 9.66 9.99 9.78 0.21 0.33 3.4% Concessionaires Revenue to Port ($000) $ 22,594 $ 20,593 $ 21,617 $ 19,516 $ 2,101 $ 1,024 5.0% (Food/Beverage and Retail/Duty Free.) 19 Net Cash Flow: NOI After Debt Service & Interest Income 2008 2009 2010 2010 Actual/Budget $ in 000's Actual Actual Actual Budget Var $ Var % Aeronautical Net Operating Income (NOI) 72,583 65,985 74,402 84,763 (10,360) -12.2% Debt Service 78,526 68,767 73,080 83,607 10,527 12.6% NOI After Debt Service (5,943) (2,781) 1,323 1,156 167 14.5% Non-Aeronautical Net Operating Income (NOI) 86,474 81,159 78,203 75,688 2,515 3.3% Debt Service 41,762 39,241 41,752 40,921 (830) -2.0% NOI After Debt Service 44,712 41,917 36,451 34,767 1,684 4.8% Fuel Hydrant Revenue 3,440 8,359 8,426 8,803 (377) -4.3% Total Aviation NOI 162,496 155,503 161,031 169,254 (8,223) -4.9% Debt Service 120,288 108,008 114,831 124,528 9,697 7.8% NOI After Debt Service 42,208 47,495 46,200 44,726 1,474 3.3% Add ADF Interest Income 11,462 8,853 6,297 7,065 (768) -10.9% Less Non-Cash Fuel Hydrant Revenue (2,926) (7,845) (7,912) (7,845) (67) 0.8% Net Cash Flow after D/S & Interest Inc. 50,745 48,503 44,585 43,946 639 1.5% In spite of negative variance for NOI, NOI after debt service and net cash flow show positive variances. Savings in aeronautical debt service reduce NOI due to cost recovery nature of revenue formulas. 20 Capital Spending 2010 2010 2010 Actual/Budget Plan of $ in 000's Actual Budget Var $ Var % Finance Rental Car Facility 143,076 174,699 31,623 18.1% 157,818 All Other 40,502 72,868 32,366 44.4% 118,014 183,578 247,567 63,989 25.8% 275,832 Rental Car Facility: $10M in savings due to favorable bids on the Off-site Roadway Improvement (ORI), Bus Maintenance Facility (BMF) and Bus Purchases. Turner's construction expenditures have lagged behind the cash flows they provided because ORI, BMF and Main Terminal Improvements projects have experienced schedule delays. 21 2010 Performance Report Seaport Division Seaport Business Goals Provide Compelling Value and Asset Utilization TEU volume was a record 2,140K TEU's, up 35.0% from 2009 and surpassing previous high volume set in 2005. Grain volume at 5.5 million metric tons or 10% over 2010 budget. Cruise passengers and sailings also set a new record 931,698 passengers and 223 sailings. Inaugural year for use of Smith Cove Cruise Terminal as an event site. Executed new lease with PCC Logistics at Terminal 104. Louis Dreyfus exercised option for 5 year lease extension at Terminal 86. 23 Seaport Organizational Goals Environmental Stewardship Continuing implementation of Northwest Ports Clean Air Strategy. 72% of frequent calls meeting Northwest Ports Clean Air Standards target Drayage truck registry launched in Q3: More than 6,000 trucks registered. 270 pre 1994 trucks scrapped since program inception Clean Air Truck program successfully implemented at terminal gates on January 1, 2011 AAPA award for Environmental Compliance Assessment Program 24 Seaport Organizational Goals Regional Transportation Authorization of $3.4 million investment in the Spokane Street Widening project. Closely monitored south harbor road construction projects and detour routes. 25 Seaport 2010 Operating Results $ in 000's 2009 2010 2010 2010 Bud Var Actual Actual Budget $ % Operating Revenue 89,844 96,060 90,134 5,925 7% Security Grants 847 1,791 2,535 (744) -29% Total Revenue 90,691 97,850 92,669 5,181 6% Direct Expenses 25,108 20,780 22,698 1,918 8% Security Grant Expense 860 1,983 2,689 706 26% Envir Remediation Liability 24 1,170 1,500 330 22% Allocations 14,553 15,387 16,437 1,050 6% Total Expense 40,545 39,321 43,324 4,004 9% Net Operating Income (NOI) 50,145 58,530 49,345 9,185 19% 26 Seaport Division Key Variances Revenue Detail ($ in 000's) 2010 Business Unit Results Variance to Budget Better (Worse) Containers $4,843 Support Properties ($362) Cruise $1,359 Grain $502 Docks/Industrial Properties $1,183 Security ($744) Environmental Grant ($1,600) Total $5,181 27 Seaport Division Key Variances Expense Detail ($ in 000's) 2010 Expenses Variance to Budget Better (Worse) Outside Services $1,104 Corporate $1,225 Security Grant Expense $706 Salaries and Benefits (Seaport) $415 Envir Remediation Liability $330 CDD ($280) All Other $504 Total Expense $4,004 28 Seaport Business Groups NOI Before Depreciation ($'s in Millions) 2010 Variance to Budget Actual NOI Better (Worse) Containers $44.5 $6.8 Container Support Props $ .6 ($ .4) Cruise $7.0 $1.9 Grain $4.9 $ .6 Docks/Indust Props $4.1 $ 1.4 Security ($1.4) $ .1 Envir Remediation Liability ($1.2) ($1.2) Total Seaport $58.5 $9.2 29 Seaport Capital 2010 $'s in Millions Approved Variance Actual as Plan of Actual Budget to % of App. Finance Budget Bud $11.2 $30.8 $19.6 36% $30.6 30 2010 Performance Report Real Estate Division Real Estate 2010 Key Events Exceeded 2010 Net Operating Income Budget by $1.5 million: Revenue $22K favorable to budget Expenses $1,457K favorable to budget Vessel liability insurance requirement in effect at Fishermen's Terminal & all recreational facilities. Monitoring/tracking procedure in place for 2,000+ customers. 100% compliance at year-end. Executed new lease with Arctic Storm Management group at Pier 69. 32 Real Estate 2010 Key Events Changed Portside Caf from 3rd party management agreement to leased property. 2010 event activity for BHICC, MEC and SCCT, as measured by number of attendees/guests, was 26% over budget and 23% over 2009. Eastside Rail Corridor 100% complete with first round of billings Closed sales on portions to City of Redmond and Puget Sound Energy Over $1.2 million in projects completed on Deferred Maintenance Correction Program. 33 Real Estate 2010 Key Events Electrical consumption at Pier 69 headquarters was the lowest recorded in the history of the building. 50% reduction in consumption compared to 2000. Reached settlement with the City of Des Moines regarding South Correctional Entity (SCORE) jail facility. 34 Real Estate Business Goals Provide Compelling Value and Asset Utilization Occupancy Rates: Commercial property at 88% occupancy, below target of 90% and above 2010 Q4 local market average of 84%. FT/Marina Occupancy: Recreational Marinas average occupancy was at target of 94%. Fishing and Commercial was at 87%, above target of 78%. 35 Real Estate Division 2010 Operating Results 2009 2010 2010 2010 Bud Var $ in 000's Actual Actual Budget $ % Operating Revenue 30,132 29,820 29,798 22 0% Total Revenue 30,132 29,820 29,798 22 0% Direct Expenses 27,525 29,502 30,949 1,447 5% Divisional Allocations (3,200) (3,485) (3,802) (317) -8% Corporate Allocations 5,244 5,481 5,808 327 6% Total Expense 29,569 31,499 32,956 1,457 4% Net Operating Income (NOI) 563 (1,678) (3,158) 1,479 47% 36 Real Estate Division 2010 Key Variances Revenue Detail ($ in 000's) 2010 Business Unit Variance to Budget Better (Worse) Recreational Boating $28 Fishing & Commercial $260 Commercial Properties ($405) Third Party Management $358 RE Development & Planning $6 Eastside Rail ($41) Facilities/Maintenance ($184) Total $22 37 Real Estate Division 2010 Key Variances Expense Detail ($ in 000's) 2010 Expense Variance to Budget Better (Worse) Third Party Management $635 Salaries and Benefits (Real Estate) $541 Outside Services $457 Corporate $437 Maintenance Expense $419 Litigated Damages ($470) Utilities ($255) All Other ($307) Total Expense $1,457 38 Real Estate Business Groups NOI Before Depreciation ($ in 000's) 2010 Variance to Budget Actual NOI Better (Worse) Recreational Boating $1,878 $642 Fishing & Commercial ($2,543) $571 Commercial & Third Party $212 $648 RE Development & Planning ($591) ($105) Eastside Rail ($637) ($279) Envir Remediation Liability $2 $2 Total Real Estate ($1,678) $1,479 39 Real Estate Capital 2010 $ in Millions Actual Approved Variance Actual as Plan of Budget to % of App. Finance Budget Bud $4.0 $11.8 $7.8 34% $12.1 40 2010 Performance Report Capital Development Division Capital Development Division 2010 Business Events RCF, PC Air, 16C, Escalators, Parking Revenue, eGSE, Backup Power AVPMG reorganization CPO Training, P-Card, Public Users' Forum, Auction Engineering position refresh, Water Tower upgrade PCS Generators, Demolitions, Move from Kilroy to AOB T115, Mooring Dolphins, EMWGS, T86, T91, T5, T18 Revisions to Overhead and Capitalization 42 Capital Development Division Key Indicators continued CDD Construction Soft Costs % 100% 90% 19% 19% 21% 20% 20% 80% 70% 60% 50% Total Soft Costs 40% 81% 81% 79% 80% 80% Total Construction Costs 30% 20% 10% 0% Q2 2009 - Q1 2010 Q3 2009 - Q2 2010 Q4 2009 - Q3 2010 Q1 2010 - Q4 2010 Q1 2008 - Q4 2010 (36 month average) 43 Capital Development Division Key Indicators Completed Projects Completed Projects Q4 2010 Summary 10% 20% 8% 15% 6% 7.0% 10% 6.2% 4% 4.7% 2% 5% 7.7% 0% 1.3% 5.75% 0% 2010 Airport Improvement Projects - Contract 1 2009 2010 (23 Projects) (11 Projects) Mandatory Change Discretionary Change Mandatory Change Discretionary Change Cost Growth During Construction 44 Capital Development Division Key Indicators continued Completed Projects Completed Projects Q4 2010 Summary 15% 100% 10% 80% 5% 60% 0% -5% 40% -14.2% 62.2% 69.4% -10% 20% -15% 0% 2010 Airport Improvement Projects - Contract 1 2009 2010 (23 Projects) (11 Projects) $2,876,365.00 Project Cumulative Value Value $365,794,281 $65,227,922 Project Schedule Growth Original Non-Discretionary Discretionary Initial Commission Planned Actual Schedule Project Construction Change Change Authorized Start of Substantial Substantial Growth Contract Amount Design Completion of Completion of Construction Construction 4thQuarter 2010 2010 Airport Improvement Projects - Contract 1 $2,876,365.00 1.3% 7.0% 1-Jun-09 31-Dec-10 10-Oct-10 -14% 45 2010 Cost and Schedule Growth Original Non-Discretionary Discretionary Initial Planned Actual Schedule Construction Change Change Commission Substantial Substantial Growth Project Contract Amount Authorized Start Completion of Completion of of Design Construction Construction 1st Quarter 2010 Trash Handling and Recycling $269,101.00 11.3% -0.8% 22-Apr-08 30-May-09 26-Feb-10 67% Duwamish Trail Link $263,865.85 -3.9% -5.5% 25-Jul-00 31-Dec-01 15-May-09 514% T-91 Cruise Terminal Bird Control $189,000.00 0.0% 0.0% 14-Apr-09 12-Dec-09 26-Dec-09 6% 2nd Quarter 2010 North/South Satellite Food Court $918,000.00 20.4% 40.0% 1-Jul-07 30-Jun-08 15-Mar-10 171% Flooring* Main Terminal Fire Piping Upgrades* $237,233.00 -4.2% 0.0% 1-Sep-08 31-Mar-10 22-Apr-10 4% 2nd Floor HVAC Project $790,000.00 14.5% 0.0% 1-Apr-08 28-Feb-10 9-Apr-10 6% AV Warehouse $4,660,754.00 9.3% 7.2% 1-Apr-08 28-Feb-10 23-Mar-10 3% 4th Floor Walkway Project $571,900.00 18.2% 0.0% 1-Feb-06 31-Jul-09 9-Feb-10 15% 3rd Quarter 2010 Pedestrian Bridge $2,851,000.00 1.6% 3.8% 26-May-06 17-Dec-09 4-Mar-10 6% 2009 16L/34R Reconstruction $51,600,702.90 -5.2% 0.3% 26-Feb-08 31-Dec-09 1-Oct-09 -14% 4th Quarter 2010 2010 Airfield Improvement Projects - $2,876,365.00 1.3% 7.0% 1-Jun-09 31-Dec-10 10-Oct-10 -14% Contract 1 2010 Total/Averages $65,227,921.75 5.75% 4.73% 69.45% * % of Non-Discretionary and Discretionary Change has been corrected from the values reported previously. 46 Capital Development Division Key Indicators continued Small Business Participation Major Public Works Small Works Goods & Services 14% Small Small 14% Small Business 17.0% Business Business $10,869 $3,768 $7,553 Large Large Large 83.0% 86% Business Business 86% Business $64,425 $770 $48,064 47 Capital Development Division Key Indicators continued Customer Score Card Environmental Total Projects 19 Total Applicable Projects: 19 Scorecards Received 15 Total Environmental Total Points 370 incorporated or pending: 16 Total Score 321.16 Average: 84.2% Average Score (%) 86.8% 48 Capital Development Division Key Indicators continued Safety 2010 2009 Total Points 2,595.0 1910.0 Total Score 2,395.8 1724.5 Average Score (%) 92.5% 90.2% Contract TRIR 5.4 1.8 Contract LTIR 0 0.4 49 Capital Development Division Key Indicators continued 2010 Procurement Schedule: Total Time RFS to Execution (Avg # Days) Good & Services 81 days Major Public Works 62 days Small Works 56 days Service Agreements 256 days 50 Capital Development Division Gross Operating Results 2009 YTD 2010 YTD 2010 Bud Var. $ in 000's Notes Actual Actual Budget $ % Total Revenues - 36 - 36 0.0% EXPENSES BEFORE CHARGES TO CAPITAL PROJECTS Capital Development Administration 340 380 387 7 1.8% Engineering 9,984 9,963 13,574 3,611 26.6% Port Construction Services 7,354 7,886 8,552 666 7.8% Central Procurement Office 3,224 3,287 4,171 884 21.2% Aviation Project Management 5,554 5,134 6,150 1,016 16.5% Seaport Project Management 2,735 2,693 2,672 (21) -0.8% Total Before Charges to Capital Projects 29,192 29,343 35,505 6,163 17.4% 51 Capital Development Division Key Variances to Net Budget 2010 Expenses Variance to Budget YTD Var. F/(UNF) $ in 000's Better (Worse) % Salaries and Benefits 5,819 20.2% Outside Services (1,199) (53.4)% Travel and Other 123 34.9% Telecommunications 82 42.0% Property Rentals 199 41.8% General Expenses 1,322 73.0% All Other (184) (11.4) % Charges to Capital Projects (6,600) 24.8% Total (437) (4.9)% 52 2010 Performance Report Corporate Corporate 2010 Key Events Completed and unfolded the Port's Centennial Website with map, timeline and stories of the Port. Implemented Workplace Responsibility Program. Finalized the medical and dental third party administration contracts for the Port's self funded benefit program. Selected a vendor for redesigning the Port's internet website. Received "Certificate of Achievement for Excellence in Financial Reporting" from GFOA. Filed the 2011 statutory budget with King County. Completed bonds refunding for $29.7 million present value savings. 54 Corporate 2010 Key Metrics Wellness Reward participation rate was 98%. 530 employees participated in 19 onsite Spirit and Wellness classes. Port website received 9.8 million visits. 97% completed Health Assessment. Responded to 281 public disclosure requests. 95% of ICT projects completed on budget. Negotiated 4 labor contracts, 9 MOU's and 1 PLA. Presented 16 internal audit reports to the Audit Committee. Handled 28 litigation and claims. 1,162 small businesses registered on the roster. Received 58,741 calls for Police services. 55 2010 Corporate Operating Results 2009 2010 2010 2010 Bud Var. $ in 000's Actual Actual Budget $ % Total Revenues $ 374 $ 610 $ 18 $ 592 3289.4% Executive 1,551 1,356 1,536 181 11.8% Commission 750 831 868 37 4.3% Legal 2,702 3,475 3,613 137 3.8% Risk Services 2,526 2,618 2,859 241 8.4% Health & Safety Services 913 1,001 1,095 94 8.6% External Affairs 4,918 5,553 6,002 449 7.5% Economic & Trade Development 1,441 - - - 0.0% Human Resources & Development 3,913 4,107 4,988 881 17.7% Labor Relations 542 675 784 109 14.0% Information & Communications Technology 17,505 18,765 19,033 268 1.4% Finance & Budget 1,635 1,455 1,529 74 4.8% Accounting & Financial Reporting Services 5,836 5,939 6,716 777 11.6% Internal Audit 978 990 1,109 119 10.8% Office of Social Responsibility 1,431 1,280 1,458 178 12.2% Police 18,409 19,273 20,314 1,040 5.1% Contingency 420 21 55 33 60.8% Total Expenses $ 65,481 $ 67,391 $ 71,958 $ 4,567 6.3% 56 Corporate Major Expense Variances Actual/Budget Operating Expenses ($ in 000's) Var. $ Var. % Salaries & Benefits 921 2.7% Wages & Benefits 973 5.4% Payroll to Capital Projects 1,072 31.7% Equipment Expense (378) -30.5% Outside Services 1,864 15.7% Travel & Other Employee Exps 182 8.4% General Expenses 400 14.5% Other 231 11.2% Charges to Capital Projects (698) -19.3% Total 4,567 6.3% 57 2010 Financial Performance Port of Seattle March 1, 2011
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