7b Supp
ITEM NO. ___7b Supp______ DATE OF MEETING: __May 11, 2010___ Q1 2010 Financial Performance Port of Seattle May 11, 2010 Accounts Reclassification (For 2010 Budget) Grants & Donations Operating Grants Non-Capital Grants & Donations Environmental Reserve Operating Non-Operating 2 Accounts Reclassification by Division (For 2010 Budget) BEFORE AFTER ($ in thousands) Operating Non-Op Operating Non-Op Operating Grants Aviation 1,250 - 1,250 - Seaport 4,835 - 4,135 700 Corporate 1,509 - - 1,509 Total 7,594 - 5,385 2,209 Environmental Reserve Aviation 2,971 - 2,971 - Seaport 14,500 - 1,500 13,000 Real Estate 7,000 - - 7,000 Total 24,471 - 4,471 20,000 3 Accounts Reclassification Summary BEFORE AFTER Change ($ in thousands) 2010 Bud 2010 Bud $ % Operating Revenues 478,993 476,784 (2,209) -0.5% Operating Expenses 282,829 262,829 (20,000) -7.1% NOI before Depreciation 196,164 213,955 17,791 9.1% Depreciation 158,575 158,575 - 0.0% NOI after Depreciation 37,589 55,380 17,791 47.3% * All the numbers shown in the budget column hereinafter reflect the changes after the account reclassifications. 4 Portwide Q1 Income Summary 2009 YTD 2010 YTD 2010 YTD 2010 Bud vs. Act ($ in thousands) Actual Actual Budget Var $ Var % Operating Revenues 113,045 109,545 112,626 (3,081) -2.7% Operating Expenses 57,976 52,813 65,457 12,644 19.3% Income before Depreciation 55,069 56,731 47,169 9,562 20.3% Depreciation 36,496 40,189 39,557 (632) -1.6% Income after Depreciation 18,573 16,542 7,612 8,930 117.3% 5 Q1 Major Revenue Variances Major Revenues (In $ '000) Bud Var. Aero Revenues (3,392) Public Parking (1,069) Rental Cars 866 Concessions 585 Container 675 Seaport Security Grants (834) RE Third Party Mgmt (177) Other 265 Subtotal 311 TOTAL (3,081) 6 Portwide 2010 Year-End Forecast 2009 2010 2010 2010 Bud vs. Fcst ($ in thousands) Actual Forecast Budget Var $ Var % Operating Revenues 449,435 471,767 476,784 (5,017) -1.1% Operating Expenses 245,767 263,049 262,829 (220) -0.1% Income before Depreciation 203,668 208,718 213,955 (5,237) -2.4% Depreciation 156,192 158,575 158,575 0 0.0% Income after Depreciation 47,476 50,143 55,380 (5,237) -9.5% 7 Total Port 2010 Capital Spending Q1 Q2 Q3 Q4 YE App'd Plan of Division Act. Est. Est. Est. Fcst Budget Var. Finance ($ in millions) Aviation 39.2 63.1 70.4 59.1 231.7 247.6 15.9 275.8 Seaport 2.8 7.0 10.1 10.8 30.8 30.8 0.0 30.6 Real Estate 0.8 1.6 4.4 3.4 10.2 11.8 1.6 12.1 Corporate 0.8 4.2 3.4 3.6 12.0 16.7 4.7 10.5 Total 43.5 76.0 88.3 76.9 284.7 306.8 22.1 329.1 8 Aviation Division Performance Report Q1 2010 May 11, 2010 Aviation Business Highlights Airline activity: Enplanements down 0.7% YTD from 2009, but better than budget Operating budget: Total O&M expenses are 17.1% YTD below budget due to delay of expense related projects Non-airline revenues: Total revenue per enplaned passenger down 1.2% YTD vs. budget Decline in Public Parking continues in Q1 Airline cost per enplanement (CPE) of 12.74 vs. budget of $12.67 Capital: forecasting to spend 94% of 2010 annual budget Activity Enplanements vs. Prior Year Landed Weight vs. Prior Year 5% 0% Growth Rate 2.42% -2% -4% -0.79% 0% Growth Rate -6.73% -6% -7.89% -3.08% -8% -10.33% -10% -5% -12% Jan Feb Mar Jan Feb Mar 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% March landed weight in 2009 augmented by cargo diversion from Anchorage due to volcanic activity Excluding 2009 cargo diversions, 2010 YTD landed weight is -6.8% vs. 2009 Q1 YTD Operating Results 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% 12 Operating Expenses 2008 2009 2010 2010 Actual/Budget Figures in $ 000s Actual Actual Forecast Budget Var $ Var % 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% Savings in utilities commodity costs from favorable weather and increased recycling Club International savings Concessionaire buyouts Probable further studies to Sound Transit extension, Terminal Development Strategy Fire Department overtime costs Aeronautical Business 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% Airline revenues based on cost recovery Aeronautical Key Indicators 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% Change in accounting for TSA operating grant revenue Change in CPE calculation methodology including Ramp Tower Fees as a passenger airline cost Non Aeronautical Business 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% Continued declines in Public Parking due to 12.6% YTD decline in transactions Concessions: better than expected due to strong year-overyear concessions sales, space rental income, Google Wi-Fi deal Non Aeronautical Key Indicators 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% February Primary Concessions Sales per Enplanement of $10.06 Q1 2010 YTD Concessions sales 2.3% above Q1 2009 Advertising in Q1 2010 17% up vs. Q1 2009 Q1 2010 Rental Car transactions 2.6% higher and transaction days 2.8% higher than Q1 2009 Q1 2010 overall Public Parking transactions down 12.6% and revenues down 11.1% vs. Q1 2009 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% Traffic Enplanements 16,085 15,610 15,361 15,361 - 0.0% Landed Weight 21,516 20,388 19,890 20,364 (474) -2.3% Key Measures 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% Non-Aeronautical revenues down $5 million due to fewer long-term parking transactions Potential interest expense savings from variable rate debt service Capital Spending 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 1. Pond M will not be completed in 2010 2. Bids came in significantly under engineer's estimate 3. Scope changes extended design schedule Seaport Division Performance Report Q1 2010 May 11, 2010 Seaport Business Goals TEU volume was 448K, up 35% from first quarter 2009. Full inbound TEU's were up 45% and full outbound up 31%. Grain volume at 1.5 million metric tons down 14% from 2009, but 22% over 2010 Q1 budget. Cruise season starts on April 26th. Total cruise passenger volume for 2010 is expected to exceed 850,000 passengers. Seattle 2010 Bike Expo first major non-cruise event held at Smith Cove Cruise Terminal. 21 Seaport Organizational Goals Environmental Stewardship Continuing implementation of Northwest Ports Clean Air Strategy. Regional Transportation Authorization of $3.4 million investment in the Spokane Street Widening Project. Closely monitoring south harbor road construction projects and detour routes. Security 2010 Cruise security plan approved by U.S. Coast Guard. Lobbying to eliminate 25% match on port security grants. 22 Seaport Q1 Operating Results In $ Thousands 2009 YTD 2010 YTD 2010 YTD 2010 Bud Var Actual Actual Budget $ % Operating Revenue 21,577 20,557 19,417 1,139 6% Security Grants 152 8 842 (834) -99% Total Revenue 21,730 20,565 20,259 305 2% Direct Expenses 6,360 3,578 5,034 1,456 29% Security Expense 300 229 1,135 906 80% Environmental Reserve 0 0 0 0 NA Divisional Allocations 548 573 616 43 7% Corporate Allocations 2,747 2,846 3,590 743 21% Total Expense 9,956 7,227 10,375 3,148 30% Net Operating Income (NOI) 11,774 13,338 9,885 3,453 35% 23 Seaport Division Key Variances Revenue Detail ($'s in Thousands) Q1 YTD Business Unit Variance to Budget Better (Worse) Containers $675 Support Properties ($52) Cruise $42 Grain $266 Docks/Industrial Properties $208 Security ($834) Total $305 24 Seaport Division Key Variances Expense Detail ($'s in Thousands) Q1 YTD Expenses Variance to Budget Better (Worse) Security Expenses $906 Outside Services $846 Corporate $754 Advertising/Promotional $187 Salaries and Benefits (Seaport) $161 All Other $294 Total Expense $3,148 25 Seaport Business Groups NOI Before Depreciation ($'s in Millions) Q1 YTD Variance to Budget Actual NOI Better (Worse) Containers $11.8 $1.9 Container Support Props $ .3 $ .0 Cruise ($ .9) $ .4 Grain $1.3 $ .3 Docks/Indust Props $1.2 $ .8 Security ($ .3) $ .1 Total Seaport $13.3 $3.5 26 Seaport Full Year Operating Forecast In $ Thousands 2009 2010 2010 2010 Bud Var Actual Forecast Budget $ % Operating Revenue 89,844 91,062 90,134 928 1% Security Grants 847 2,535 2,535 0 0% Total Revenue 90,691 93,597 92,669 928 1% Direct Expenses 24,329 22,298 21,631 (667) -3% Security Expense 1,640 3,756 3,756 0 0% Environmental Reserve 24 1,500 1,500 0 0% Divisional Allocations 2,123 2,575 2,575 0 0% Corporate Allocations 12,430 13,862 13,862 0 0% Total Expense 40,545 43,991 43,324 (667) -2% Net Operating Income (NOI) 50,145 49,606 49,345 261 1% 27 Seaport Capital 2010 Estimated Approved Variance Est. Act. Plan of Actual Budget to as % of Finance Budget App. Bud $30.8 $30.8 $0.0 100% $30.6 28 Real Estate Division Performance Report Q1 2010 May 11, 2010 Real Estate 1st Quarter Key Events Full Year Net Operating Income forecasted to meet budget. Executed new lease with Arctic Storm Management Group at Pier 69. First CHI managed event, Seattle Bike Expo, was held at Smith Cove Cruise Terminal. Completed first phase of outreach for Fishermen's Terminal 20-Year Plan. 30 Real Estate 1st Quarter Key Events Vessel liability insurance requirement effective at Fishermen's Terminal on January 1, 2010. Compliance at 55%. Fishermen's Terminal Net Sheds - Received approval from SFD/DPD to expand pilot storage units by 25. Maintenance - Hired Deferred Maintenance Manager and initiated 4-year deferred maintenance backlog initiative. 31 Real Estate Business Goals Provide Compelling Value and Asset Utilization Occupancy Rates: Commercial property at 88% occupancy, below target of 90% and above 2010 Q1 Seattle market average of 79%. FT/Marina Occupancy: Fishermen's Terminal exceeded the first quarter occupancy target. Maritime Industrial Center at target. Recreational Marinas at 93%, below target of 94%. 32 Real Estate Division Qtr 1 Operating Results In $ Thousands 2009 YTD 2010 YTD 2010 YTD 2010 Bud Var Actual Actual Budget $ % Operating Revenue 6,980 6,784 6,809 (25) 0% Total Revenue 6,980 6,784 6,809 (25) 0% Direct Expenses 6,433 6,229 7,453 1,224 16% Environmental Reserve 0 0 0 0 NA Divisional Allocations (791) (823) (916) (92) 10% Corporate Allocations 1,158 1,186 1,484 298 20% Total Expense 6,800 6,592 8,021 1,429 18% Net Operating Income (NOI) 180 192 (1,212) 1,405 116% 33 Real Estate Division Q1 Key Variances Revenue Detail ($'s in Thousands) 2010 Year to Date Variance to Budget Business Unit Better (Worse) Recreational Boating $39 Fishing & Commercial $69 Commercial Properties $88 Third Party Management ($177) RE Development & Planning ($20) Eastside Rail ($13) Facilities/Maintenance ($11) Total ($25) 34 Real Estate Division Q1 Key Variances Expense Detail ($'s in Thousands) 2010 Year to Date Variance to Budget Expense Better (Worse) Outside Services $478 Corporate $329 Third Party Management $207 Maintenance Expense $135 Salaries and Benefits (RE) $103 All Other $177 Total Expense $1,429 35 Real Estate Business Groups NOI Before Depreciation ($'s in Thousands) Q1 YTD Variance to Budget Actual NOI Better (Worse) Recreational Boating $691 $504 Fishing & Commercial ($375) $365 Commercial & Third Party ($16) $425 RE Development & Planning ($61) $43 Eastside Rail ($47) $68 Total Real Estate $192 $1,405 36 Real Estate Division Full Year Forecast In $ Thousands 2009 2010 2010 2010 Bud Var Actual Forecast Budget $ % Operating Revenue 30,132 29,798 29,798 0 0% Total Revenue 30,132 29,798 29,798 0 0% Direct Expenses 27,525 30,949 30,949 0 0% Environmental Reserve 0 0 0 0 NA Divisional Allocations (3,200) (3,802) (3,802) 0 0% Corporate Allocations 5,244 5,808 5,808 0 0% Total Expense 29,569 32,956 32,956 0 0% Net Operating Income (NOI) 563 (3,158) (3,158) 0 0% 37 Real Estate Capital 2010 Estimated Approved Variance Est. Act. Plan of Actual Budget to as % of Finance Budget App. Bud $10.2 $11.8 $1.6 87% $12.1 38 Capital Development Division Performance Report Q1 2010 May 11, 2010 Capital Development Division 1st Quarter 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 for tracking 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. 2010 Q1 YTD Update Capital Development Division Key Indicators Completed Projects Completed Projects Q1 2010 Summary 15% 15.0% 10% 10.0% 6.2% 5% 11.3% 5.0% 7.7% 0% -0.8% 0.0% 0.0% 2.5% -2.1% -5.5% -5% -5.0% -3.9% -10% -10.0% Trash Handling and Duwamish Trail Link T-91 Cruise Terminal 2009 2010 Recycling Bird Control (23 Projects) (3 Projects) Discretionary Change Mandatory Change Discretionary Change Mandatory Change Cost Growth During Construction 2010 Q1 YTD Update Capital Development Division Key Indicators continued Completed Projects Completed Projects Q1 2010 Summary 600% 200% 450% 150% 300% 513.7% 100% 195.7% 150% 50% 67.5% 5.8% 62.2% 0% 0% Trash Handling Duwamish Trail T-91 Cruise 2009 2010 and Recycling Link Terminal Bird (23 Projects) (3 Projects) Control Project Schedule Growth Original Non- Discretionary Initial Planned Project Construction Discretionary Change Commission Substantial Contract Amount Change Authorized Start Completion of of Design Construction 1st Quarter 2010 Trash Handling and Recycling $269,101.00 11.3% -0.8% 22-Apr-08 30-May-09 Duwamish Trail Link $263,865.85 -3.9% -5.5% 25-Jul-00 31-Dec-01 T-91 Cruise Terminal Bird Control $189,000.00 0.0% 0.0% 14-Apr-09 12-Dec-09 2010 Q1 YTD Update Capital Development Division Operating Results Year-End 2009 YTD 2010 YTD 2010 Bud Var. Projections In $ Thousands Actual ActualBudget $ % Budget Forecast Var. Total Revenues - - - - 0.0% - - - EXPENSES BEFORE CHARGES TO CAPITAL PROJECTS Capital Dev Admin 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 Svcs 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 Cap Proj 6,580 6,155 8,471 2,316 27.3% 34,073 33,932 141 2009 Q4 YTD Update Capital Development Division Key Variances to Budget 2010 Expenses Variance to Budget YTD Var. F/(UNF) in $ Thousands Better (Worse) % Salaries and Benefits 1,893 26.7% Outside Services 223 36.7% Travel and Other 60 55.3% Telecommunications 34 65.7% Property Rentals 34 28.8% General Expenses (53) (20.7)% All Other 125 65.8 % Charges to Capital Projects (2,001) 30.3% Total 315 16.8% 2009 Q4 YTD Update Corporate Professional & Technical Services Performance Report Q1 2010 May 11, 2010 Corporate Highlights CEO attended "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. Authorized the Memorandum of Agreement with WSDOT for the port's investment in the Alaskan Way Viaduct and Seawall Replacement Program. Launched the Workplace Responsibility Office. Initiated broker selection task force for self funding of benefits. 46 Corporate Indicators Achieved the lowest injury rate for the first quarter on record of 4.3 in 2010 (down from 5.2 in 2009). E-newsletter subscribers more than 14,600, increased by 200 since last quarter. Employee forums attracted approximately 440 participants; 28 questions submitted in response to request. Received 14,035 calls for Police services in Q1. Port website received 351,813 visits in Q1. Presented 5 internal audit reports to the Audit Committee in Q1. 47 Corporate 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 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 - ICT 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 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 48
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