COMMISSION
AGENDA MEMORANDUM
BRIEFING ITEM

Item No.
Date of Meeting

DATE:

February 23, 2018

TO:

Steve Metruck, Executive Director

FROM:

Dan Thomas, Chief Financial Officer
Michael Tong, Asst. Finance Director - Budget

9d
March 13, 2018

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.
2.
3.
4.
5.

Portwide Operating Results
Aviation Division Operating Results
Maritime Division Operating Results
Economic Development Division Operating Results
Corporate Operating Results

Template revised September 22, 2016.

COMMISSION AGENDA - Briefing Item No. _9d__
Meeting Date: March 13, 2018
ATTACHMENTS TO THIS BRIEFING
(1)
(2)

2017 Financial and Performance Report
Presentation slides

PREVIOUS COMMISSION ACTIONS OR BRIEFINGS
None

Template revised September 22, 2016.

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