PORT OF SEATTLE
MEMORANDUM

COMMISSION AGENDA- STAFF BRIEFING
Item No.
Date of Meeting
DATE:

February 11, 2011

TO:

Tay Yoshitani, Chief Executive Officer

FROM:

Dan Thomas, Chief Financial and Administrative Officer
Michael Tong, Corporate Budget Manager

SUBJECT:

2010 Financial Performance Briefing

6a
March 1, 2011

BACKGROUND:
In compliance with Port strategies of "Ensuring Airport and Seaport Vitality" through financial
performance and "Enhancing Public Understanding and Support of the Port's Role in the
Region," this presentation is to provide a status report of 2010 financial performance results.
The Port's overall operating revenues for 2010 were $470.5 million, $6.2 million, or 1.3% below
budget. Excluding the $12.0 million unfavorable budget variance from the aeronautical
revenues, which are based on airline cost recovery formulas, operating revenues were $5.7
million over budget. Total operating expenses were $253.2 million, $9.5 million, or 3.6% below
budget. The operating expense variance was largely due to budget savings from some vacant
positions, lower benefits rate, outside services expense, and utilities costs. Operating income
before depreciation was $217.3 million, $3.2 million, or 1.5% over budget. Operating income
after depreciation was $56.5 million, $1.0 million, or 1.8% higher than budget.
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. Seaport Division Operating Results
4. Real Estate Division Operating Results
5. Capital Development Division Operating Results
6. Corporate Operating Results
OTHER DOCUMENTS ASSOCIATED WITH THIS BRIERFING:



2010 Financial and Performance Report.
PowerPoint presentation.