7d Supp
ITEM NO. 7d_Supp DATE OF MEETING 11/02/10 Port of Seattle 2011 Preliminary Budget Briefing November 2, 2010 1 Portwide 2010 Year-End Forecast 2009 2010 2010 2010 Bud vs. Fcst ($ in thousands) Actual Forecast Budget Var $ Var % Aeronautical Revenues 182,534 202,400 210,367 -7,967 -3.8% Revenues w/o Aero 266,901 269,075 266,417 2,658 1.0% Total Operating Revenues 449,435 471,475 476,784 -5,309 -1.1% Total Operating Expenses 245,767 255,175 262,829 7,654 2.9% Income before Depreciation 203,668 216,300 213,955 2,345 1.1% Depreciation 156,192 159,375 158,575 -800 -0.5% Income after Depreciation 47,476 56,925 55,380 1,545 2.8% 2 Changes from Oct 5th Briefing Corporate: Added 1 limited duration position in HR&D to serve the new Car Rental Facility - $72K funded by CFC Seaport: Container Lease Revenue increased by $1.4M Operating Grant Revenue reclassified to Non-ops - $600K Non-op Seaport Security Grant revenue increased by $2.24M Moved $4.16M from Capital Contributions to Non-op Grants and Donations. 3 Changes from Oct 5th Briefing Aviation 1. Increased enplanement forecast for 2010 (now +0.5%) and 2011 growth Impact assumption remained at 1% NOI CPE a. Non-airline revenues b. PFC collections increased $1.3 million 1a. 1,863 (0.27) c. CFC collections increased $424K 1b. 0.00 0.00 2. Adjusted debt service $2 million net airline rate based savings 1c. 0.00 0.00 3. Added $3 million for terminal realignment 2. (1,498) (0.09) costs 3. 0.00 0.20 4. Applied canine non-operating grant $450k to offset Police costs in rate base 4. (360) (0.02) 5. HRD added a limited duration FTE to 5. 0.00 (0.00) hire employees for the for the Rental Car 6. (324) (0.02) Facility, $72K CFC funded (319) (0.21) 6. Reduced Security Fund Requirement 4 Operating Budget Changes from 10/5 2011 Bud 2011 Bud $ Change % Change ($ in thousands) 2010 Bud as of 10/5 as of 11/2 from 10/5 from 10/5 Aeronautical Revenues 210,367 216,381 217,200 819 0.4% Revenues w/o Aero 266,417 280,692 283,436 2,744 1.0% Total Operating Revenue 476,784 497,073 500,636 3,563 0.7% Total Operating Expense 262,829 282,772 285,844 3,072 1.1% NOI Before Depreciation 213,955 214,301 214,792 491 0.2% 5 Non-Op Budget Changes from 10/5 2011 Bud 2011 Bud $ Change % Change ($ in thousands) 2010 Bud as of 10/5 as of 11/2 from 10/5 from 10/5 PFCs 58,535 59,120 60,379 1,259 2.1% CFCs 22,475 21,813 22,237 424 1.9% Non-Capital Contributions 2,209 1,489 8,494 7,005 470.4% Capital Contributions 50,152 36,269 32,106 (4,163) -11.5% Total 133,371 118,691 123,216 4,525 3.8% 6 2011 Preliminary Budget Summary 2009 2010 2011 ($ in 000s) Actual Budget Budget Change $Change % Aeronautical Revenues 182,534 210,367 217,200 6,833 3.2% Revenues w/o Aero 266,901 266,417 283,437 17,020 6.4% Total Operating Revenues 449,435 476,784 500,637 23,853 5.0% Total Operating Expenses 245,767 262,829 285,844 23,016 8.8% Net Operating Income 203,668 213,955 214,792 837 0.4% NOI w/o Capital Policy Change * 203,668 213,955 218,032 4,077 1.9% * Without the capital policy change, O&M costs are estimated to be $5M lower and aeronautical revenues are expected to be $1.8M lower. Net NOI impact is estimated to be $3.2M. 7 Baseline Budget Increase Operating Revenues 2010 Bud 2011 Bud Change $ Change % Aeronautical 210,367 217,200 6,833 3.2% Revenues w/o Aero 266,416 283,436 17,020 6.4% Total Operating Revenues 476,784 500,636 23,852 5.0% Operating Expenses 2010 Bud 2011 Bud Change $ Change % Total Operating Expenses 262,829 285,844 23,015 8.8% Adjustments: Capital Policy Change (positive impact on cashflow) 5,000 1.9% AAPA Conv & Port Centennial (mostly offset by rev) 1,489 0.6% Deferred Maintanence 2,100 0.8% Customer Requests (cost recovery) 4,968 1.9% Rental Car Facility (funded by CFC) 828 0.3% Regulatory Requirements 636 0.2% Total Adjustments 15,021 5.7% Adjusted Baseline Increase 7,994 3.0% 8 Comprehensive Budget Summary Revenues ($ in 000s) 2010 Budget 2011 Budget Change $Changes % Operating Revenues 476,784 500,636 23,852 5.0% Tax Levy 73,500 73,500 - 0.0% PFCs 58,535 60,379 1,844 3.2% CFCs 22,475 22,237 (238) -1.1% Non-Capital Contributions 2,209 8,494 6,286 284.6% Capital Contributions 50,152 32,106 (18,046) -36.0% Interest Income 24,489 13,654 (10,835) -44.2% Total 708,144 711,006 2,863 0.4% Expenses O&M Expense 262,829 285,844 23,015 8.8% Depreciation 158,575 160,491 1,916 1.2% Revenue Bond Interest Expense 150,070 148,206 (1,864) -1.2% GO Bond Interest Expense 14,432 13,781 (651) -4.5% PFC Bond Interest Expense 10,497 10,191 (306) -2.9% Non-Op Environmental Expense 20,000 6,200 (13,800) -69.0% Public Expense 39,464 17,205 (22,259) -56.4% Misc. Non-Op Rev/Expense 2,217 2,521 304 13.7% Total 658,084 644,439 (13,645) -2.1% Change In Net Assets 50,060 66,568 16,508 33.0% 9
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