COMMISSION 
AGENDA MEMORANDUM                        Item No.          9a 
BRIEFING ITEM                            Date of Meeting        May 25, 2021 
DATE:     April 19, 2021 
TO:        Stephen P. Metruck, Executive Director 
FROM:    Dan Thomas, Chief Financial Officer 
Michael Tong, Director, Corporate Budget 
SUBJECT:  Q1 2021 Financial Performance Briefing 
EXECUTIVE SUMMARY 
The purpose of this presentation is to provide a status report of the Q1  2021 financial
performance results. 
BACKGROUND 
The Port's overall operating revenues for Q1 2021 were $112.9 million, which is $27.4 million
below budget and $48.7 million lower than the same period last year. Excluding Aeronautical
revenues, which are based on cost recovery and revenue sharing formulas, other Airport Non-
Aero revenues were $26.9 million, $8.2 million or 23.2% below budget and $23.0 million or 46.1%
lower YoY mainly due to lower revenues from each line of businesses. 
Non-Airport revenues were $24.7 million, $348 thousand or 1.4% above budget and $655
thousand or 2.6% down YoY mainly due to lower revenues from Conference & Event Centers,
partially offset by higher revenues from Grain. 
Total operating expenses for first quarter of 2021 were $94.9 million, which is $6.6 million below
budget and $8.7 million lower than 2020. The operating expense variance was largely due to
freeze/deferred hiring, lower third party management operating expense, and cost reductions in
discretionary spending. 
Net operating income before depreciation was $18.0 million, which is $20.9 million below budget
and $39.9 million lower than 2020. 
Each division will present its results to the Commission. The presentation outline is as follows: 
1.  Portwide Operating Results 
2.  Aviation Division Operating Results
3.  Maritime Division Operating Results 
4.  Economic Development Division Operating Results 

Template revised April 12, 2018.

COMMISSION AGENDA  Briefing Item No. 9a                                  Page 2 of 2 
Meeting Date: May 25, 2021 
5.  Central Services Operating Results 
ATTACHMENTS TO THIS BRIEFING 
(1)   Q1 2021 Financial and Performance Report 
(2)   Presentation slides 
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS 
None 















Template revised September 22, 2016.