Template revised September 22, 2016.
COMMISSION
AGENDA MEMORANDUM
Item No.
9d
BRIEFING ITEM
Date of Meeting
March 13, 2018
DATE: February 23, 2018
TO: Steve Metruck, Executive Director
FROM: Dan Thomas, Chief Financial Officer
Michael Tong, Asst. Finance Director – Budget
SUBJECT: 2017 Financial Performance Briefing
EXECUTIVE SUMMARY
The purpose of this presentation is to provide a status report of the 2017 financial performance
results.
BACKGROUND
The Port’s overall operating revenues for 2017 were $630.4 million, which is $10.1 million
above budget and $31.9 million higher than the same period last year. Excluding Aeronautical
revenues, which are based on cost recovery and revenue sharing formulas, other operating
revenues were $367.9 million, which is $22.5 million above budget and also $13.7 million
higher than 2016 levels primarily due to higher revenues from Public Parking, Airport Dining
and Retail, Ground Transportation, Airport Commercial Properties, Cruise, and Conference &
Event Centers.
Total operating expenses for 2017 were $371.3 million, which is $13.3 million below budget but
$46.0 million higher than 2016. The operating expense variance was largely due to delays in
hiring, vacant positions, project delays, and some actual budget savings.
Net operating income before depreciation was $259.1 million, which is $23.5 million above
budget but $14.1 million lower than 2016.
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
5. Corporate Operating Results
COMMISSION AGENDA – Briefing Item No. _9d__ Page 2 of 2
Meeting Date: March 13, 2018
Template revised September 22, 2016.
ATTACHMENTS TO THIS BRIEFING
(1) 2017 Financial and Performance Report
(2) Presentation slides
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS
None
