ITEM NO.    7c Supp
DATE OF
MEETING October 26, 2010

2011-2015 Draft Plan of Finance
Revised
October 26, 2010

Draft Plan of Finance 2011-2015
Each year at the end of the budget process, staff provides a
summary five-year Port-wide capital funding plan (The Draft Plan of
Finance). The 2011-2015 Plan is based on:
Division capital improvement plans (CIPs) discussed with the
Commission on September 28, 2010
Division operating budgets and forecasts discussed with the
Commission on October 5, 2010.
Airport is a self-funding operation
Seaport operating income supports its CIP
Real Estate CIP is supported by the tax levy
The tax levy scenario for First Reading assumes $73.5 million
per year 2011-2015

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Funding Sources
The Draft Plan of Finance includes funding from:
Net operating income
Operating fund balances (above minimum requirement)
Existing and future revenue bond proceeds
Passenger Facility Charges
Customer Facility Charges
Grants
Tax levy



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Aviation Capital Funding 2011-2015
2011-2015
Aviation CIP                       ($mil.)
Committed                   487
Business Plan Prospective              565
TOTAL                1,052
Aviation Funding Sources
Net income                     178
Operating funds                  44
Tax levy (1)                            10
Grants                        57
Passenger Facility Charge              53
Customer Facility Charge (2)             136
Existing revenue bond proceeds         149
Future bond proceeds               426
TOTAL                1,052
(1) Highline capital spending (excludes public expense spending by tax levy)
(2) Includes proceeds of CFC-paid bonds

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Seaport Capital Funding 2011-2015
2011-2015
($mil.)
Seaport CIP
Committed                   88
Business Plan Prospective              214
Deferrals                        (21)
TOTAL                282
Seaport Funding Sources
Net income                     46
Operating funds                  41
Existing revenue bond proceeds          21
Future revenue bond proceeds          174
TOTAL                282

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Seaport CIP Adjustments
These Business Plan Prospective projects were included in the Seaport CIP
presentation on September 28
PROJECTS AND TIMING AS OF SEPTEMBER 28, 2010
Business  Key Goal      Capital Project              2011   2011-2015 2016-2020  Total
General   Commercial     Seaport Viaduct Mitigation**          500    11,000    4,000    15,000
Dock Ops Asset Stewardship T46 N Slip Replace Sprinkler Syst**    1,000    1,000      0    1,000
Cruise    Asset Stewardship Pier 91 Slope Stabilization**         3,000     6,300       0    6,300
Containers Commercial     T-46 Development                   0    25,000   12,500    37,500
Dock Ops Commercial    Dredge Pier 90 East Berths          400    6,000      0    6,000
Cruise    Asset Stewardship T91 Second Gangways Per Berth      1,000     4,500    5,000    9,500
Cruise    Commercial     Widen T91 West Cruise Vessel Berth     200     2,300       0    2,300
General   Asset Stewardship Contingency Renewal & Replace         0    28,600   132,800   161,400
September 28, 2010 Total                6,100    84,700  154,300   239,000
Seaport plans to make the following adjustments to these projects to fit within
its self-funded capital capacity
ADJUSTED PROJECTS & TIMING
Business  Key Goal      Capital Project              2011   2011-2015 2016-2020  Total
Containers Commercial     T-46 Development                   0    15,000   22,500    37,500
Dock Ops Commercial    Dredge Pier 90 East Berths           0     400    5,600    6,000
Cruise    Asset Stewardship T91 Second Gangways Per Berth         0     4,500    5,000    9,500
Cruise    Commercial     Widen T91 West Cruise Vessel Berth      0     2,300       0    2,300
General   Asset Stewardship Contingency Renewal & Replace         0    41,500   121,400   162,900
Adjusted Total                          0    63,700   154,500   218,200
Net Change                      (6,100)   (21,000)    200   (20,800)
**Projects removed from Seaport Capital Budget due to new information
- Seaport Viaduct Mitigation
- T46 N Slip Replace Sprinkler System
- Pier 91 Slope Stabilization
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Real Estate Capital Funding 2011-2015
2011-2015
($mil.)
Real Estate CIP
Committed                   32
Business Plan Prospective              44
TOTAL                 76
Real Estate Funding Source
Tax levy                        76
TOTAL                 76
Levy fund balance shortfalls in some years will require spending deferrals
Within the 2011-2015 period
7

Corporate Capital Funding 2011-2015
2011-2015
($mil.)
Corporate CIP
Committed                   24
Business Plan Prospective              38
TOTAL                 62
Corporate Funding Sources
Seaport Net Income                 17
Real Estate General Fund              5
Airport Net Income                 40
TOTAL                 62
8

Debt Service Coverage
The Plan is developed to adhere to the Port's financial
management policies for prudent cash reserves and
leverage
Operating funds maintain a minimum of:
6 months operating and maintenance (O&M) expenses in the general
fund
10 months O&M expenses in the airport development fund
Maximum 75% of tax levy used to pay General Obligation bonds
debt service
Net income provides Revenue bonds coverage of:
1.5x debt service for Seaport debt
1.25x debt service for Airport debt

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Port-wide Revenue Bond Debt Service Coverage
2011-2015  Forecast
Revenue Bond Debt Service Coverage
2.8                                          2.63
2.45
debt service 2.6
2.31
2.4
2.08      2.15
2.2
2.0
Income Available/revenue 1.8    1.56      1.51      1.48              1.54
1.6                                 1.48
1.4
1.2
1.0
2011     2012     2013     2014     2015
First Lien       All Revenue Bond Debt

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2011 Planned Finance Activity
Complete the GO Bond refunding
Refund other bonds for savings as appropriate
Finalize long-term funding of the Consolidated Rental Car
Facility
Continue to monitor the letters of credit on variable rate
bonds



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