7b Report
ITEM NO.: 7b_Report DATE OF MEETING: May 11, 2010 Q 1 PERFORMANCE REPORT AS OF MARCH 31, 2010 TABLE OF CONTENTS Page I. Portwide Performance Report 4-5 II. Aviation Division Report 6-10 III. Seaport Division Report 11-14 IV. Real Estate Division Report 15-18 V. Capital Development Division Report 19-20 VI. Corporate Professional & Technical Services 21-23 2 I. PORTWIDE PERFORMANCE REPORT 03/31/10 INCOME STATEMENT Report: Income Statement As of Date: 2010-03-31 2009 2010 2010 2010 Var $ 2010 Var 2010 % of Annual 2010 Var YTD YTD YTD Bud vs. % Bud Annual Bud % Act vs. Dollars in thousands Actual Actual Budget Act vs. Act Budget 2009 Revenues: Aviation 84,221 82,101 85,553 (3,452) -4.0% 354,299 23.2% -2.5% Seaport 21,616 20,505 20,228 277 1.4% 92,544 22.2% -5.1% Real Estate 7,088 6,844 6,840 3 0.0% 29,923 22.9% -3.4% Corporate 125 95 5 91 2013.1% 18 528.3% -24.2% Total Revenues 113,051 109,545 112,626 (3,081) -2.7% 476,784 23.0% -3.1% Operating & Maintenance: Aviation 29,897 27,263 32,400 5,137 15.9% 129,310 21.1% -8.8% Seaport 5,487 2,770 5,103 2,333 45.7% 22,466 12.3% -49.5% Real Estate 6,662 6,590 7,582 992 13.1% 31,629 20.8% -1.1% Capital Development 1,544 1,561 1,876 315 16.8% 7,466 20.9% 1.1% Corporate 14,385 14,629 18,496 3,867 20.9% 71,958 20.3% 1.7% Total O&M before Depreciation 57,976 52,813 65,457 12,644 19.3% 262,829 20.1% -8.9% Operating Income Before Depreciation 55,075 56,731 47,169 9,562 20.3% 213,955 26.5% 3.0% Depreciation 37,469 40,189 39,557 (632) -1.6% 158,575 25.3% 7.3% Total O&M and Depreciation 95,445 93,002 105,014 12,012 11.4% 421,404 22.1% -2.6% Operating Income after Depreciation 17,606 16,542 7,612 8,931 117.3% 55,380 29.9% -6.0% IMPORTANT NOTE: We reclassified $2.2 million operating grant revenues and $20.0 million environmental expenses from operating accounts to non-operating accounts after the 2010 budget was finalized. The numbers shown in the "Budget" columns hereinafter reflect all the changes after the account reclassifications. 3 I. PORTWIDE PERFORMANCE REPORT 03/31/10 EXECUTIVE SUMMARY The first quarter Port of Seattle's overall operating revenues were $109.5 million, $3.1 million or 2.7% below the budget. Total operating expenses were $52.8 million, $12.6 million below budget. Operating income before depreciation was $56.7 million, $9.6 million above the budget. Operating income after depreciation is $16.5 million, 8.9 million or 117.3% above the budget. Port-wide Capital spending was $43.5 million for the first quarter and is forecasted to be $284.7 million for the year, $22.1 million below the budgeted $306.8 million. Aviation Division's revenues were $82.1 million, $3.5 million or 4.0% below budget. Aeronautical revenues were $3.4 million unfavorable and non-aeronautical revenues were $101K below budget mainly due to higher revenues from Rental Cars and Concessions, partially offset by lower revenue from Public Parking. Total operating expenses were $40.8 million, $8.0 million or 17.1% under budget due to delays in contract spending. Aviation is forecasting a shortfall of $5.0 million in non-airline revenues primarily due to Public Parking and $1.0 million in aeronautical revenues at the end of the year. Operating expense is forecasted to be $ 307K favorable. Total capital expenditures for 2010 are projected at $231.7 million or 93.6% of the approved annual budget amount of $247.5 million. Seaport Division revenues were $20.6 million, $305K or 2.0% favorable year-to-date primarily due to higher crane rent and grain volumes. For the full year 2010, Seaport is forecasting a $928K favorable revenue variance due higher crane rent and higher grain volumes than budgeted. Total operating expenses were $7.2 million, $3.1 million or 30.0% favorable through March primarily due to timing differences. For the full year, Seaport is forecasting a $667K unfavorable expense variance due to unbudgeted T-18 fender pile repairs and two barge layberth projects delayed to 2010 from the fourth quarter of 2009. Net operating income for 2010 is estimated to be $261K favorable to the 2010 budget and $540K below 2009 Actual. 2009 Actual expenses were lower due to impact of reversal of prior year Other Post Employment Benefit (OPEB) accruals. Total capital spending for 2010 is projected to be $30.8 million or 100% of the approved annual budget. Real Estate Division revenues were $6.8 million, $25K or less than 1% unfavorable to budget year-to-date due to lower than budgeted activity at Bell Harbor International Conference Center largely offset by favorable revenue variance for Commercial Properties and the Harbor Services Group. For the full year, Real Estate is forecasting revenue to meet budget. Operating expenses were $6.6 million, $1.4 million or 18% below budget primarily due to timing. For the full year, Real Estate is forecasting operating expenses to be on budget. Net operating income for 2010 is estimated to be approximately on budget for the year and $3.7 million below 2009 Actual. Capital spending for 2010 is currently estimated to be $10.2 million or 87% of the approved annual budget amount of $11.8 million. Capital Development Division total expenses (including charges to capital projects) were $6.2 million, $2.3 million or 27.3% below budget mainly due to some unfilled staff positions and delay of some project spending. Operating expenses were $1.6 million, $315K or 16.8% favorable in the first quarter. The division is forecasting a $47K favorable variance at the end of the year. 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 three months of 2010 was $14.6 million, $3.9 million or 20.9% favorable compared to budget and $244K or 1.7% higher than the same period a year ago. The $3.9 million favorable variance is due primarily to timing differences between when the items are paid and when budgeted and not necessarily cost savings. All departments were under budget in the first quarter. Year-end spending is projected to be $93K under budget. 4 I. PORTWIDE PERFORMANCE REPORT 03/31/10 KEY PERFORMANCE INDICATORS 2009 YTD 2010 YTD 2009 2010 2010 Forecast/Budget Actual Actual Actual Forecast Budget Var. Var. % Enplanements (in 000's) 3,377 3,355 15,610 15,361 15,361 - 0.0% Landed Weight (tons in 000's) 4,789 4,387 20,388 19,890 20,364 (474) -2.3% Passenger CPE 10.92 10.92 10.91 12.74 12.67 0.07 0.6% Container Volume (TEU's in 000's) 448 332 1,585 1,648 1,600 48 3.0% Grain Volume (tons in 000's) 1,450 1,679 5,512 5,265 5,000 265 5.3% Cruise Passenger (in 000's) - - 875 849 849 - 0.0% Shilshole Bay Marina Occupancy 94.5% 92.9% 95.5% 94.0% 94.6% -0.6% -0.6% Fishermen's Terminal Occupancy 85.5% 93.8% 80.6% 81.0% 78.5% 2.5% 3.2% CAPITAL SPENDING RESULTS 2010 2010 Budget Plan of Division Est. Actual Budget Variance Finance ($ in millions) Aviation 231.7 247.6 15.9 275.8 Seaport 30.8 30.8 (0.0) 30.6 Real Estate 10.2 11.8 1.6 12.1 Corporate 12.0 16.7 4.7 10.5 Total 284.7 306.8 22.1 329.1 PORTWIDE INVESTMENT PORTFOLIO The investment portfolio for the first quarter of 2010 earned 2.38% against our benchmark (The Bank of America Merrill Lynch 3-year Treasury/Agency Index) of 1.07%. For the past twelve months the portfolio has earned 2.53% against the benchmark of 1.12%. Since the Port became its own Treasurer in 2002, the Port's portfolio life-to-date has earned 3.57% against our benchmark of 2.83%. 5 II. AVIATION DIVISION PERFORMANCE REPORT 03/31/10 FINANCIAL SUMMARY 2008 2009 2010 2010 Actual/Budget Figures in $ 000s Actual Actual Forecast Budget Var $ Var % Operating Revenues Aeronautical 204,361 182,534 210,393 211,392 (999) -0.5% Non-Aeronautical 150,528 137,348 130,091 135,128 (5,037) -3.7% Other 3,440 8,359 8,803 8,803 - 0.0% Operating Revenues 358,329 328,241 349,288 355,324 (6,036) -1.7% Operating Expenses 192,641 175,482 182,371 182,677 307 0.2% Environmental Reserve 2,542 1,991 2,971 2,971 - 0.0% VSP, HR10 & Unemployment - 1,196 - - - n/a OPEB Reversal - (4,016) - - - n/a Total Operating Expenses 195,183 174,654 185,341 185,648 307 0.2% Net Operating Income 163,146 153,587 163,946 169,676 (5,730) -3.4% Capital Expenditures 209,813 191,479 231,718 247,567 15,849 6.4% We forecast a shortfall of $5 million in non-airline revenues as Public Parking transactions continue to underperform versus budget and $1.0 million in aeronautical revenues. Operating expense is forecasted to be $307K favorable due to savings in utilities commodity costs. Total capital expenditures for 2010 are projected at $231.7 million. A. BUSINESS EVENTS Concessions Tenant Relief Plan ended in March with Freshens and Seattle's Best Coffee closing on Concourse D. Aeromexico ceased seasonal operations indefinitely. Held airline customer meetings with Singapore Airlines and Cathay Pacific Airlines. B. KEY INDICATORS 2009 2010 % 2009 2010 % Figures in 000s Q1 Q1 Variance Actual Forecast Variance Enplanements 3,377 3,355 -0.7% 15,610 15,361 -1.6% Landed Weight 4,789 4,387 -8.4% 20,388 19,890 -2.4% Enplanements vs. Prior Year Landed Weight vs. Prior Year 5% 0% Growth Rate 2.42% -2% -4% -0.79% -6.73% 0% -6% -7.89% -3.08% Growth Rate -8% -10.33% -10% -5% -12% Jan Feb Mar Jan Feb Mar YTD landed weight is down 6.8% when excluding 2009 cargo diversions from Mt. Redoubt volcanic activity. Enplanements are forecasted to decrease 1.6% from the 2009 actual. 6 II. AVIATION DIVISION PERFORMANCE REPORT 03/31/10 2008 2009 2010 2010 Actual/Budget Figures in $ 000s Actual Actual Forecast Budget Var $ Var % Non-Aero NOI ($ in 000s) 86,474 81,159 70,057 75,121 (5,064) -6.7% Passenger Airline CPE 11.89 10.92 12.74 12.67 (0.07) -0.5% Total Operating Cost / Enpl 12.13 11.19 12.07 12.09 0.02 0.2% Debt Service Coverage 1.40 1.41 1.30 1.36 (0.05) -3.8% We forecast CPE to come in higher than both the budget and the 2009 actual, primarily due to recent changes to classification of TSA grant revenue as non-operating revenue, and ramp tower fees now classified as airline-related costs. C. OPERATING RESULTS Year-to-date Revenue and Expense 2008 YTD 2009 YTD 2010 YTD 2010 YTD Actual/Budget Figures in $ 000s Actual Actual Actual Budget Var $ Var % Revenues Aeronautical 47,098 48,155 49,178 52,570 (3,392) -6.5% Non-Aeronautical 36,584 33,938 30,794 30,895 (101) -0.3% Other 2,178 2,128 2,128 2,088 40 1.9% Total Revenues 85,860 84,221 82,100 85,553 (3,453) -4.0% Expenses Salaries & Benefits 18,817 19,991 18,351 18,843 493 2.6% Outside Services 4,104 3,951 3,579 5,944 2,364 39.8% Utilities 3,364 4,047 2,938 3,668 730 19.9% Supplies & Stock 1,122 1,252 864 985 121 12.3% Other 1,437 655 1,531 2,960 1,428 48.3% Total Airport Expenses 28,844 29,897 27,263 32,400 5,137 15.9% Corporate 6,026 6,846 6,889 8,842 1,952 22.1% Police Costs 3,637 3,048 3,194 3,919 725 18.5% Other Charges/CDD - 1,066 1,387 1,559 172 11.0% Total Operating Expenses (excl. Env Res) 38,507 40,858 38,734 46,721 7,987 17.1% Environmental Reserve - - - - - n/a Total Operating Expenses 38,507 40,858 38,734 46,721 7,987 17.1% Net Operating Income 47,353 43,363 43,366 38,833 4,533 11.7% Non-aeronautical revenues are favorable due to strong YTD concessions sales per enplaned passenger and rental cars. Expenses are under budget due to delays in contract spending. 7 II. AVIATION DIVISION PERFORMANCE REPORT 03/31/10 Division Summary 2008 2009 2010 2010 Actual/Budget Figures in $ 000s Actual Actual Forecast Budget Var $ Var % Aeronatical Revenues 204,361 182,534 210,393 211,392 (999) -0.5% Non-Aeronautical Revenues 150,528 137,348 130,091 135,128 (5,037) -3.7% Other Revenues 3,440 8,359 8,803 8,803 - 0.0% Total Operating Revenues 358,329 328,241 349,288 355,324 (6,036) -1.7% Operating Expenses Payroll 89,458 80,804 78,452 78,141 (311) -0.4% Outside Services 31,928 21,509 23,596 23,781 185 0.8% Utilities 12,636 13,209 12,055 12,762 707 5.5% VSP, HR10 & Unemployment Savings - 1,196 - - - n/a OPEB Reversal - (4,016) - - - n/a Environmental Reserve 2,542 1,991 2,971 2,971 - 0.0% Other Expenses 13,301 8,183 11,930 11,656 (274) -2.3% Baseline Airport Expenses 149,865 122,877 129,003 129,310 307 0.2% Corporate/Capital Development 30,031 37,316 41,168 41,168 - 0.0% Police 15,287 14,461 15,170 15,170 - 0.0% Total Operating Expenses 195,183 174,654 185,341 185,648 307 0.2% Net Operating Income 163,146 153,587 163,946 169,676 (5,730) -3.4% Depreciation Expense 107,349 117,370 116,933 116,933 - 0.0% Non-Operating Rev/(Exp) Grants & Donations Revenues 49,461 74,323 37,208 37,208 - 0.0% Passenger Facility Charges 62,770 61,234 61,273 61,273 - 0.0% Customer Facility Charges 23,534 21,866 22,475 22,475 - 0.0% Other Non-operating Rev/(Exp) (105,378) (111,304) (130,586) (130,586) - 0.0% Total Non-Operating Rev/(Exp) 30,386 46,120 (9,629) (9,629) - 0.0% Total Revenue Over Expense 86,183 82,337 37,384 43,114 (5,730) -13.3% Operating revenues are forecasted to be $6 million unfavorable due to decline of parking transactions and slightly lower revenue requirements for Air Terminal operations. Operating expenses are forecasted to be $307K favorable due to favorable winter weather and increased recycling by airlines, resulting in reduced projected utilities commodity costs. Potential major planning projects regarding Sound Transit Link Light Rail extension and Terminal Development studies may negatively impact operating expenses for the rest of the year. 8 II. AVIATION DIVISION PERFORMANCE REPORT 03/31/10 Aeronautical Business Unit Summary 2008 2009 2010 2010 Actual/Budget Figures in $000s Actual Actual Forecast Budget Var $ Var % Revenues requirement: Capital Costs 81,535 71,872 92,610 92,610 - 0.0% Operating Costs net Non-Aero 131,024 118,482 125,369 125,604 (235) -0.2% Total Costs 212,559 190,355 217,979 218,214 (235) -0.1% FIS Offset (5,250) (5,250) (7,000) (7,000) - 0.0% Other Offsets (15,686) (16,441) (15,062) (15,062) - 0.0% Net Revenue Requirement 191,623 168,663 195,917 196,152 (235) -0.1% Other Aero Revenues 12,738 13,871 14,476 15,240 (764) -5.0% Total Aero Revenues 204,361 182,534 210,394 211,393 (999) -0.5% Less: Non-passenger Airline Costs 13,039 12,074 14,694 16,752 2,058 12.3% Net Passenger Airline Costs 191,323 170,460 195,700 194,641 1,059 0.5% 2008 2009 2010 2010 Actual/Budget Actual Actual Forecast Budget Var $ Var % Cost Per Enplanement: Capital Costs / Enpl 5.07 4.60 6.03 6.03 - 0.0% Operating Costs / Enpl 8.15 7.59 8.16 8.18 (0.02) -0.2% Offsets (1.30) (1.39) (1.44) (1.44) - 0.0% Other Aero Revenues 0.79 0.89 0.94 0.99 (0.05) -5.6% Non-passenger Airline Costs (0.81) (0.77) (0.96) (1.09) 0.13 -17.3% Passenger Airline CPE 11.89 10.92 12.74 12.67 0.07 0.6% Operating costs are forecasted to be lower than budgeted due to budget savings from utilities commodity costs. Forecasted passenger airline cost per enplanement (CPE) of $12.74 is higher than budget primarily due to a change in calculating CPE late in 2009 which now excludes fees collected for the Ramp Tower. 9 II. AVIATION DIVISION PERFORMANCE REPORT 03/31/10 Non-Aero Business Unit Summary 2008 2009 2010 2010 Actual/Budget Figures in $000s Actual Actual Forecast Budget Var $ Var % Revenues: Public Parking 59,111 49,688 46,734 51,812 (5,078) -9.8% Rental Cars 35,592 33,321 31,014 31,014 - 0.0% Concessions 33,181 33,482 30,288 29,953 335 1.1% Other 22,644 20,858 22,055 22,350 (294) -1.3% Total Revenues 150,528 137,348 130,091 135,128 (5,037) -3.7% Operating Expense 61,279 55,916 57,448 57,422 (27) 0.0% Share of terminal O&M 16,396 17,011 17,052 17,052 - 0.0% Less utility internal billing (13,515) (16,738) (14,466) (14,466) - 0.0% Net Operating & Maint 64,160 56,189 60,034 60,008 (27) 0.0% Net Operating Income 86,367 81,159 70,057 75,121 (5,064) -6.7% 2008 2009 2010 2010 Actual/Budget Actual Actual Forecast Budget Var $ Var % Revenues Per Enplanement Parking 3.67 3.18 3.04 3.37 (0.33) -9.8% Rental Car 2.21 2.13 2.02 2.02 0.00 0.0% Concessions 2.06 2.14 1.97 1.95 0.02 1.1% Other 1.41 1.34 1.44 1.45 (0.02) -1.3% Total Revenues 9.36 8.80 8.47 8.80 (0.33) -3.7% Primary Concessions Sales / Enpl 10.29 9.66 9.78 9.78 0.00 0.0% Public parking revenues are forecasted to underperform due to decline in transactions by 12.6% over prior year. Concessions revenues are forecasted higher than budgeted due to recent gains in sales per enplanement ($10.06 in February). D. CAPITAL SPENDING RESULTS 2010 2010 Forecast/Budget 2010 Plan of Figures in $ 000s YTD Actual Forecast Budget Var $ Var % Finance Rental Car Facility 29,467 165,352 174,699 9,347 5.4% 157,818 Third Runway Projects (1) 256 5,886 7,714 1,828 23.7% 5,549 North Expressway Relocation (912) 5,639 5,600 (39) -0.7% 13,000 RW 16C-34C Panel Replacement (2) 47 3,447 5,450 2,003 36.8% 0 Aircraft RON Parking USPS Site 4,985 5,235 5,210 (25) -0.5% 5,100 3rd R/W Overflights Acq (ATZ) 378 3,901 4,000 99 2.5% 2,138 Cent Plant Preconditioned Air (3) 456 1,806 3,500 1,694 48.4% 10,500 All Other 4,472 40,452 41,394 942 2.3% 81,727 Total 39,149 231,718 247,567 15,849 6.4% 275,832 Reduced budgeted spending by $44 million vs. plan of finance budget (16%) for 2010. Pond M of Third Runway project will not be completed in 2010. Runway 16C/34C panel replacement bids came in significantly under engineer's estimate. Scope changes of Preconditioned Air project extended design schedule. 10 III. SEAPORT DIVISION PERFORMANCE REPORT 03/31/10 FINANCIAL SUMMARY 2009 2010 2010 Forecast/Budget $'s in 000's Actual Forecast Budget Var $ Var % Operating Revenue 89,844 91,062 90,134 928 1% Security Grants 847 2,535 2,535 0 0% Total Revenues 90,691 93,597 92,669 928 1% Total Operating Expenses 40,545 43,991 43,324 (667) -2% Net Operating Income 50,145 49,606 49,345 261 1% Capital Expenditures 44,677 30,768 30,784 16 0% Total Seaport revenues were $305K favorable in YTD results primarily due to higher crane rent and grain volumes. For the full year 2010, Seaport is forecasting a $928K favorable revenue variance due higher crane rent and higher grain volumes than budgeted. Total Operating Expenses were $3.148 million favorable through March primarily due to timing differences. For the full year, Seaport is forecasting a ($667K) unfavorable expense variance due to unbudgeted T-18 fender pile repairs and two barge layberth projects delayed to 2010 from the fourth quarter of 2009. Forecasted Net Operating Income for 2010 is estimated to be $261K favorable to the 2010 Budget and ($540K) below 2009 Actual. 2009 Actual expenses were lower due to impact of reversal of prior year Other Post Employment Benefit (OPEB) accruals on Corporate Allocations. st As of the end of the 1 Quarter, total capital spending for 2010 is projected to be $30.8 million or 100% of the Approved Annual Budget. A. BUSINESS EVENTS TEU volumes for Seattle Harbor are up 35.2% as of March 31, 2010 compared to YTD 2009 levels. Total YTD 2010 volume is 448K TEU's. Consolidated West Coast Port results for 2010 show an overall increase in TEU volume of 10.4% compared to volumes in 2009. YTD YTD TEU Volume (in 000's) 2010 2009 % change Long Beach 1,265 1,091 15.9% Los Angeles 1,649 1,527 7.9% Oakland 500 460 8.7% Portland 39 49 -19.5% Prince Rupert 77 41 87.3% Seattle 448 332 35.2% Tacoma 324 379 -14.7% Vancouver 525 492 6.8% West Coast - Total: 4,826 4,371 10.4% Grain vessels shipped 1,450K metric tons of grain through Terminal 86 YTD 2010. Amount represents a 13.7% decrease compared to YTD 2009 volumes. Though lower than 2009 volume, 2010 volume is 22% over 2010 budgeted volume. The 2010 cruise season will not commence until April. The current season anticipates 223 sailings and 850,000 passengers, including a new Carnival Cruise Line home port vessel. Implementation of the Northwest Ports Clean Air Strategy continues: At-Berth Clean Fuels Vessel Incentive Program (ABC Program), 76 participating calls were made in the first quarter representing a threefold increase over the same period in 2009. Under the Scrappage and Retrofits for Air in Puget Sound program (ScRAPS Program) 144 pre-1994 drayage trucks have been taken off the road since the inception of the program. 11 III. SEAPORT DIVISION PERFORMANCE REPORT 03/31/10 B. KEY INDICATORS Container Volume TEU's in 000's Grain Volume Metric Tons in 000's Cruise Passengers in 000's Net Operating Income Before Depreciation By Business In $ Thousands 2009 YTD 2010 YTD 2010 YTD 2010 Bud Var Change from 2009 Actual Actual Budget $ % $ % Containers 9,258 11,758 9,833 1,925 20% 2,500 27% Container Support Props 389 262 266 (3) -1% (126) -32% Cruise (645) (910) (1,302) 392 30% (265) -41% Grain 1,541 1,332 1,029 304 30% (208) -14% Docks/Industrial Props 1,502 1,227 451 776 172% (275) -18% Security (270) (332) (392) 60 15% (62) -23% Envir Grants/Reserve 0 0 0 0 NA 0 NA Total Seaport 11,774 13,338 9,885 3,453 35% 1,564 13% 12 III. SEAPORT DIVISION PERFORMANCE REPORT 03/31/10 C. OPERATING RESULTS In $ Thousands 2009 YTD 2010 Year-to-Date 2010 Bud Var Year-End Projections Actual Actual Budget $ % Budget Forecast Variance Operating Revenue 21,577 20,557 19,417 1,139 6% 90,134 91,062 928 Security Grants 152 8 842 (834) -99% 2,535 2,535 0 Total Revenue 21,730 20,565 20,259 305 2% 92,669 93,597 928 Direct Expenses 6,360 3,578 5,034 1,456 29% 21,631 22,298 (667) Security Expense 300 229 1,135 906 80% 3,756 3,756 0 Environmental Reserve 0 0 0 0 NA 1,500 1,500 0 Divisional Allocations 548 573 616 43 7% 2,575 2,575 0 Corporate Allocations 2,747 2,846 3,590 743 21% 13,862 13,862 0 Total Expense 9,956 7,227 10,375 3,148 30% 43,324 43,991 (667) NOI Before Depreciation 11,774 13,338 9,885 3,453 35% 49,345 49,606 261 Depreciation 6,749 7,748 7,907 159 2% 31,974 31,974 0 NOI After Depreciation 5,025 5,590 1,978 3,612 183% 17,370 17,631 261 Total Seaport revenues were $305K favorable to budget. Key variances are as follows: Containers and Support Properties - favorable $623K Containers $675K favorable. Crane Rent Revenue $541K favorable due to higher volumes and related crane usage at Terminal 5 and Terminal 18. Intermodal Revenue $65K favorable due to higher Terminal 5 intermodal volumes. Space Rent $59K favorable primarily due to less impact of Terminal 46 land sale to WSDOT than assumed in budget. Support Properties ($52K) unfavorable due to lower volumes than budgeted at Terminal 18 liquid bulk facility. Cruise and Industrial Properties - favorable $517K Cruise $42K favorable primarily due to Pier 66 utility revenue and maintenance reimburseable work not anticipated in budget. Bulk Terminals $266K favorable. Terminal 86 grain volume exceeded budget by 22%. Docks ($85K) unfavorable primarily due to lower than budgeted berth and related utility usage by preferential use customers and tariff use customers. Industrial Properties $293K favorable due to earlier receipt of Carnitech percentage rent than budgeted and higher base rents associated with City Ice and Seafreeze leases which were amended after completion of the budget. Security Grants - unfavorable ($834K) Security Grants ($834K) unfavorable due to Rounds 6 and 7 grant activities commencing later than planned. Amount more than offset by corresponding favorable expense variance. Expenses were $3,148K favorable to budget. Key variances: Security Expenses favorable $906K due to Rounds 6 and 7 grant activities commencing later than planned. Amount largely offset by corresponding favorable revenue variance. Seaport Salaries and Benefits direct charged to Seaport favorable $161K due to elimination of the SPT&S Director's position, open positions in Environmental Services and due to timing associated with the way salary increases are reflected in the Budget. For Budget purposes, salary increases are averaged over the 12 months in the year rather than being reflected in the actual month of the increase going forward. Advertising expense, Promotional Hosting and Trade Business and Community favorable $187K due to timing. Outside Services (excluding Corporate and Security Grants) were favorable $846K largely due to delay in timing of 2010 projects and programs as compared to the timing assumed in the Budget. Projects and programs with later actual timing or payments include Environmental Services' storm water and air programs $301K, Seaport Planning studies $38K, continuation of the under dock inspection program $75K, the 13 III. SEAPORT DIVISION PERFORMANCE REPORT 03/31/10 Terminal 5 maintenance dredge $ 50K, installation of bollards at Pier 90 $150K, installation of ladders/piling at Terminal 46 $30K, a rail survey and tenant improvements at Terminal 115 $35K, and a condition assessment and associated repairs at Terminal 103 $50K. In addition, there was a delay in processing of payments for third party security services at Terminal 91 $60K. Miscellaneous Expense was favorable $125K due to an unused Seaport Division Contingency. Corporate costs, direct and allocated, were favorable $754K due to lower than anticipated direct charges and allocations from virtually all departments including Police $162K, Public Affairs $119K, Accounting $100K, Legal $70K, Human Resources $68K, and Information Technology $64K. All other variances netted to a favorable $169K or less than 2% of Total Expenses Budgeted. NOI Before Depreciation was $3,453K favorable to budget. Depreciation was $159K, or approximately 2%, favorable to the 2010 Budget. NOI After Depreciation was $3,612K favorable to budget. FORECAST st As of the end of the 1 Quarter 2010, Seaport anticipates ending the year $261K favorable to budget for NOI Before Depreciation. Revenue is expected to exceed budget by $928K due to higher container terminal volumes resulting in higher crane rent and higher grain volumes resulting in higher grain concession revenues. Operating expenses are estimated to be unfavorable by ($667K) due to unbudgeted T-18 fender pile repairs and two barge layberth projects that were delayed to 2010 from the fourth quarter of 2009. CHANGE FROM 2009 ACTUAL NOI Before Depreciation for March 2010 year-to-date increased by $1,564K from 2009 due to a decrease in revenue of $1,165K and a more than offsetting decrease in expenses of $2,729K. Revenue was down primarily because 2009 included reimbursements from King County for the T30 Upland Dredge Disposal project ($1,463K). Grain revenue ($230K) and security grant revenue ($144K) were also both lower than 2009. Amounts were partially offset by lease rents related to the newly redeveloped Terminal 30 container terminal $827K. Expenses were higher in 2009 due to the Terminal 30 Upland Dredge Disposal project $2,644K. D. CAPITAL SPENDING RESULTS 2010 2010 Variance Estimated Approved EstActs to EstActs as a 2010 Plan SEAPORT DIVISION Actual Budget Budget % of Budget of Finance Terminal 18 3,697 4,771 1,074 77% 3,319 Terminal 5 4,813 4,744 (69) 101% 6,468 Terminal 10 4,522 4,607 85 98% 4,412 Security 4,330 3,258 (1,072) 133% 826 Terminal 115 4,104 3,793 (311) 108% 1,841 All Other 9,302 9,611 309 97% 13,752 Total Seaport 30,768 30,784 16 100% 30,618 Comments on Key Projects: Through the first quarter, Seaport spent 9% of the Approved Capital Budget. Full year spending is estimated to be 100% of the Approved Capital Budget. Projects with significant changes in spending were: Terminal 18 Street Vacations Due to changes in the timing of the project, some spending was moved out to 2011. Security Security Grant Round 7B & Security Grant 2009 ARRA were approved by the Commission on January 5, 2010 for $1,315K ($1,173K of which is reimbursable from grantors). These projects were not included in the 2010 Plan of Finance or Approved Budget. Changes between the 2010 Plan of Finance and the 2010 Approved Budget represent modifications in 2010 spending estimates made after determination of 2009 actual spending. 14 IV. REAL ESTATE DIVISION PERFORMANCE REPORT 03/31/10 FINANCIAL SUMMARY 2009 2010 2010 Forecast/Budget $'s in 000's Actual Forecast Budget Var $ Var % Operating Revenue 30,132 29,798 29,798 0 0% Total Revenues 30,132 29,798 29,798 0 0% Total Operating Expenses 29,569 32,956 32,956 0 0% Net Operating Income 563 (3,158) (3,158) 0 0% Capital Expenditures 74,039 10,205 11,793 1,588 13% Total Real Estate Division Revenues are ($25K), or less than 1%, unfavorable to budget year to date due to lower than budgeted activity at Bell Harbor International Conference Center largely offset by favorable revenue variance for Commercial Properties and the Harbor Services Group. For the full year, Real Estate is forecasting revenue to meet budget. Total Operating Expenses are $1,429K, or 18%, below budget primarily due to timing. For the full year, Real Estate is forecasting Operating Expenses to be on budget. Forecasted Net Operating Income for 2010 is estimated to be approximately on Budget for the year and $3,721K below 2009 Actual. Capital spending for 2010 is currently estimated to be $10.2 million or 87% of the Approved Annual Budget amount of $11.8 million. A. BUSINESS EVENTS Occupancy levels at Commercial Properties were at 88% at quarter-end, which is below the 90% target for the 2010 Budget, but above comparable statistics for the local market 79%. A new lease was executed with water-dependent tenant, Arctic Storm Management Group, for Office and Warehouse/Storage space at Pier 69. First Columbia Hospitality managed event, Seattle Bike Expo, held at Smith Cove Cruise Terminal with over 9,300 attendees. Completed the initial outreach phase of the Fishermen's Terminal 20-Year Plan. st Through the 1 quarter, moorage occupancies at Fishermen's Terminal exceeded 2010 Budget Targets and at the Maritime Industrial Center met target. Recreational Marinas were slightly below the target of 94% at 93%. Vessel Liability Insurance requirement effective at Fishermen's Terminal on January 1, 2010. Compliance at 55%. 15 IV. REAL ESTATE DIVISION PERFORMANCE REPORT 03/31/10 B. KEY INDICATORS Shilshole Bay Marina Occupancy 120.0% Percent Linear Footage Occupied 100.0% 2009 Actual 80.0% 2010 Budget 60.0% 2010 Actual 40.0% 20.0% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Fishermen's Terminal Moorage Occupancy 120.0% Percent Linear Footage Occupied 100.0% 2009 Actual 80.0% 2010 Budget 60.0% 2010 Actual 40.0% 20.0% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Commercial Building 100% 90% 95% 95% 94% Percent Occupied 93% 90% 88% 90% 90% 90% 2009 Actual 80% 2010 Target 70% 2010 Actual 60% Qtr 1 Qtr 2 Qtr 3 Qtr 4 Net Operating Income Before Depreciation By Business In $ Thousands 2009 YTD 2010 YTD 2010 YTD 2010 Bud Var Change from 2009 Actual Actual Budget $ % $ % Recreational Boating 497 691 187 504 269% 194 39% Fishing & Commercial (346) (375) (740) 365 49% (29) 8% Commercial & Third Party (2) (16) (441) 425 96% (14) 548% Eastside Rail (27) (47) (115) 68 59% (20) 73% RE Development & Plan 59 (61) (103) 42 41% (119) -203% Environmental Reserve 0 0 0 0 NA 0 NA Total Real Estate 180 192 (1,212) 1,405 116% 12 7% 16 IV. REAL ESTATE DIVISION PERFORMANCE REPORT 03/31/10 C. OPERATING RESULTS In $ Thousands 2009 YTD 2010 Year-to-Date 2010 Bud Var Year-End Projections Actual Actual Budget $ % Budget Forecast Variance Operating Revenue 6,980 6,784 6,809 (25) 0% 29,798 29,798 0 Total Revenue 6,980 6,784 6,809 (25) 0% 29,798 29,798 0 Direct Expenses 6,433 6,229 7,453 1,224 16% 30,949 30,949 0 Environmental Reserve 0 0 0 0 NA 0 0 0 Divisional Allocations (791) (823) (916) (92) 10% (3,802) (3,802) 0 Corporate Allocations 1,158 1,186 1,484 298 20% 5,808 5,808 0 Total Expense 6,800 6,592 8,021 1,429 18% 32,956 32,956 0 NOI Before Depreciation 180 192 (1,212) 1,405 116% (3,158) (3,158) 0 Depreciation 2,469 2,480 2,415 (65) -3% 9,659 9,659 0 NOI After Depreciation (2,289) (2,288) (3,627) 1,339 37% (12,817) (12,817) 0 Total Real Estate revenues were ($25K) unfavorable to budget. Key variances are as follows: Harbor Services: Favorable $109K Recreational Boating favorable $39K primarily due to lower than budgeted vacancy at SBM. Fishing and Commercial favorable $69K due to a shift in the mix of boat sizes to larger vessels. In addition, a delay in the net shed loft removal project has allowed for continued revenue. Portfolio Management: Unfavorable ($89K) Commercial Properties favorable $88K due to higher concession rent at Fishermen's Terminal and Fugro continuing to pay base rent at P69 in 2010. The 2010 Budget assumed Fugro would terminate their lease upon vacating the premises prior to 2010. Third Party Managed Properties unfavorable ($177K) due to lower than anticipated revenue and accrual adjustments related to the Bell Harbor Garage and due to lower than budgeted activity at the Bell Harbor International Conference Center. Eastside Rail Corridor: Unfavorable ($13K) Eastside Rail Corridor unfavorable ($13K) due to the delayed implementation of revenue collection procedures and hiring of a consultant to aid in that process. RE Development and Planning: Unfavorable ($20K) Terminal 91 General Industrial unfavorable ($20K) due to M.T. Housing vacating Terminal 91 in 2009. The 2010 Budget assumed occupancy throughout the year. Facilities Management: Unfavorable ($19K) Pier 69 Facilities Management ($19K) due to lower revenues from the Pier 69 Caf. Expenses were $1,429K favorable to budget. Key variances: Salaries and Benefits for Real Estate employees favorable $103K due to timing assumed for Salary increases in the budget and budgeted higher than actual benefit percentages. Third Party Management Expense was favorable $207K due to lower activity and expense controls by third party managers. Outside Services (excluding Maintenance, Corporate and Capital Development) were favorable $478K due to unused broker fees and tenant improvement allowances at T102 $101K and delayed Eastside Rail Corridor consulting and reimbursement expenses $109K. In addition, timing delays on contracted security and janitorial costs at various sites $90K, Environmental Services direct charges $152K, and personal services costs for RE Development and Planning $12K contributed to the favorable variance. Maintenance expenses were favorable $135K primarily due to delayed work scheduled during the first three months of 2010. 17 IV. REAL ESTATE DIVISION PERFORMANCE REPORT 03/31/10 Corporate costs, direct and allocated, were favorable $329K primarily due to positive variances in Information Technology $43K, Public Affairs $48K, Accounting $42K, Police $60K and Human Resources $64K. All other variances netted to a favorable $177K or 2.2% of Total Expenses Budgeted. NOI BEFORE DEPRECIATION was $1,405K favorable to Budget. Depreciation was ($65K) unfavorable to Budget due to higher than anticipated depreciation at SBM and from Human Resources. The variance amounted to less than 3% of Budget. NOI AFTER DEPRECIATION was $1,339K favorable to Budget. FORECAST Real Estate anticipates ending the year approximately on budget for NOI Before Depreciation. No significant permanent variances have been identified thus far in the year. CHANGE FROM 2009 ACTUAL Net Operating Income Before Depreciation increased by $12K between 2009 and 2010 as a result of lower revenue being more than offset by lower expenses. Operating Revenue decreased by ($196K) due to higher vacancy at Terminal 91 uplands, Terminal 102, and World Trade Center West which was partially offset by higher berthage and moorage revenue at Fishermen's Terminal. Expenses decreased by $208K in 2010 primarily due to the timing of payment or accrual of Utility related expenses in 2010. D. CAPITAL SPENDING RESULTS 2010 2010 Variance Estimated Approved EstActs to EstActs as a 2010 Plan REAL ESTATE DIVISION Actual Budget Budget % of Budget of Finance Small Projects 2,198 2,321 123 95% 1,810 FT NW Dock Fender System 338 2,000 1,662 17% 2,000 RE Maintenance Shop Solution 2,030 1,800 (230) 113% 2,100 RE Division Green Initiative 1,300 1,300 0 100% 1,300 Fleet Replacement 935 950 15 98% 950 All Other 3,404 3,422 18 99% 3,966 Total Real Estate 10,205 11,793 1,588 87% 12,126 Comments on Key Projects: Through first quarter, the Real Estate Division spent 6.7% of the Approved Budget. Full year spending is estimated to be 87% of the Approved Budget. Projects with significant changes in spending were: FT NW Dock Fender System Construction delayed until 2011. Changes between the 2010 Plan of Finance and the 2010 Approved Budget represent modifications in 2010 spending estimates made after determination of 2009 actual spending. 18 V. CAPITAL DEVELOPMENT DIVISION PERFORMANCE REPORT 03/31/10 A. BUSINESS EVENTS Rental Car Facility construction continues at a good pace. Completed the Aviation maintenance warehouse and move-in began at the end of the quarter. CPO implemented a system that allows the port to see the status of active procurements for construction, purchasing and service agreements. The "transparent pipeline" for purchasing and service agreements also identifies the planned and actual schedule milestones so that we can track our progress. Completed the trash and recycling compactors project (under budget) and are seeing good usage results and positive airline feedback. Street vacation: T-105, South Forest Street: Completed two out of three easements, with the last one (South Park Public Shoreline Access easement) in the drafting and review stage at SDOT. B. KEY INDICATORS Key Indicators 2010 YTD Notes Construction Soft Costs (in 1,000s) Limit construction soft costs (design, construction (36 month rolling average from Total Costs: $ 1,465,530 (100%) management, project Q2 2007 through Q1 2010) Total Construction: $1,179,528 (80%) management, environmental documentation) to no more than Total Soft: $ 286,002 (20%) 25% of total capital improvement costs. Cost Growth During Total Completed Projects: 3 Limit average mandatory change Construction cost growth to 4% of Discretionary Change: -2.1% construction contract award. Non-Discretionary Change: 2.5% Limit average discretionary change cost growth to 4% of construction contract award. Project Schedule Growth Total Completed Projects: 3 Limit time growth from initial Commission project Trash Handling & Recycling: 67% Growth authorization to substantially Duwamish Trail Link: 514% Growth complete to no more than 10% of originally allotted duration. T-91 Cruise Term'l Bird Control: 6% Growth Average Growth Completed Projects: 195.7% Procurement Schedule: Service Request for Services to Actual average # of days Agreements Receipt of Scope: 61 Receipt of Proposal to Notice of Selection: 64 Notice of Selection to Contract Execution: 111 Procurement Schedule: Receipt of Proposal to Actual average # of days Purchasing Notice of Intent to Award: -7 Rcpt of Intent to Award to Contract Execution: -0.1 Rcpt of Request for Services to Contract Execution: 72.5 Performance Evaluation Total PREPs due this % PREPs completed within 30 Timeliness quarter: days of anniversary date 53 Total PREPS done on time: 43 (81%) 19 V. CAPITAL DEVELOPMENT DIVISION PERFORMANCE REPORT 03/31/10 C. OPERATING RESULTS 2009 YTD 2010 YTD 2010 Bud Var. Year-End Projections In $ Thousands Actual Actual Budget $ % Budget Forecast Variance Total Revenues - - - - 0.0% - - - EXPENSES BEFORE CHARGES TO CAPITAL PROJECTS Capital Development Administration 82 89 98 9 8.8% 387 387 - Engineering 2,257 2,188 3,326 1,137 34.2% 13,574 13,468 106 Port Construction Services 1,450 1,564 1,700 136 8.0% 6,814 6,814 - Central Procurement Office 966 709 1,010 301 29.8% 4,171 4,171 - Aviation Project Management 1,229 1,085 1,664 579 34.8% 6,456 6,456 - Seaport Project Management 596 520 672 153 22.7% 2,672 2,637 35 Total Before Charges to Capital Projects 6,580 6,155 8,471 2,316 27.3% 34,073 33,932 141 CHARGES TO CAPITAL PROJECTS Capital Development Administration - - - - 0.0% - - - Engineering (2,028) (1,996) (3,066) (1,071) 34.9% (12,418) (12,414) (4) Port Construction Services (1,198) (849) (1,307) (459) 35.1% (5,228) (5,228) - Central Procurement Office (295) (322) (462) (140) 30.3% (1,983) (1,983) - Aviation Project Management (1,094) (967) (1,267) (300) 23.7% (5,006) (5,006) - Seaport Project Management (421) (461) (493) (32) 6.5% (1,971) (1,881) (90) Total Charges to Capital Projects (5,036) (4,594) (6,595) (2,001) 30.3% (26,607) (26,513) (94) OPERATING & MAINTENANCE EXPENSE Capital Development Administration 82 89 98 9 8.8% 387 387 - Engineering 229 193 259 67 25.7% 1,156 1,053 102 Port Construction Services 252 716 393 (322) -81.9% 1,585 1,585 - Central Procurement Office 671 387 548 161 29.4% 2,188 2,188 - Aviation Project Management 135 118 397 279 70.3% 1,450 1,450 - Seaport Project Management 175 59 180 121 67.4% 701 756 (55) Total Expenses 1,544 1,561 1,876 315 16.8% 7,466 7,418 47 Summary of Budget Variances: Unfilled positions reduced salary & benefit expenses. Worker Comp expenses over budget due to injury claim ($19K PCS) and unbudgeted charges. Reduced capital work and increased expense work: Capital project labor below budget Capital overhead allocation below budget Expense overhead allocation over budget ($146K PCS) PCS: ($220K) unbudgeted expense work: Emergency Generator P28 Barge Improvement 20 VI. CORPORATE PROF. & TECHNICAL SERVICES PERFORMANCE REPORT 03/31/10 A. BUSINESS EVENTS The commission authorized the Memorandum of Agreement with WSDOT for the port's investment in the Alaskan Way Viaduct and Seawall Replacement Program. Port CEO Tay Yoshitani attended a "ports summit" with US Transportation Secretary Ray LaHood. Sent joint letter with the Port of Tacoma to US Commerce Secretary Gary Locke to offer our support for the National Export Initiative and to propose our suggestions. Partnered with Customs & Border Patrol to plan and manage a media event announcing that Sea-Tac will be a "Global Entry" port in the U.S. Partnered with Alaska Airlines twice to plan and manage events featuring Olympic athlete Apolo Ohno. Produced and distributed AirMail. Organized and facilitated first Centennial Community Leaders Committee meeting. Inbound international visits: New Zealand Ambassador, Shanghai Port Service, Tokyo Gas Company. Produced video highlighting the 2009 cruise season as part of a Port Commission presentation. Provided an environmental program briefing and tour for visiting guests from the Tokyo Gas Company. Clean Truck updates provided to Duwamish Community Involvement Team, Duwamish TMA, Public Health Seattle & King County, West Seattle Chamber board. Presented to South Park Neighborhood Association, Georgetown Community Council, Lower Duwamish District Council about Port's Terminal 117 Clean Up program. Outreach to Magnolia and Queen Ann community including updates on Fishermen's Terminal 20-year plan, T-91 Uplands Project and T-91 Tank Farm. Launched the Workplace Responsibility Office: o Provided the Port's Code of Conduct/Workplace Responsibility Handbook, which describes the Port's core values and workplace expectations and are available on the Learning Management System (LMS) and must be Read and Sign by June 1, 2010 o The Office is a new resource that is available to answer questions and provide guidance ICT Implemented Airport Free Wireless Access, enabling the Airport to provide free Wi-Fi to the traveling public. ICT Implemented Marine Domain Awareness (MDA), providing various concentric layers of security designed to mitigate threats to maritime commerce security. Initiated work on enterprise risk management proposal and started consultant selection process. Worked on compliance for Medicare reporting for claims. Initiated broker selection task force for self funding of benefits and presented briefing on self funding to Commission in January. Updated processes to comply with federal legislation extending the COBRA subsidy to employees involuntarily terminated. The legislation initially extended this subsidy to employees involuntarily terminated through December 31, 2009. The new legislation extended the termination date to March 31, 2010. Launched of the 2010 Wellness Rewards Program. Deadline to complete Health Assessment is April 30. Conducted on-site biometric testing. Submitted the application for another Distinguished Budget Presentation Award from Government Finance Officers Association in January. Presented the 2009 Performance Report to the Executive Team and the Commission, and made it available online for the public. Completed the account reclassifications for grants revenue and environmental expense from the 2010 budget in the financial system. Began the 2011 budget planning process in March. 21 VI. CORPORATE PROF. & TECHNICAL SERVICES PERFORMANCE REPORT 03/31/10 B. KEY INDICATORS Key Indicators 2010 YTD 2009 YTD/Notes Occupational Injury Rate 4.31 (for every 100 employees, 5.2, decrease by 0.89. Record 4.31 were injured) breaking first quarter low. Lost Work Day Rate 2.32 (7 cases) 1.53 (5 cases), increase by 0.79. Lost Work Days 85 days 200, decrease by 115. Annual Safety Training 25% completed Auto Incidents 23, preventable 10 24, preventable 15. Auto Liability Reserves $26,071 Decrease by $50K since 12/31/09. Liability Injury/Damage Reserve $136,188 Decrease by $33K since 12/31/09. Litigated Reserves $3.9 million No change since 12/31/09. Employment 43 jobs posted 61, decrease by 18 2,036 applications received 2,507, decrease by 471 79 interviews, 38 oral board 141, decrease by 62; 29 oral interviews board interviews, decrease by 9. New Employee Orientation 11 new hires attended 26, decrease by 15. Labor Contracts Negotiated 1 completed, 4 in progress Increase Mobility and Productivity 1,267 employees have laptops 910, increase by 357. Spring Employee Forums 440 participated 28 questions submitted. E-newsletter 14,600 subscribers Increased by 200 since 12/31/09. Port Web Site 351,813 visits 2,651,813 visits since April 2009. Police Services 14,035 calls received 15,459, decrease by 1,424. Arrests 147 with no warrant, 112 with 233 with no warrant, decrease by warrant 86; 153 with warrant, decrease by 41. Internal Audit 5 audits presented to the Audit Clear Channel Committee Disbursement (AP & Payroll) AV Business Development Borders Concessions, International 22 VI. CORPORATE PROF. & TECHNICAL SERVICES PERFORMANCE REPORT 03/31/10 C. OPERATING RESULTS 2009 YTD 2010 YTD 2010 Bud Var. Year-End Projections In $ Thousands Actual Actual Budget $ % Budget Forecast Variance Total Revenues 125 95 5 91 2013.1% 18 109 91 Executive 361 348 419 71 16.9% 1,536 1,536 - Commission 209 225 281 56 19.8% 868 868 - Legal 330 611 784 173 22.1% 2,923 2,923 - Risk Services 627 601 778 176 22.7% 3,009 2,961 48 Health & Safety Services 219 240 274 35 12.6% 1,095 1,091 4 Public Affairs 850 746 1,231 485 39.4% 4,090 4,090 - Government Relations 320 329 394 65 16.5% 1,409 1,409 - Economic & Trade Development (note 1) 283 - - - 0.0% - - - Human Resources & Development 864 746 1,167 421 36.1% 4,838 4,838 - Labor Relations 160 128 197 70 35.3% 784 784 - Information & Communications Technology 3,854 4,082 4,655 572 12.3% 19,033 19,033 - Finance & Budget 376 348 383 35 9.0% 1,529 1,512 17 Accounting & Financial Reporting Services 1,388 1,365 1,786 421 23.6% 6,716 6,694 21 Internal Audit 225 241 258 16 6.4% 1,109 1,109 - Office of Social Responsibility 280 209 332 122 36.9% 1,458 1,458 - Regional Transportation 98 107 126 19 15.2% 498 498 - Police 3,927 4,302 5,244 942 18.0% 20,314 20,310 4 Contingency 13 () 188 188 100.3% 750 750 - Total Expenses 14,385 14,629 18,496 3,867 20.9% 71,958 71,865 93 Note: 1) Economic & Trade Development was dissolved in 2009. Corporate revenues were $91K favorable compared to budget due to higher operating grants. . Corporate expenses for the first three months of 2010 were $3.9 million or 20.9% favorable compared to budget and $244K or 1.7% higher than the same period a year ago. The $3.9 million favorable variance is due primarily to timing differences between when the items are paid and when budgeted and not necessarily cost savings. There aren't any major variances to report on since all departments are favorable. Year-end spending is projected to be $93K under budget. D. CAPITAL SPENDING RESULTS ($ Millions) Annual Results: 2010 Plan of Finance $10.51 2010 Approved Budget $16.66 2010 Estimated/Actuals $11.99 Variance (Budget vs Actuals) $4.67 23
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