Item 6a Supp
ITEM NO. 6a Supp DATE OF MEETING November 23, 2009 Port of Seattle 2010 Preliminary Budget Final Reading/Public Hearing November 23, 2009 1 Budget Changes Since 11/10/09 Aviation revenues increased by $934K as a result of refining cost recovery formulas Aviation expenses increased by $1.3M for rental and demobilization costs of emergency backup generators (($1.2M) and addition of International Service Incentive program ($110K) 2 2010 Budget Change Summary 11/10/09 Proposed ($ in thousands) 2010 Bud 2010 Bud Change Operating Revenue 478,059 478,993934 Operating Expense 281,531 282,8291,298 NOI Before Depreciation 196,528 (364)196,164 Depreciation 158,575 158,575 - NOI After Depreciation 37,953 (364)37,589 3 Operating Budget Summary (w/o Environmental Reserve) ($ In Thousands) 2007 2008 2009 Bud 2009 Fcst 2010 Bud Operating Revenue 461,146 488,996 486,367 459,875 478,993 Operating Expense 241,800 280,278 277,862 257,374 282,829 Less: Environmental Reserve (5,117) (8,889) (6,344)(5,687)(24,471) Baseline Operating Expense 236,683 271,389 272,175 251,030 258,358 Baseline NOI before Depr. 224,463 217,607 214,192 208,845 220,635 Depreciation 141,589 144,208 157,036 157,036 158,575 Baseline NOI after Depr. 82,875 73,399 57,156 51,809 62,060 444 Operating Budget Summary (with Environmental Reserve) ($ In Thousands) 2007 2008 2009 Bud 2009 Fcst 2010 Bud Operating Revenue 461,146 486,367488,996459,875 478,993 Operating Expense 241,800 280,278 277,862 257,374 282,829 NOI Before Depreciation 219,346 208,718 208,505 202,501 196,164 Depreciation 141,589 144,208 157,036 157,036 158,575 NOI After Depreciation 77,758 64,510 51,469 45,465 37,589 555 Non-Operating Budget Summary ($ in thousands) 2009 Bud 2010 Bud Variance Revenue Bond Interest Expense (131,824) (150,070) (18,246) Interest Income 23,040 15,788(7,252) Other Non-Op Revenue (Expense) (2,231) (2,217) 14 Ad Valorem Tax Revenue 75,899 73,500(2,399) Grants & Donations 71,276 50,152 (21,124) Passenger Facility Charges 62,525 61,273(1,252) Customer Facility Charges 24,573 28,438 3,865 PFC Bond Interest (10,996) (10,497) 499 GO Bond Interest Expense (29,199) (14,432) 14,767 Public Expense (24,055) (39,464) (15,409) Total 59,008 12,472 (46,536) 6 2010 Budget Summary (Includes Op and Non-Op) 2009 2010 ($ in thousands) Budget Budget Operating Revenue $486,367 $478,993 Operating Expense 277,862 282,829 NOI Before Depreciation 208,505 196,164 Depreciation 157,036 158,575 NOI After Depreciation 51,469 37,589 Net Non-Ops Income (Expense) 59,008 12,472 Increase in Net Assets 110,477 $50,061 7 Port-wide FTEs Summary Aviation Seaport Real Estate Capital Dev Corporate Total 2009 Approved FTE's 833.1 61.8 151.1 271.3 472.7 1,790.0 2010 Proposed FTE's 746.4 60.4 154.8 268.0 450.2 1,679.8 Net Change (86.7) (1.4) 3.7 (3.3) (22.5) (110.2) 88 Real Estate Division Revised 2010 Capital Budget November 23, 2009 9 Real Estate Revised 2010 Capital Budget Real Estate 2010 Capital Budget presented at October 6th Budget Workshop and reviewed at November 10th meeting Budget has been revised to address issues raised by commission Presentation will cover: 2010 Capital Budget as of November 10th Summary and Detail of Changes Revised 2010 Capital Budget 10 Real Estate Capital Plan Summary As of November 10th $'s in 000's 2010 2011 2012 2013 2014 2010-2014 Committed 15,346 16,300 5,156 1,725 1,781 40,308 Bus Plan Prospective 5,620 12,000 16,505 18,200 9,000 61,325 20,966 28,300 21,661 19,925 10,781 101,633 Other Prospective 0 1,250 4,021 5,135 20,275 30,681 Total 20,966 29,550 25,682 25,060 31,056 132,314 11 Real Estate Committed Capital Plan As of November 10th $'s in 000's 2010 2011 2012 2013 2014 2010-2014 Under Contract 122 0 0 0 0 122 Commission Auth 1,075 5,861 0 0 0 6,936 Division Pending 14,149 10,439 5,156 1,725 1,781 33,250 Total 15,346 16,300 5,156 1,725 1,781 40,308 12 Real Estate Committed Capital Under Contract As of November 10th $'s in 000's 2010 2011 2012 2013 2014 2010-2014 SBM Infrastru,Bldgs, Site Imp 62 0 0 0 0 62 SBM Landside Projects 60 0 0 0 0 60 Total 122 0 0 0 0 122 13 Real Estate Committed Capital Commission Authorized As of November 10th $'s in 000's 2010 2011 2012 2013 2014 2010-2014 FT East Portion S. Wall (FVO) 675 4,150 0 0 0 4,825 MIC Seawall Replacement 400 1,711 0 0 0 2,111 Total 1,075 5,861 0 0 0 6,936 14 Real Estate Committed Capital Division Pending As of November 10th $'s in 000's 2010 2011 2012 2013 2014 2010-2014 RE Maintenance Shop Solution 3,300 300 0 0 0 3,600 RE Div: Green Port Initiative 2,600 2,000 2,500 0 0 7,100 FT NW Dock E Fender Sys Replace 2,000 2,000 0 0 0 4,000 Small Projects 1,810 540 500 500 500 3,850 Tenant Improvements -Capital 1,220 224 856 125 181 2,606 Fleet Replacement 950 600 600 600 600 3,350 FT C15 HVAC Improvements 800 3,050 0 0 0 3,850 P69 N Apron Piling Cathodic 560 800 200 0 0 1,560 Other 909 925 500 500 500 3,334 Total 14,149 10,439 5,156 1,725 1,781 33,250 15 Real Estate Capital Business Plan Prospective As of November 10th $'s in 000's 2010 2011 2012 2013 2014 2010-2014 Renewal/Enhancement 5,620 10,300 11,505 12,200 5,000 44,625 Revenue/Capacity Growth 0 1,700 5,000 6,000 4,000 16,700 Total 5,620 12,000 16,505 18,200 9,000 61,325 16 Real Estate Business Plan Prospective Revenue/Capacity Growth As of November 10th $'s in 000's 2010 2011 2012 2013 2014 2010-2014 T91 - NorthBay Utilities 0 1,500 3,000 6,000 4,000 14,500 Ship Supply Demo & Redevelop 0 200 2,000 0 0 2,200 Total 0 1,700 5,000 6,000 4,000 16,700 17 Real Estate Business Plan Prospective Renewal/Enhancement As of November 10th $'s in 000's 2010 2011 2012 2013 2014 2010-2014 Net Shed Solution 2,100 4,650 4,950 4,900 0 16,600 RE: Contingency Renew & Replace 1,000 1,000 4,000 4,000 5,000 15,000 FT Paving/Storm Upgrades 750 750 0 0 0 1,500 FT C2 Roof & HVAC Replacement 700 0 0 0 0 700 Pier 86 Fishing Dock 500 1,500 55 0 0 2,055 P66 Chiller Upgrades 270 0 0 0 0 270 SBM Paving 150 450 400 0 0 1,000 SBM Slope Stabilization 100 900 0 0 0 1,000 P69 Built-Up Roof Replacement 50 850 0 0 0 900 FT C14 (Downey) Bldg TI 0 0 0 2,000 0 2,000 SBM Fuel Dock 0 200 1,000 0 0 1,200 T102 Bldg Roof Replacement 0 0 1,100 0 0 1,100 SBM Central Seawall Replacement 0 0 0 1,000 0 1,000 Repl. Anthony's Built Up Roof 0 0 0 300 0 300 Total 5,620 10,300 11,505 12,200 5,000 44,625 18 Real Estate Revised Capital Plan Summary of Changes since November 10th Meeting $'s in 000's 2010 2011 2012 2013 2014 2010-2014 Committed/Bus Plan Prosp 11/10 20,966 28,300 21,661 19,925 10,781 101,633 Change Commited (3,220) (300) (356) 0 0 (3,876) Change Business Plan Prospective (750) (5,950) (8,955) (11,500) (6,000) (33,155) Committed/Bus Plan Prosp 11/23 16,996 22,050 12,350 8,425 4,781 64,602 19 Real Estate Revised Capital Plan Detail of Changes since November 10th Meeting Change in Capital Plan from 11/10 $'s in 000's 2010 2011 2012 2013 2014 2010-2014 Committed RE Maintenance Shop Solution (1,200) (300) 0 0 0 (1,500) RE Div: Green Port Initiative (1,300) 0 0 0 0 (1,300) Tenant Improvements -Capital (720) 0 (356) 0 0 (1,076) Business Plan Prospective RE: Contingency Renew & Replace 2,000 2,000 (1,000) (1,000) (2,000) 0 FT Net Shed Solution (2,100) (4,650) (4,950) (4,900) 0 (16,600) T91 - NorthBay Utilities 0 (1,500) (3,000) (6,000) (4,000) (14,500) Pier 86 Fishing Dock (500) (1,500) (55) 0 0 (2,055) SBM Paving (150) (300) 50 400 0 0 Total (3,970) (6,250) (9,311) (11,500) (6,000) (37,031) 20 Real Estate Capital Plan Summary Revised $'s in 000's 2010 2011 2012 2013 2014 2010-2014 Committed 12,126 16,000 4,800 1,725 1,781 36,432 Bus Plan Prospective 4,870 6,050 7,550 6,700 3,000 28,170 16,996 22,050 12,350 8,425 4,781 64,602 Other Prospective 0 1,250 8,121 14,285 31,280 54,936 Total 16,996 23,300 20,471 22,710 36,061 119,538 21 Real Estate Committed Capital Plan Revised $'s in 000's 2010 2011 2012 2013 2014 2010-2014 Under Contract 122 0 0 0 0 122 Commission Auth 1,075 5,861 0 0 0 6,936 Division Pending 10,929 10,139 4,800 1,725 1,781 29,374 Total 12,126 16,000 4,800 1,725 1,781 36,432 22 Real Estate Committed Capital Under Contract $'s in 000's 2010 2011 2012 2013 2014 2010-2014 SBM Infrastru,Bldgs, Site Imp 62 0 0 0 0 62 SBM Landside Projects 60 0 0 0 0 60 Total 122 0 0 0 0 122 23 Real Estate Committed Capital Commission Authorized $'s in 000's 2010 2011 2012 2013 2014 2010-2014 FT East Portion S. Wall (FVO) 675 4,150 0 0 0 4,825 MIC Seawall Replacement 400 1,711 0 0 0 2,111 Total 1,075 5,861 0 0 0 6,936 24 Real Estate Committed Capital Division Pending - Revised $'s in 000's 2010 2011 2012 2013 2014 2010-2014 RE Maintenance Shop Solution 2,100 0 0 0 0 2,100 RE Div: Green Port Initiative 1,300 2,000 2,500 0 0 5,800 FT NW Dock E Fender Sys Replace 2,000 2,000 0 0 0 4,000 Small Projects 1,810 540 500 500 500 3,850 Tenant Improvements -Capital 500 224 500 125 181 1,530 Fleet Replacement 950 600 600 600 600 3,350 FT C15 HVAC Improvements 800 3,050 0 0 0 3,850 P69 N Apron Piling Cathodic 560 800 200 0 0 1,560 Other 909 925 500 500 500 3,334 Total 10,929 10,139 4,800 1,725 1,781 29,374 25 Real Estate Capital Business Plan Prospective - Revised $'s in 000's 2010 2011 2012 2013 2014 2010-2014 Renewal/Enhancement 4,870 5,850 5,550 6,700 3,000 25,970 Revenue/Capacity Growth 0 200 2,000 0 0 2,200 Total 4,870 6,050 7,550 6,700 3,000 28,170 26 Real Estate Business Plan Prospective Revenue/Capacity Growth - Revised $'s in 000's 2010 2011 2012 2013 2014 2010-2014 Ship Supply Demo & Redevelop 0 200 2,000 0 0 2,200 Total 0 200 2,000 0 0 2,200 27 Real Estate Business Plan Prospective Renewal/Enhancement - Revised $'s in 000's 2010 2011 2012 2013 2014 2010-2014 RE: Contingency Renew & Replace 3,000 3,000 3,000 3,000 3,000 15,000 FT Paving/Storm Upgrades 750 750 0 0 0 1,500 FT C2 Roof & HVAC Replacement 700 0 0 0 0 700 P66 Chiller Upgrades 270 0 0 0 0 270 SBM Paving 0 150 450 400 0 1,000 SBM Slope Stabilization 100 900 0 0 0 1,000 P69 Built-Up Roof Replacement 50 850 0 0 0 900 FT C14 (Downey) Bldg TI 0 0 0 2,000 0 2,000 SBM Fuel Dock 0 200 1,000 0 0 1,200 T102 Bldg Roof Replacement 0 0 1,100 0 0 1,100 SBM Central Seawall Replacement 0 0 0 1,000 0 1,000 Repl. Anthony's Built Up Roof 0 0 0 300 0 300 Total 4,870 5,850 5,550 6,700 3,000 25,970 28 Tax Levy Revised Tax Levy Scenario 29 Revised Tax Levy Scenario Tax levy of $73.5 million per year 2010-2014 Preliminary Budget levy was $75.9 million First Reading of Resolution 3634 levy was $70 million Revised levy based on: Reduction to Real Estate 5-year CIP from $101.6 million to $64.6 million Minor changes to Public expense projects $6 million increase to environmental reserves Addition of $45 million for transportation reserves 30 Revised Tax Levy Scenario $'000 2010 2011 2012 2013 2014 LEVY USES G.O. DS existing 40,426 40,438 40,442 40,444 40,442 Other uses Roads and Transportation Projects 15,744 5,709 3,100 School Construction & Noise Insulation 9,075 650 10,554 1,744 Sea & RE Environmental Reserved 8,712 5,587 13,894 6,000 6,000 Transportation Reserve 13,000 13,000 18,900 PortJobs 46 46 46 46 46 Subtotal Other 46,577 11,992 27,594 20,790 24,946 Real Estate Support RE Capital 16,996 22,050 12,350 8,425 4,781 RE Operating Subsidy 3,450 3,166 2,988 3,583 3,611 Subtotal RE Support 20,446 25,216 15,338 12,008 8,392 Total Uses 107,449 77,646 83,374 73,242 73,780 LEVY SOURCES Available Balance 48,000 14,051 9,905 31 289 Annual levy 73,500 73,500 73,500 73,500 73,500 Total Sources 121,500 87,551 83,405 73,531 73,789 Projected Ending Fund Balance 14,051 9,905 31 289 9 31 Port of Seattle 2010 Preliminary Budget Final Reading/Public Hearing November 23, 2009 32
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