11a. Memo

2023 Financial Performance Briefing

AGENDA MEMORANDUM                        Item No.          11a 
BRIEFING ITEM                            Date of Meeting       March 26, 2024 
DATE:     March 4, 2024 
TO:        Stephen P. Metruck, Executive Director 
FROM:    Dan Thomas, Chief Financial Officer 
Michael Tong, Director, Corporate Budget 
SUBJECT:  2023 Financial Performance Briefing 
The purpose of this presentation is to provide a status report of the 2023 financial performance
The Port’s overall operating revenues for 2023 were $969.3 million, which is $15.6 million above 
the budget and $159.2 million higher than 2022. Excluding Aeronautical revenues, which are
based on cost recovery and revenue sharing formulas, other Airport Non-Aero revenues were
$326.6 million, $30.5 million or 10.3% above the budget and $70.0 million or 27.3% higher than
2022 from all lines of businesses. 
Non-Airport revenues were $163.0 million, $10.4 million or 6.8% above the budget and $12.0 
million or 8.0% higher than 2022 mainly due to higher revenues from Cruise and NWSA
Distributable Income. 
Total operating expenses for 2023 were $557.1 million, which is $16.3 million or 2.8% below
budget and $81.4 million or 17.1% higher than 2022. The favorable budget variance was largely
due to a $28.7 million DRS Pension True-up Credit. Excluding the Pension Credit, the budget
variance was $12.4 million or 2.2% above budget mainly to higher Environmental Remediation
Expense and less Charges to Capital Projects. 
Net operating income before depreciation was $412.1 million, which is $31.9 million or 8.4%
above budget and $77.7 million or 23.2% higher than 2022. 
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 
3.  Economic Development Division Operating Results 

Template revised April 12, 2018.

             COMMISSION AGENDA – Briefing Item No. 11a                                 Page 2 of 2 
Meeting Date: March 26, 2024 
4.  Central Services Operating Results 
5.  Portwide Operating Results 
(1)   2023 Financial and Performance Report 
(2)   Presentation slides 
August 8, 2023 – Q2 2023 Financial Performance Briefing 

Template revised September 22, 2016.


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