11a. Memo
2021 Financial Performance Briefing
COMMISSION AGENDA MEMORANDUM Item No. 11a BRIEFING ITEM Date of Meeting March 8, 2022 DATE: February 17, 2022 TO: Stephen P. Metruck, Executive Director FROM: Dan Thomas, Chief Financial Officer Michael Tong, Director, Corporate Budget SUBJECT: 2021 Financial Performance Briefing EXECUTIVE SUMMARY The purpose of this presentation is to provide a status report of the 2021 financial performance results. BACKGROUND The Port's overall operating revenues for 2021 were $621.8 million, which is $59.1 million below the budget but $110.9 million higher than 2020. Excluding Aeronautical revenues, which are based on cost recovery and revenue sharing formulas, other Airport Non-Aero revenues were $183.8 million, $5.7 million or 3.0% below the budget and $67.3 million or 57.8% higher than 2020 from all lines of businesses. Non-Airport revenues were $120.4 million, $15.8 million or 15.1% above the budget and $24.0 million or 24.9% higher than 2020 mainly due to higher revenues from NWSA Distributable Revenue, Fishing & Operations, Grain, Cruise, and unbudgeted police forfeitures; partially offset by lower revenues from Conference and Event Center. Total operating expenses for 2021 were $364.7 million, which is $58.7 million or 13.9% below budget and $44.0 million lower than 2020. The favorable budget variance was largely due to a $57.7 million DRS Pension True-up Credit. Excluding the Pension Credit, the budget variance was $1.0 million or 0.2% favorable mainly to savings from Outside Services, vacant positions, Third Party Management Expense, and Utilities. Net operating income before depreciation was $257.1 million, which is $350 thousand below budget and $155.0 million higher 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 Template revised April 12, 2018. COMMISSION AGENDA Briefing Item No. 11a Page 2 of 2 Meeting Date: March 8, 2022 3. Maritime Division Operating Results 4. Economic Development Division Operating Results 5. Central Services Operating Results ATTACHMENTS TO THIS BRIEFING (1) 2021 Financial and Performance Report (2) Presentation slides PREVIOUS COMMISSION ACTIONS OR BRIEFINGS August 10, 2021 Q2 2021 Financial Performance Briefing May 11, 2021 1Q 2021 Financial Performance Briefing Template revised September 22, 2016.
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