Template revised September 22, 2016.
COMMISSION
AGENDA MEMORANDUM
Item No.
9b
BRIEFING ITEM
Date of Meeting
September 11, 2018
DATE: August 9, 2018
TO: Steve Metruck, Executive Director
FROM: Dan Thomas, Chief Financial Officer
Michael Tong, Asst. Finance Director – Budget
SUBJECT: Q2 2018 Financial Performance Briefing
EXECUTIVE SUMMARY
The purpose of this presentation is to provide a status report of the Q2 2018 financial
performance results.
BACKGROUND
The Port’s overall operating revenues for Q2 2018 were $330.5 million, which is $12.7 million
above budget and $28.4 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 $182.9 million, which is $9.9 million above budget and also $8.6 million higher
than 2017 levels primarily due to higher revenues from Public Parking, Rental Cars, Airport
Dining and Retail, Ground Transportation, Cruise, Recreational Boating, and Conference &
Event Centers.
Total operating expenses for first half of 2018 were $191.6 million, which is $17.3 million below
budget but $17.5 million higher than 2017. 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 $138.9 million, which is $30.0 million above
budget and $10.9 million higher than 2017.
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. Central Services Operating Results
COMMISSION AGENDA – Briefing Item No. _9b__ Page 2 of 2
Meeting Date: September 11, 2018
Template revised September 22, 2016.
ATTACHMENTS TO THIS BRIEFING
(1) Q2 2018 Financial and Performance Report
(2) Presentation slides
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS
None
