Item 9a Report
ITEM NO. 9a-Report DATE OF MEETING August 11, 2009 OS QUARTERLY PERFORMANCE REPORT AS OF JUNE 30, 2009 TABLE OF CONTENTS Page I. Portwide Performance Report 3-4 II. Aviation Division Report 5-9 III. Seaport Division Report 10-14 IV. Real Estate Division Report 15-18 V. Capital Development Division Report 19-21 VI. Corporate Professional & Technical Services 22-23 2 I. PORTWIDE PERFORMANCE REPORT 6/30/09 INCOME STATEMENT Report: Income Statement As of Date: 2009-06-30 2008 YTD 2009 YTD 2009 YTD 2009 Var $ 2009 Var % 2009 Annual % of Annual Dollars in thousands Actual Actual Budget Bud vs. Act Bud vs. Act Budget Bud Revenues: Seaport 51,821 44,093 47,305 (3,212) -6.8% 94,829 46.5% Real Estate 17,040 15,495 15,399 96 0.6% 31,111 49.8% Aviation 174,457 172,318 168,234 4,084 2.4% 358,956 48.0% Capital Development 81 - 81 0.0% - Corporate 313 514 724 (210) -28.9% 1,470 35.0% Total Revenues 243,631 232,502 231,661 840 0.4% 486,367 47.8% Operating & Maintenance: Seaport 6,653 9,610 19,226 9,616 50.0% 32,315 29.7% Real Estate 15,405 13,464 16,076 2,612 16.2% 32,300 41.7% Aviation 60,678 58,251 67,665 9,414 13.9% 132,665 43.9% Capital Development 3,314 2,758 3,432 674 19.6% 7,010 39.4% Corporate 30,154 29,930 37,327 7,397 19.8% 73,572 40.7% Total O&M before Depreciation 116,203 114,014 143,726 29,712 20.7% 277,862 41.0% Operating Income Before Depreciation 127,428 118,488 87,936 30,552 34.7% 208,506 56.8% Depreciation 70,220 75,243 77,877 2,634 3.4% 157,036 47.9% Total O&M and Depreciation 186,423 189,257 221,602 32,346 14.6% 434,897 43.5% Operating Income after Depreciation 57,209 43,245 10,059 33,186 329.9% 51,470 84.0% 3 I. PORTWIDE PERFORMANCE REPORT 6/30/09 CAPITAL SPENDING RESULTS ($ Millions) Annual Results: 2009 Plan of Finance $ 604.0 2009 Approved Budget $ 436.1 2009 Estimated/Actuals $ 424.9 Variance (Budget vs Estimated\Actuals) $ 11.2 PORTWIDE INVESTMENT PORTIFOLIO The investment portfolio for the second quarter of 2009 earned 2.82% against our benchmark (The Merrill Lynch 3-year Treasury/Agency Index) of 1.18%.For the past twelve months the portfolio has earned 3.39% against the benchmark of 1.39%. Since the Port became its own Treasurer in 2002, the Port's portfolio life-to-date has earned 3.82% against our benchmark of 2.98%. 4 I. PORTWIDE PERFORMANCE REPORT 6/30/09 EXECUTIVE SUMMARY The first six months of 2009 Port of Seattle's overall operating revenues were $232.5 million, $840 thousand above the budget. Total operating expenses were $114.0 million, $29.7 million below budget. Operating income before depreciation was $118.5 million, $30.6 million above the budget. Operating income after depreciation is $43.2 million, $33.2 million above the budget. Port-wide Capital spending was $57.0 million for the first six months and is forecasted to be $424.9 million for the year, $11.2 million below the budgeted $436.1 million. Aviation Division's Aeronautical revenues were $5.2 million favorable due to a budgeting error relating to seasonality. Non-aeronautical revenues are unfavorable year-to-date by $883K due to underperformance of Public Parking and other Landside-affiliated revenues. Expenses are under budget due to expense project delays and implementation of Expense Savings Plan. Aviation is forecasting a shortfall of $11.3 million in non-airline revenues as Public Parking, Concessions and other Landside departments will underperform against the budget due to decreased enplanements. Operating expense is forecasted to be $11.2 million favorable due to implementation of the 2009 Expense Savings Plan. Total capital expenditures for 2009 are projected at $253.5 million. Seaport Division revenues were ($3.1) million unfavorable primarily due to Security Grant projects commencing later than assumed in budget, lower reimbursement on the Terminal 30 upland dredge disposal due to cost savings on the project, and delayed lease commencement resulting from the Terminal 30 crane cable issue. For the full year, Seaport is forecasting a $5.6 million unfavorable revenue variance due to later start of Security Grant projects, implementation of the Container Terminal Customer Support Package, default of tenant at Terminal 104, and the rent impact of the Terminal 30 crane cable issue. Total Operating Expenses were $10.8 million favorable through June primarily due to timing and due to lower cost of the Terminal 18 Maintenance Dredge and the Terminal 30 Upland Dredge Disposal projects than budgeted. For the full year, Seaport is forecasting a $3.3 million favorable expense variance due to later start of Security Grant projects, implementation of the 2009 Expense Savings Plan and the lower cost of the Terminal 18 Maintenance Dredge and the Terminal 30 Upland Dredge Disposal projects. Amounts are partially offset by unfavorable Environmental Reserve variance. Forecasted Net Operating Income for 2009 is estimated to be ($2.3) million unfavorable to the 2009 Budget and ($9.5) million below 2008 Actual. Total capital spending for 2009 is projected at $55.9 million or 56% of the Approved Annual Budget amount of $100.4 million. Real Estate Division revenues were ($0.05) million unfavorable in the second quarter primarily due higher vacancy than anticipated at Shilshole Bay Marina. For the full year, Real Estate is forecasting a ($0.6) million unfavorable revenue variance due to lower occupancies at Shilshole Bay Marina and the unbudgeted termination or expiration of tenants at other sites. Total Operating Expenses were $3.7 million favorable through the second quarter primarily due to timing and deferrals related to the 2009 Savings Plan. For the full year, Real Estate is forecasting a $1.9 million favorable expense variance due to implementation of the 2009 Expense Savings Plan. Forecasted Net Operating Income for 2009 is estimated to be approximately $1.4 million favorable to the 2009 Budget and $1.0 million above 2008 Actual. Total capital spending for 2009 is projected at $100.8 million or 96% of the Approved Annual Budget amount of $105.2 million. Capital Development expenses were $674 thousand favorable through six months mainly due to unfilled staff positions, delayed work and less capital work than original budgeted. A $986K favorable variance at the end of the year is forecasted due to less expense work than budgeted. The division delivers projects and provides technical and contracting services in support of the business plans and infrastructure needs of the Port's operating divisions. As such, the CDD does not have its own capital improvement program. Corporate Professional and Technical Services performance for the first six months of 2009 was $7.4 million or 19.8% favorable compared to the approved budget and $224 thousand or 0.7% lower than the same period a year ago. The $7.4 million favorable variance is due primarily to timing of the spending and implementation of the 2009 Expense Savings Plan. There aren't any major variances to report on since all departments are favorable. Yearend spending is projected to be $67.9 million, which is $5.7 million below the approved budget. Total capital spending for 2009 is projected at $14.9 million or 94% of the Approved Annual Budget amount of $15.9 million. 5 II. AVIATION DIVISION PERFORMANCE REPORT 06/30/09 FINANCIAL SUMMARY 2007 2008 2009 2009 Forecast/Budget Figures in $000's Actual Actual Forecast Budget Var $ Var % Revenues Aeronautical 195,029 204,361 195,499 202,913 (7,414) -3.7% Non-aeronautical 143,975 150,528 137,011 148,289 (11,278) -7.6% Other 8,483 3,440 8,804 8,804 - 0.0% Total Revenues 347,487 358,329 341,314 360,006 (18,692) -5.2% Total O&M Costs 171,624 195,183 178,321 189,521 11,200 5.9% Net Operating Income 175,864 163,146 162,993 170,485 (7,493) -4.4% Capital Expenditures 298,387 209,813 253,462 214,743 (38,719) -18.0% We forecast a shortfall of $11.3 million in non-airline revenues as Public Parking, Concessions and other Landside departments will underperform against the budget due to decreased enplanements. Operating expense is forecasted to be $11.2 million favorable due to implementation of the 2009 Expense Savings Plan. Total capital expenditures for 2009 are projected at $253.5 million. A. BUSINESS EVENTS Mount Redoubt eruption forced diversion of both passenger and cargo flights from Anchorage to Seattle in April. Relocation of Delta to South Satellite finalized due to merger with Northwest. Cell Phone Lot closed due to new tenant, reopened in Q3. Restart of Rental Car Facility in progress. B. KEY INDICATORS 2008 2009 % 2008 2009 % Figures in 000's YTD YTD Variance Actual Fcst Variance Enplanements 7,774 7,376 -5.1% 16,093 14,959 -7.0% Landed Weight 10,517 10,079 -4.2% 21,515 20,437 -5.0% Enplanements vs. Prior Year Landed Weight vs. Prior Year 0% 2% 0.38% 0.03% Growth Rate 0% -4.02% -3.87% -4.59% -4.65% Growth Rate -2% -3.95% -5% -6.08% -4% -8.11% -6.27% -6% -7.25% -7.37% -10% -8% Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun March and April landed weight augmented by cargo diversion from Anchorage due to volcanic activity. Enplanements are forecasted to decrease 7% from the 2008 actual. 2007 2008 2009 2009 Forecast/Budget Actual Actual Forecast Budget Var $ Var % Non-Aero NOI ($ in 000s) 87,714 86,474 79,282 86,393 (7,110) -8.2% Passenger Airline CPE 11.73 11.89 12.09 11.90 (0.18) -1.6% Total Operating Cost / Enpl 10.96 12.13 11.95 11.99 0.05 0.4% We forecast CPE to come in higher than both the 2009 budget and the 2008 actual, primarily due to increased costs allocated to aeronautical cost centers and lower enplaned passengers. 6 II. AVIATION DIVISION PERFORMANCE REPORT 06/30/09 C. OPERATING RESULTS Year-to-date Revenue and Expense 2007 YTD 2008 YTD 2009 YTD 2009 YTD Actual/Budget Figures in $ 000's Actual Actual Actual Budget Var $ Var % Revenues Aeronautical 97,435 95,972 99,866 94,684 5,182 5.3% Non-Aeronautical 66,082 74,179 68,314 69,197 (883) -1.3% Other 4,255 4,296 4,177 4,352 (175) -4.0% Total Revenues 167,772 174,447 172,357 168,234 4,124 2.4% Expenses Airport Expenses 56,533 60,580 58,182 67,579 9,397 14.9% Corporate 12,930 13,681 14,288 18,077 3,790 21.0% Police Costs 6,576 7,377 6,445 8,029 1,584 19.7% Other Charges/CDD 150 2,475 2,183 2,637 454 17.2% Total Operating Expenses 76,189 84,113 81,098 96,323 15,225 15.8% Net Operating Income 91,583 90,334 91,260 71,911 19,349 26.9% Aeronautical revenues favorable $5.2 million due to a budgeting error relating to seasonality. Non-aeronautical revenues are unfavorable year-to-date by $883K due to underperformance of Public Parking and other Landside-affiliated revenues. Expenses are under budget due to expense project delays and implementation of Expense Savings Plan. Division Summary 2007 2008 2009 2009 Forecast/Budget Figures in $ 000's Actual Actual Forecast Budget Var $ Var % Operating Revenues 347,487 358,329 341,314 360,006 (18,692) -5.2% Expenses Payroll 82,627 89,458 81,072 87,779 6,707 7.6% Outside Services 28,900 31,928 22,264 25,576 3,312 13.0% Utilities 12,603 12,636 13,330 13,571 240 1.8% Other 8,981 15,844 9,131 14,054 4,923 35.0% Total Airport Expenses 133,110 149,865 125,796 140,979 15,183 10.8% Corporate/Capital Development 24,260 30,031 38,105 32,800 (5,305) -16.2% Police 14,253 15,287 14,420 15,743 1,323 8.4% Total Operating Expenses 171,624 195,183 178,321 189,522 11,201 5.9% Net Operating Income 175,864 163,146 162,993 170,484 (7,491) -4.4% Depreciation Expense 101,118 107,349 115,213 115,605 392 0.3% Non-Operating Rev/(Exp) Grants & Donations Revenues 89,692 49,461 63,276 63,276 - 0.0% Passenger Facility Charges 63,114 62,770 57,003 62,525 (5,522) -8.8% Customer Facility Charges 22,570 23,534 22,173 24,573 (2,400) -9.8% Other Non-operating Rev/(Exp) (80,848) (105,378) (116,013) (116,013) - 0.0% Total Non-Operating Rev/(Exp) 94,527 30,386 26,439 34,361 (7,922) -23.1% Total Revenue Over Expense 169,272 86,183 74,219 89,240 (15,021) -16.8% Operating revenues are forecasted to be $9.3 million unfavorable due to decline of parking transactions, rental car activity, and concessions. Operating expenses are forecasted to be $10.2 million favorable due to implementation of the 2009 Expense Savings Plan, offset by a $1.6 million unfavorable variance from Maintenance and Utilities due to more snow and water storms than anticipated. 7 II. AVIATION DIVISION PERFORMANCE REPORT 06/30/09 Aeronautical Business Unit Summary 2008 2009 2009 Forecast/Budget Figures in $000's Actual Forecast Budget Var $ Var % Revenues requirement: Capital Costs 81,535 80,350 80,350 - 0.0% Operating Costs net Non-Aero 131,024 120,754 127,921 7,167 5.6% Total Costs 212,559 201,104 208,271 7,167 3.4% FIS Offset (5,250) (5,550) (5,550) - 0.0% Other Offsets (15,686) (14,398) (14,052) 346 -2.5% Net Revenue Requirement 191,623 181,156 188,670 (7,514) -4.0% Other Aero Revenues 12,738 14,244 14,244 - 0.0% Total Aero Revenues 204,361 195,400 202,913 (7,514) -3.7% Non-passenger Airline Costs 13,039 14,661 14,830 168 1.1% Net Pasenger Airline Costs 191,323 180,738 188,084 7,345 3.9% 2008 2009 2009 Forecast/Budget Actual Forecast Budget Var $ Var % CPE: Capital Costs / Enpl 5.07 5.37 5.09 (0.29) -5.6% Operating Costs / Enpl 8.15 8.07 8.10 0.02 0.3% Offsets (0.98) (0.96) (0.89) 0.07 -8.2% Non-passenger Airline Costs (0.81) (0.98) (0.94) (0.04) 4.4% Passenger Airline CPE 11.89 12.08 11.90 (0.18) -1.5% Operating costs are forecasted to be lower than budgeted due to budget savings from payroll, travel and registration, and outside services. The forecasted increase in passenger airline cost per enplanement (CPE) is higher than budget primarily due to the fixed debt service costs spread out over fewer enplanements. Forecasted aeronautical operating costs per enplanement of $8.07 are less than the budget of $8.10 due to cost cutting measures. 8 II. AVIATION DIVISION PERFORMANCE REPORT 06/30/09 Non-Aero Business Unit Summary 2008 2009 2009 Forecast/Budget Figures in $000's Actual Forecast Budget Var $ Var % Revenues: Public Parking 59,111 51,963 57,377 (5,413) -9.4% Rental Cars 35,592 33,850 35,867 (2,018) -5.6% Concessions 33,181 29,998 32,821 (2,824) -8.6% Other 22,644 21,200 22,224 (1,024) -4.6% Total Revenue 150,528 137,011 148,289 (11,278) -7.6% Operating Expense 61,279 57,284 60,329 3,045 5.0% Share of terminal O&M 16,396 17,183 18,105 921 5.1% Less utility internal billing (13,515) (16,848) (16,848) - 0.0% Net Operating & Maint 64,160 57,620 61,586 3,966 6.4% Net Operating Income 86,367 79,391 86,703 (7,312) -8.4% 2008 2009 2009 Forecast/Budget Actual Forecast Budget Var $ Var % Revenues / Enplanement Parking 3.67 3.47 3.63 (0.16) -4.3% Rental Car 2.21 2.26 2.27 (0.01) -0.3% Concessions 2.06 2.01 2.08 (0.07) -3.5% Other 1.41 1.42 1.41 0.01 0.8% Total Revenue 9.36 9.16 9.39 (0.23) -2.4% Primary Concessions Sales / Enpl 10.29 9.83 10.19 (0.36) -3.5% Public parking revenues are forecasted to continue to decline on a per enplaned passenger basis. Rental car revenues are forecasted to come in lower than budgeted due to weak rental car activity and the pending expiration of contract agreement in Q4, which will reduce minimum monthly payments. Concessions revenues are forecasted lower than budgeted due to decline in enplanements and reduced revenues on Concourses A and D due to airline moves. D. CAPITAL SPENDING RESULTS 2009 2009 2009 Forecast/Budget Plan of Figures in $ 000's YTD Actual Forecast Budget Var $ Var % Finance R/W 16L/34R Reconstruction 16,737 71,737 71,000 (737) -1.0% 82,715 Rental Car Facility 20,639 91,997 40,562 (51,435) -126.8% 119,011 MT 100% Baggage Screening 8,125 11,300 18,000 6,700 37.2% 21,727 Third Runway Projects 5,814 15,208 17,281 2,073 12.0% 47,027 All Other 17,081 63,220 67,900 4,680 6.9% 77,722 Total 68,396 253,462 214,743 (38,719) -18.0% 348,202 Reduced budgeted spending by $94M vs. plan of finance budget (27%) for 2009. Rental Car Facility restarted after over six months of suspension. 2009 Budget had anticipated claims on Baggage Screening project from contractor which Port staff successfully negotiated down. 9 III. SEAPORT DIVISION PERFORMANCE REPORT 06/30/09 FINANCIAL SUMMARY 2008 2009 2009 Forecast/Budget $'s in 000's Actual Forecast Budget Var $ Var % Operating Revenue 85,453 85,851 90,131 (4,280) -5% Environmental Grants 8,833 850 850 0 0% Security Grants 850 2,648 3,955 (1,307) -33% Total Operating Revenues 95,136 89,348 94,935 (5,587) -6% Total Operating Expenses 44,921 48,650 51,928 3,278 6% Net Operating Income 50,215 40,698 43,007 (2,309) -5% NOI Excl Envir Grants/Reserve 47,254 45,365 45,532 (167) 0% Capital Expenditures 88,523 55,925 100,425 44,500 44% Total Seaport revenues were ($3.1) million unfavorable in YTD results primarily due to Security Grant projects commencing later than assumed in budget, lower reimbursement on the Terminal 30 upland dredge disposal due to cost savings on the project, and delayed lease commencement resulting from the Terminal 30 crane cable issue. For the full year, Seaport is forecasting a $5.6 million unfavorable revenue variance due to later start of Security Grant projects, implementation of the Container Terminal Customer Support Package, default of tenant at Terminal 104, and the rent impact of the Terminal 30 crane cable issue. Total Operating Expenses were $10.8 million favorable through June primarily due to timing and due to lower cost of the Terminal 18 Maintenance Dredge and the Terminal 30 Upland Dredge Disposal projects than budgeted. For the full year, Seaport is forecasting a $3.3 million favorable expense variance due to later start of Security Grant projects, implementation of the 2009 Expense Savings Plan and the lower cost of the Terminal 18 Maintenance Dredge and the Terminal 30 Upland Dredge Disposal projects. Amounts are partially offset by unfavorable Environmental Reserve variance. Forecasted Net Operating Income for 2009 is estimated to be ($2.3) million unfavorable to the 2009 Budget and ($9.5) million below 2008 Actual. 2008 Actual included $8.8 million in environmental cleanup grants and lower expenses due to fewer one-time expense projects. 2009 expenses include $2.3 million for the Terminal 30 upland dredge disposal project. Forecasted Net Operating Income Excluding Environmental Grants/Reserve is expected to be ($0.2) million unfavorable to the 2009 Budget. Total capital spending for 2009 is projected at $55.9 million or 56% of the Approved Annual Budget amount of $100.4 million. The reduction in capital spending is the result of deferring projects and lower spending on the T30/T91 Project. A. BUSINESS EVENTS TEU volumes for Seattle Harbor are down 21.7% in 2009 compared to the same period in 2008. Total 2009 YTD volume is 691K TEU's. 2009 full inbound TEU's are down 26.9%, full outbound TEU's are down 18.8%, empty inbound TEU's are down 10.4%, and empty outbound TEU's are down 24.0%. th Maersk and CMA-CGM commenced their weekly service at Terminal18 on June 7 . Grain vessels shipped 2,543K metric tons of grain through Terminal 86 YTD in 2009. Amount represents a 27.4% decrease compared to 2008 YTD. Reduction is partially due to temporary closures of the Terminal 86 facility in 2009 for grain spout upgrades. Market expected to be strong through remainder of 2009. Smith Cove cruise facility opened on schedule for the 2009 cruise season with the first call at the new th terminal on April 24 . Reactivation of Terminal 30 to a container facility is delayed two months until August 2009 due to crane cable issues. In connection with the 2009 Expense Savings Plan, the Seaport Division reduced 2009 Budgeted Operating Expenses by $1.8 million. 10 III. SEAPORT DIVISION PERFORMANCE REPORT 06/30/09 B. KEY INDICATORS CONTAINER VOLUME TEU'S IN 000'S 2,000 1,500 TEU's in 000's 2009 Actual 1,000 2009 Budget 2008 Actual 500 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec GRAIN VOLUME METRIC TONS IN 000'S 8,000 6,000 Metric Tons in 000's 2009 Actual 4,000 2009 Budget 2,000 2008 Actual 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec CRUISE PASSENGERS IN 000'S 1,000 800 # of Passengers in 000's 600 2009 Actual 400 2009 Budget 2008 Actual 200 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec NET OPERATING INCOME BY BUSINESS In $ Thousands 2008 YTD 2009 YTD 2009 YTD 2009 Bud Var Change from 2008 Actual Actual Budget $ % $ % Containers 20,356 19,108 15,722 3,386 22% (1,249) -6% Container Support Props 608 266 648 (382) -59% (342) -56% Cruise 1,536 1,792 562 1,230 219% 255 17% Grain 2,652 2,214 2,089 125 6% (438) -17% Docks/Industrial Props 2,528 2,804 1,721 1,083 63% 275 11% Security 46 (638) (1,025) 386 38% (684) -1488% Envir Grants/Reserve 7,809 389 (1,475) 1,864 -126% (7,420) -95% Total Seaport 35,537 25,934 18,242 7,693 42% (9,602) -27% 11 III. SEAPORT DIVISION PERFORMANCE REPORT 06/30/09 C. OPERATING RESULTS IN THOUSANDS $ In $ Thousands 2008 YTD 2009 Year-to-Date 2009 Bud Var Year-End Projections Actual Actual Budget $ % Budget Forecast Variance Operating Revenue 43,268 43,704 44,597 (894) -2% 90,131 85,851 (4,280) Environmental Grants 7,809 389 213 177 83% 850 850 0 Security Grants 744 129 2,537 (2,409) -95% 3,955 2,648 (1,307) Total Revenue 51,821 44,222 47,347 (3,125) -7% 94,935 89,348 (5,587) Direct Expenses 8,669 11,023 16,101 5,078 32% 27,234 24,174 3,061 Security Expense 564 529 3,307 2,778 84% 5,431 3,657 1,774 Environmental Reserve 0 0 1,688 1,688 100% 3,375 5,517 (2,142) Divisional Allocations 1,157 1,001 1,187 187 16% 2,378 2,275 103 Corporate Allocations 5,893 5,736 6,823 1,087 16% 13,510 13,027 482 Total Expense 16,285 18,287 29,105 10,818 37% 51,928 48,650 3,278 NOI Before Depreciation 35,537 25,934 18,242 7,693 42% 43,007 40,698 (2,309) Depreciation 14,021 13,571 14,810 1,239 8% 30,903 30,749 154 NOI After Depreciation 21,516 12,363 3,432 8,932 260% 12,105 9,950 2,155 NOI Excl Envir Grants/Reserve* 27,727 25,545 19,717 5,828 30% 45,532 45,365 (167) NOTE:* NOI Excl Envir Grants/Reserve is Before Depreciation Total Seaport revenues were ($3,125K) unfavorable to budget. Key variances Containers and Support Properties unfavorable ($1,443K). Containers ($1,441K) unfavorable. Space Rent revenue ($637K) unfavorable due to later lease commencement at Terminal 30 as a result of crane cable issue. Operating Grant Revenue ($688K) unfavorable due to lower reimbursement from King County for Terminal 30 upland disposal of dredge materials ($425K) because the project cost less than anticipated in the budget and due to RFID grant activities commencing later than assumed in budget ($260). Support Properties ($4K) unfavorable due to lower volumes than budgeted at Terminal 18 liquid bulk facility ($13K) partially offset by unanticipated new lease at Terminal 106 $9K. Cruise and Industrial Properties favorable $537K. Cruise $314K favorable primarily due to higher than anticipated passenger volumes, including sailings rerouted from West Coast/Mexico itineraries earlier in the year as well as Savings Rent received in 2009 in excess of 2008 year-end accrual. Bulk Terminals ($120K) unfavorable due to temporary closures of the Terminal 86 grain facility for grain spout upgrades. As of the end of June, facility is fully back on-line and volumes are expected to be strong for the remainder of the year. Dock Operations $264K favorable due to prior year billing adjustment for space leased by American Seafoods $114K, implementation of TWIC related security tariff charges $47K, and higher than anticipated Utility Revenue. Amounts were partially offset by below budget Dockage & Wharfage Revenue ($14K). While activity for fishing vessels and barges at Terminal 91 was favorable to budget, delays in executing new preferential use agreement at Terminal 25, and lower usage for Golden Alaska at Terminal 46 and the closing of the berth at Pier 34 more than offset the favorable variances. Industrial Properties $78K favorable largely due to higher than expected Carnitech percentage rent. Security Grants unfavorable ($2,409K) due to Rounds 6 and 7 grant activities commencing later than planned. Amount more than offset by corresponding favorable expense variance. Expenses were $10,818K favorable to budget. Key variances: Security favorable $2,778K primarily due to Round 6 and 7 grant activities commencing later than planned. Amount is partially offset by corresponding unfavorable revenue variance above. Environmental Reserve $1,688K due to postponement of booking Quarter 2 update until July. Outside Services favorable $3,983K largely due to timing except for the lower than budgeted cost of the Terminal 30 Upland Dredge Disposal project $1,348K, Terminal 18 maintenance dredge project $770K and certain project items that were eliminated or reduced in the 2009 Expense Savings Contingency Plan. 12 III. SEAPORT DIVISION PERFORMANCE REPORT 06/30/09 Miscellaneous Expense favorable $659K due to timing of recognition and classification of expense components of T30/T91 project $525K and Seaport Expense Contingency $150K also favorable due to timing. Bad Debt Expense unfavorable ($403K) primarily due to default of tenant at Terminal 104. Maintenance favorable $251K due to lower cost of or deferral of project work as well as lower overhead allocations. Corporate costs, direct and allocated, favorable $1,232K due to implementation of cost reductions identified in the 2009 Revised Budget ~$252K with the remainder of the variance due to timing. All other variances netted to a favorable $630K or about 2% of Total Expenses Budgeted. NOI Before Depreciation was $7,693K favorable to budget. Depreciation was $1,239K favorable to budget due to delay in booking of assets for new Terminal 91 Cruise facility, 2 month delay of in-service date for Terminal 30 container facility, and later than expected start, and thus completion, of granted funded security capital projects. NOI After Depreciation was $8,932K favorable to budget. FORECAST As of 2nd quarter, Seaport anticipates ending the year $2,309K below budget for NOI Before Depreciation assuming that the year-end Environmental Reserve is consistent with the 2009 forecasted level. Revenue is expected to fall below budget due to implementation of Container Terminal Customer Support Package, default of tenant at Terminal 104 and 2 month later commencement of the Terminal 30 lease than budgeted. Operating expenses are estimated to be favorable by $3,278K due to later start of Security Grant projects, implementation of the 2009 Expense Savings Plan $2,591K and lower than expected cost of the Terminal 18 Maintenance Dredge and Terminal 30 Upland Dredge Disposal projects. Amounts are partially offset by full year unfavorable Environmental Reserve variance. CHANGE FROM 2008 ACTUAL NOI Before Depreciation decreased by ($9,602K) from 2008 with the lion's share of the decrease being the $7,809K in retroactive Environmental Grant revenue received in 2008. The balance of the decrease in NOI reflects higher expenses in 2009 stemming from the Terminal 30 Upland Dredge Disposal and the Terminal 18 Maintenance Dredge projects. D. CAPITAL SPENDING RESULTS---IN THOUSANDS $ IN PROCESS 2009 2009 Variance Estimated Approved EstActs to EstActs as a 2009 Plan SEAPORT DIVISION Actual Budget Budget % of Budget of Finance Container Support Yard 0 28,900 28,900 0% 28,900 Terminal 10 536 4,091 3,555 13% 4,000 Terminal 30/91 Program 29,440 35,774 6,334 82% 46,445 Green Port Initiative 0 2,800 2,800 0% 2,800 Terminal 115 4,026 4,995 969 81% 5,800 All Other 21,923 23,865 1,942 92% 38,740 Total Seaport 55,925 100,425 44,500 56% 126,685 Comments on Key Projects: Through second quarter, Seaport spent 37% of the approved budget. Full year spending is estimated to be 56% of the Approved Budget. 13 III. SEAPORT DIVISION PERFORMANCE REPORT 06/30/09 Projects with significant changes in spending were: Terminal 30/91 Program Estimated spending reduced due to favorable resolution of potential risks at Terminal 91 facility resulting in not using authorized contingencies including amounts set aside for potential building foundation issues. Container Support Yard Acquisition of land for a container support yard has been delayed due to economic conditions. Green Port Initiative After performing a financial evaluation, plans to develop Port owned decant stations have been put on an indefinite hold. Terminal 10 Modification of project scope has pushed out the timing of the project. Changes between the 2009 Plan of Finance and the 2009 Approved Budget represent modifications in 2009 spending estimates made after determination of 2008 actual spending. 14 IV. REAL ESTATE DIVISION PERFORMANCE REPORT 06/30/09 FINANCIAL SUMMARY 2008 2009 2009 Forecast/Budget In $ Thousands Actual Forecast Budget Var $ Var % Operating Revenue 34,875 30,381 30,961 (580) -2% Environmental Grants 1 150 150 0 0% Total Operating Revenue 34,877 30,531 31,111 (580) -2% Total Operating Expense 38,819 33,456 35,391 1,934 5% NOI Before Depreciation (3,943) (2,925) (4,279) 1,354 32% NOI Excl Envir Grants/Reserve (3,340) (1,950) (3,304) 1,354 41% Capital Expenditures 21,196 100,771 105,165 4,394 4% Total Real Estate Division revenues were ($0.05) million unfavorable in the second quarter primarily due higher vacancy than anticipated at Shilshole Bay Marina. For the full year, Real Estate is forecasting a ($0.6) million unfavorable revenue variance due to lower occupancies at Shilshole Bay Marina and the unbudgeted termination or expiration of tenants at other sites. Total Operating Expenses were $3.7 million favorable through the second quarter primarily due to timing and deferrals related to the 2009 Savings Plan. For the full year, Real Estate is forecasting a $1.9 million favorable expense variance due to implementation of the 2009 Expense Savings Plan. Forecasted Net Operating Income for 2009 is estimated to be approximately $1.4 million favorable to the 2009 Budget and $1.0 million above 2008 Actual. 2008 Actuals included the write-off of costs associated with the North Bay project which were partially offset by higher activity at Bell Harbor International Conference Center and higher occupancies for leased properties. Total capital spending for 2009 is projected at $100.8 million or 96% of the Approved Annual Budget amount of $105.2 million. The most significant project in 2009 is the Eastside Rail Corridor. A. BUSINESS EVENTS Occupancy levels at Commercial Properties were at 95% at quarter-end, which is at target for the 2009 Budget and above comparable statistics for the local market. nd Through the 2 quarter, moorage occupancies at Fishermen's Terminal exceeded the 2009 Budget Target. The Maritime Industrial Center, Shilshole Bay Marina, Harbor Island Marina and Bell Harbor Marina all came in slightly below or at 2009 Budget Targets. Scoping meeting held regarding the supplemental EIS for the Burien NERA project. In connection with the 2009 Expense Savings Plan, the Real Estate Division reduced 2009 Budgeted Operating Expenses by $1.4 million, including $0.6 million in Real Estate specific expense projects budgeted in Capital Development. 15 IV. REAL ESTATE DIVISION PERFORMANCE REPORT 06/30/09 B. KEY INDICATORS Shilshole Bay Marina Occupancy 120.0% 100.0% Percent Linear Footage Occupied 80.0% 2009 Actual 60.0% 2009 Budget 40.0% 2008 Actual 20.0% 0.0% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Fishermen's Terminal Moorage Occupancy Commercial Building Net Operating Income By Business In $ Thousands 2008 YTD 2009 YTD 2009 YTD 2009 Bud Var Change from 2008 Actual Actual Budget $ % $ % Recreational Boating 946 1,177 643 533 83% 231 24% Fishing & Commercial (589) (657) (1,204) 547 45% (68) -12% Commercial & Third Party 1,524 1,001 (812) 1,813 223% (523) -34% Eastside Rail 0 (72) (208) 136 65% (72) NA RE Development & Plan 102 (137) (206) 70 34% (238) -234% Environmental Reserve (17) 0 (525) 525 100% 17 -100% Total Real Estate 1,966 1,312 (2,312) 3,624 157% (654) -33% 16 IV. REAL ESTATE DIVISION PERFORMANCE REPORT 06/30/09 C. OPERATING RESULTS IN THOUSAND'S $ 2008 YTD 2009 Year-to-Date 2009 Bud Var Year-End Projections In $ Thousands Actual Actual Budget $ % Budget Forecast Variance Operating Revenue 17,040 15,353 15,361 (8) 0% 30,961 30,381 (580) Environmental Grants 0 0 38 (38) -100% 150 150 0 Total Revenue 17,040 15,353 15,399 (45) 0% 31,111 30,531 (580) Direct Expenses 14,454 13,126 15,898 2,772 17% 31,821 30,599 1,222 Environmental Reserve 0 0 563 563 100% 1,125 1,125 0 Divisional Allocations (1,667) (1,482) (1,753) (271) -15% (3,515) (3,399) (116) Corporate Allocations 2,287 2,397 3,003 606 20% 5,960 5,131 829 Total Expense 15,074 14,041 17,710 3,669 21% 35,391 33,456 1,934 NOI Before Depreciation 1,966 1,312 (2,312) 3,624 157% (4,279) (2,925) 1,354 Depreciation 4,988 4,944 5,264 320 6% 10,528 9,888 (639) NOI After Depreciation (3,022) (3,632) (7,576) 3,944 52% (14,807) (12,813) 1,994 NOI Excl Envir Grants/Reserve* 1,966 1,312 (1,787) 3,099 173% (3,304) (1,950) 1,354 NOTE:* NOI Excl Envir Grants/Reserve is Before Depreciation REVENUES: UNFAVORABLE ($45K) Harbor Services: Unfavorable ($82K) Recreational Boating Unfavorable ($86K) primarily due to slightly higher than budgeted vacancy at SBM. Fishing and Commercial Favorable $5K was in line with budget. Portfolio Management Unfavorable ($49K) Commercial Properties Unfavorable ($19K) due to lower than anticipated concession rent at Pier 66 and tenants vacating their premises at Pier 2 and Tsubota. The lower revenue was partially offset by higher occupancy at T-102 than was anticipated in the budget. Third Party Managed Properties Favorable $95K due to higher than anticipated activity at Bell Harbor International Conference Center partially offset by lower transient and monthly parking revenue at the Bell Street Garage. Eastside Rail Corridor Unfavorable ($125K) due to revenue expectations in the 2009 Budget based on the assumption of acquiring the property prior to 2009. The closing date has been delayed indefinitely. RE Development and Planning: Favorable $108K Terminal 91 General Industrial Favorable $108K due to two tenants not anticipated to remain at T91 in the budget that have continued occupy on a month to month basis $151K. The positive variance is offset by lower than anticipated utility revenue. EXPENSES: FAVORABLE $3,669K. KEY VARIANCES: Environmental Reserve favorable $563K due to postponement in finalizing Environmental Reserve calculation until July. Third Party Management Expense favorable $308K in the due cost savings at Bell Harbor International Conference Center and due to cost savings and lower activity at the World Trade Center Club. Outside Services (excluding Maintenance, Corporate and Capital Development) favorable $734K primarily due to timing including charges from Environmental Services, broker fees and tenant improvement expenses budgeted for the World Trade Center West Building, and Personal & Contracted Services budgeted for the Eastside Rail Corridor. Maintenance expenses favorable $556K primarily due to timing and the deferral of some work in connection with the 2009 Expense Saving Plan. Corporate and Capital Development costs direct and allocated favorable $1,269K primarily due to timing and the cancellation/deferral of projects in connection with the 2009 Expense Savings Plan. All other variances netted to a favorable $239K or less than 2% of Total Expenses Budgeted. 17 IV. REAL ESTATE DIVISION PERFORMANCE REPORT 06/30/09 NOI BEFORE DEPRECIATION was $3,624K favorable to Budget. Depreciation was $320K favorable primarily due to overstatement of Harbor Service's Depreciation in the Budget. NOI AFTER DEPRECIATION was $3,944K favorable to Budget. FORECAST nd As of 2 Quarter, Real Estate anticipates ending the year $1,354K above budget for NOI Before Depreciation assuming that the year-end environmental reserve adjustments are consistent with budget. Revenue is expected to come in below Budget by ($580K) primarily due to lower occupancies at Shilshole Bay Marina and the termination of tenants at other sites. Operating expenses are estimated to be favorable by $1,934K primarily due implementation of the 2009 Expense Savings Plan. NOI After Depreciation is currently estimated to end the year $1,994K favorable to budget. Excluding Environmental Grants and Reserve, NOI Before Depreciation is expected to come in at $1,354K favorable to budget. CHANGE FROM 2008 ACTUAL Net Operating Income Before Depreciation decreased by $654K between the first half of 2008 and first half of 2009. Revenue decreased by $1,687K due to lower activity at Bell Harbor International Conference Center and the Bell Street Garage, partially offset by higher revenues at Shilshole Bay Marina due to construction completion. Expenses decreased by $1,033K in 2009 primarily due to less activity at Bell Harbor International Conference Center and the 2009 Savings Plan, both of which were partially offset by higher expenses at Shilshole Bay Marina related to higher occupancy. D. CAPITAL SPENDING RESULTS---IN THOUSANDS $ 2009 2009 Variance Estimated Approved EstActs to EstActs as a 2009 Plan of REAL ESTATE DIVISION Actual Budget Budget % of Budget Finance Eastside Rail Corridor 96,302 96,302 0 100% 106,955 Small Projects 1,088 1,753 665 62% 1,665 RE Division Green Initiative 0 1,000 1,000 0% 1,000 Pier 69 North Apron Piling Cathodic 0 1,000 1,000 0% 1,060 Tenant Improvements - Capital 346 900 554 38% 800 All Other 3,035 4,210 1,175 72% 4,809 Total Real Estate 100,771 105,165 4,394 96% 116,289 Comments on Key Projects: Through second quarter, the Real Estate Division spent 1% of the approved budget. Full year spending is estimated to be 96% of the Approved Budget. Projects with significant changes in spending were: Eastside Rail Corridor No change in estimated spending, but acquisition deadline deferred to 12/15/09. Small Projects Workload issues due to insufficient staffing have pushed the start of some projects into later in 2009 with completion in 2010 or entirely into 2010. Green Port Initiative Construction of a stormwater improvement project now expected to take place in 2010. Pier 69 North Apron Piling Cathodic System Project pushed back until 2010. Tenant Improvements Capital Projects pushed back until 2010. Changes between the 2009 Plan of Finance and the 2009 Approved Budget represent modifications in 2009 spending estimates made after determination of 2008 actual spending. 18 V. CAPITAL DEVELOPMENT DIVISION PERFORMANCE REPORT 06/30/09 A. BUSINESS EVENTS Commission approved the restart and funding for the Rental Car Facility. The contractor was then given notice to restart construction work. The delay and slowdown of the project had impacted workload and the assigning of Port staff, too. Three additional Infrastructure projects were approved by the Aviation Investment Committee to move forward. During Q1 and Q2, PCS, in conjunction with the Office of Social Responsibility, participated in several round table discussions with small businesses regarding how to do business with the Port of Seattle. PCS preliminary results at the end of Q2 indicate that direct cost (contractor payments, materials & equipment and crew wages) totaled $4.1 Million compared to $5.2 Million in 2008. The PCS SharePoint site was updated to include a monthly featured project that includes construction updates and customer comments. Decrease in revenues has impacted the start of Fisherman's Terminal condition assessment and expense project causing a delay from Q1 to Q2. Uncertainty of Capital projects workload and hiring freeze has resulted in the use of more consultant time in lieu of hiring more cost effective FTEs. This also has negatively impacted the overhead ratio. Unemployment charges due to termination in 2008 that were not anticipated/not budgeted. This variance is expected to continue through year-end. 4 CPO-1 trainings held in Q2. Total of 13 trainings with over 350 attendees. Have scheduled 4 Drafting Evaluation Criteria (for Service Agreements) trainings for Q3. T91 Cruise facility completed successfully. Received first cruise ship in April. th T30 Container Terminal Redevelopment is complete. First vessel call expected August 7 . T86 Grain Terminal completed repairs and replacement of failed spouts. T115 Berth 1 received permits. Will advertise for bids Q3 2009. B. KEY INDICATORS (as applicable) Construction Soft Costs: 19.1% of total capital project costs for period 2004-2009 to date. Goal: no more than 25% of total project costs. Cost Growth on Major Construction for projects completed in Q2 (RE Completion memos issued). Project Non-Discretionary Change Discretionary Change CMP Chiller Expansion Ph. 2 & Boiler 8.5% 0% Expansion Upgrade MT AHU-8 Acoustic Upgrades & 2.9% 0% Miscellaneous HVAC Upgrades Feeder 109/209 & 111/211 Installation and 5.2% 0% Modification Part 2 Goal: no more than 4% discretionary and 4% non-discretionary cost growth. Schedule: Projects on or ahead of schedule 30, Projects delayed 40 (1Q09 CIP Report). Goal: no more than 10% average time growth. 19 V. CAPITAL DEVELOPMENT DIVISION PERFORMANCE REPORT 06/30/09 Small Business Participation: o PCS made WBE payments of 8.1%, SBE payments of 10.4%, MBE payments of 0.8% and DBE payments of 0.3 % for a total 19.6% in Small Business Participation for the first six months of 2009. o SPMG: Small Business Participation Q2 Consultant contracts (not counting sub consultants): Related to Expense 42.46% Related to Capital 2.06% o CPO made WBE payments of 1.8%, SBE payments of 5.9%, MBE payments of 1.8% for a total of 7.9% in Small Business Participation for the first six months of 2009. Goal: 30% of PCS, 8% of major construction Customer Score Card: Not available Goal: average 30 out of possible 35 points. Environmental: Not available Goal: Incorporate EX-15 or LEED in every project initiated in 2009. Safety: 2 injuries YTD Goal: 90 out of 100 on organizational Safety Evaluations; limit annual contractor workplace injury rate to 6 accidents and 2 time-lost accidents. Performance Review Timeliness: 62.5% of PREPs YTD completed within CDD guideline. 82.5% completed within Port guideline (60 days). Goal: 98% of PREPs within 4 weeks of review date. C. FTE SUMMARY [Double click the table to get to the Excel file before inputting] Budget Actual New Approved FTEs in (Eliminate Revised FTEs as FTEs at Current 2009 d) FTEs in Other 2009 of Eliminated Other the End of Vacant Budget 2009 Changes Budget 01/01/09 New Hires FTEs Changes the Qtr FTEs 271.30 2.00 (2.00) 271.30 224.30 4.50 0.00 (7.75) 221.05 48.25 FINANCIAL PERFORMANCE---- IN THOUSANDS $ [REPORTED BY ORG] Explain variances, including explanation of reasons for not direct charging as budgeted 2008 YTD 2009 YTD 2009 Bud Var. Year-End Projections In $ Thousands Actual Actual Budget $ % Budget Revised Forecast Variance AvPMG 431 259 381 122 32.1% 761 721 592 169 PCS 1,204 571 669 99 14.7% 1,449 1,431 1,431 18 ENG 657 533 605 72 11.9% 1,351 1,298 1,290 61 SPMG 491 361 749 387 51.7% 1,400 845 780 620 CPO 531 873 741 (132) -17.9% 1,494 1,636 1,636 (142) CDD Admin - 161 287 126 43.9% 554 294 294 260 Total CDD 3,314 2,758 3,432 674 19.6% 7,010 6,226 6,024 986 20 V. CAPITAL DEVELOPMENT DIVISION PERFORMANCE REPORT 06/30/09 TOTAL VARIANCE = $ 196,003 Budget - YTD YTD Revised Actual Var. Revised YTD Actual Budget $ Var. % AvPMG 258,791 360,918 102,127 28% PCS (1700) 570,584 662,062 91,478 14% ENG 532,952 565,956 33,004 14% SPMG 361,425 403,957 42,532 11% CPO 873,476 796,057 (77,419) -10% CDD Admin 161,268 165,549 4,281 3% TOTAL 2,758,496 2,954,499 196,003 7% Note: CPO negative variance to Approved Budget includes T-18 Crane expense to be reclassed to Seaport, plus FTE expense not originally budgeted to CPO. The FTE expense variance will continue through 2009. CPO negative variance to Revised Budget includes T-18 Crane expense to be reclassed to Seaport. EXPLANATION OF MAJOR VARIANCE [Double click the table to get to the Excel file before inputting] Account Description YTD Rev YTD Rev Explanation Var. $ Var % Sal & Benefits (Exp) 1,510,528 11.4% Combination of use of consultants due to unfilled staff positions, delayed work, less capital work than budgeted. Equipment Expense 254,035 75.9% Delay in software, computer and filing system acquisitions, plus less vehicle expense than planned. Supplies & Stock 74,795 44.4% Reduced and/or delayed general and emergency supplies. Outside Services 819,807 53.7% Some consultants have been released or delayed or not used as originally budgeted. $85K T-18 Crane demolition to be reclassed to Seaport Travel & Other Employee 96,000 72.4% Timing difference between budget planned and actual Expense spending. Telecommunications 40,960 41.2% ICT backlog on charges Worker's Comp (3,102) (28.20%) Over budget due to injury General expense (121,873) (43.3%) Higher expense project OH allocation and Inter-dept allocation than budgeted due to unfilled positions, fewer consultants and fewer small works projects. Internal Dept transfers (7,147) (119.7%) Primarily CPO-1 manuals not budgeted. Charges to Cap Projects (2,471,062) (18.9%) Amount charged to Capital projects less than budgeted. TOTAL 199,145 21 VI. CORPORATE PROF. & TECHNICAL SERVICES PERFORMANCE REPORT 6/30/09 A. BUSINESS EVENTS Joint Port of Seattle and Port of Tacoma Commission strategies: Commission meeting to recommend transportation infrastructure priorities for road & rail projects/policies. Attended the West Coast Port Executive's meetings in California and Washington, DC. Implemented the $16.5 million Port-wide Expense Savings Plan. Began the Modified Zero-Base Budgeting process for 2010 budget. The Port was awarded the "Certificate of Achievement for Excellence in Financial Reporting" and "Distinguished Budget Presentation" from the Government Finance Officers Association (GFOA) of the United States and Canada. Planned and managed media day at the new Smith Cove Cruise Terminal. Strong coverage gained on local radio, print media and in trade publications. Program included University of Washington students learning about the economic impacts of Seattle's cruise industry. Tours of the facility and a Holland America ship followed the program. HR&D staff produced initial and updated Emergency Furlough Program FAQ documents for posting on the intranet and served as focal point for questions from employees and managers alike. Completed several important ICT projects and initiatives: Aviation Dashboard, Internal Control Software, Microsoft Office 2007 Upgrade, Common Use Terminal Replacement and IP Telephony. The Police Department has applied for stimulus funded grants to help address the funding challenges being faced by the department. B. KEY INDICATORS Occupational injury rate decreased from 6.06 in the second quarter of 2008 to 4.70 in the second quarter of 2009. This is a new Port record for the lowest injury rate in history of the Port. 93% employee completion rate of the health assessment. Approximately 43 individual job evaluations have been finalized in the first half of 2009. 91 employment requisitions were opened and processed 4,101 applications. Provided a timely, accurate, and improved Quarterly Financial Performance Report to the Commission and Executive Team. Created a new monthly Financial and Operational Indicators Report to the Commission and Executive Team. Rental car funding has an estimated opening CFC rate below the target rate of $6.50. Garnered local and national coverage for the Port's decision to donate unused dog food to local shelters and Northwest Harvest. Parlayed story into positive coverage of the new baggage handling system. Sea-Air School Seaport and Airport Programs reached 5,969 students, teachers and parents. Participants came from 28 cities and 73 schools. The Port and King County are involved in study of cruise-ship waste disposal with the opening of the new cruise terminal. Completed and presented the following audits to the Audit Committee: o Bell Harbor International Conference Center/Columbia Hospitality o Anton Air Food o World Trade Center West Management/Wright Runstad o Louis Dreyfus o Seaport Security Department o World Trade Center Seattle Management/Columbia Hospitality Police Department Indicators: January June CFS's (Calls for Service) 30,711 January June Arrests No Warrant 426 January June Arrests Warrant 296 22 VI. CORPORATE PROF. & TECHNICAL SERVICES PERFORMANCE REPORT 6/30/09 C. OPERATING RESULTS---- NET OPERATING EXPENSE (in THOUSANDS $) [REPORTED BY ORG] 2008 YTD 2009 YTD 2009 Bud Var. Year-End Projections In $ Thousands Actual Actual Budget $ % Budget Revised Forecast Variance Total Revenues 313 514 724 (210) -29.0% 1,470 1,470 1,417 (53) Executive 876 715 803 89 11.0% 1,540 1,449 1,449 92 Commission 477 422 472 50 10.6% 867 844 844 22 Legal 1,230 975 1,372 397 28.9% 2,703 2,638 2,637 67 Risk Services 1,413 1,253 1,430 177 12.4% 2,861 2,838 2,833 28 Health & Safety Services 525 468 503 35 6.9% 985 947 947 38 Public Affairs 1,815 1,587 2,240 653 29.2% 4,270 3,565 3,565 705 External Affairs 518 612 654 42 6.4% 1,347 1,249 1,229 118 Economic & Trade Development 559 660 1,072 412 38.4% 2,099 1,638 1,638 462 Human Resources & Development 1,927 1,740 2,114 374 17.7% 4,165 3,926 3,926 238 Labor Relations 313 319 362 42 11.7% 731 689 593 138 Information & Communications Technology 5,407 7,722 9,860 2,138 21.7% 19,658 18,404 18,404 1,253 Finance & Budget 781 719 889 170 19.1% 1,719 1,645 1,482 236 Accounting & Financial Reporting Services 2,956 2,928 3,328 400 12.0% 6,541 6,352 6,331 210 Internal Audit 318 460 575 115 20.0% 1,211 1,164 1,073 138 Office of Social Responsibility 341 531 842 311 37.0% 1,647 1,401 1,397 249 Regional Transportation 176 208 251 43 17.2% 498 461 461 37 Police 9,149 8,299 10,186 1,887 18.5% 19,979 18,379 18,312 1,666 Contingency 1,371 313 375 62 16.5% 750 750 750 - Total Expenses 30,154 29,930 37,327 7,397 19.8% 73,572 68,338 67,873 5,699 Corporate Professional and Technical Services performance for the first six months of 2009 was $7.4 million or 19.8% favorable compared to the approved budget and $224 thousand or 0.7% lower than the same period a year ago. The $7.4 million favorable variance is due primarily to timing of the spending and implementation of the 2009 Expense Savings Plan. There aren't any major variances to report on since all departments are favorable. Year-end spending is projected to be $67.9 million, which is $5.7 million below the approved budget. D. CAPITAL SPENDING RESULTS ($ Millions) Annual Results: 2009 Plan of Finance $ 12.8 2009 Approved Budget $ 15.9 2009 Estimated/Actuals $ 14.9 Variance (Budget vs Estimated/Actuals) $ 1.0 23
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