COMMISSION 
AGENDA MEMORANDUM                        Item No.          11a 
BRIEFING ITEM                            Date of Meeting       March 14, 2023 
DATE:     March 8, 2023 
TO:        Stephen P. Metruck, Executive Director 
FROM:    Dan Thomas, Chief Financial Officer 
Michael Tong, Director, Corporate Budget 
SUBJECT:  2022 Financial Performance Briefing 
EXECUTIVE SUMMARY 
The purpose of this presentation is to provide a status report of the 2022 financial performance
results. 
BACKGROUND 
The Port’s overall operating revenues for 2022 were $810.1 million, which is $43.3 million above 
the budget and $188.1 million higher than 2021. Excluding Aeronautical revenues, which are
based on cost recovery and revenue sharing formulas, other Airport Non-Aero revenues were
$256.6 million, $15.8 million or 6.6% above the budget and $72.8 million or 39.6% higher than
2021 from all lines of businesses. 
Non-Airport revenues were $151.0 million, $19.9 million or 15.2% above the budget and 
$30.3 million or 25.1% higher than 2021 mainly due to higher revenues from Cruise, Conference
and Event Centers, and unbudgeted police forfeitures. 
Total operating expenses for 2022 were $475.7 million, which is $23.4 million or 4.7% below
budget and $111.1 million or 30.5% higher than 2021. The favorable budget variance was largely
due to a $15.6 million DRS Pension True-up Credit. Excluding the Pension Credit, the budget
variance was $7.8 million or 1.6% favorable mainly to savings from Outside Services, Third Party
Management Expense, and Travel & Other Employee Expenses; partially offset by less Charges
to Capital Projects. 
Net operating income before depreciation was $334.4 million, which is $66.7 million or 24.9%
above budget and $77.0 million or 29.9% higher than 2021. 
Each division will present its results to the Commission. The presentation outline is as follows: 
1.  Aviation Division Operating Results
2.  Maritime Division Operating Results 

Template revised April 12, 2018.

             COMMISSION AGENDA – Briefing Item No. 11a                                 Page 2 of 2 
Meeting Date: March 14, 2023 
3.  Economic Development Division Operating Results 
4.  Central Services Operating Results 
5.  Portwide Operating Results 
ATTACHMENTS TO THIS BRIEFING 
(1)   2022 Financial and Performance Report 
(2)   Presentation slides 
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS 
August 9, 2022 – Q2 2022 Financial Performance Briefing 














Template revised September 22, 2016.