COMMISSION
AGENDA MEMORANDUM
BRIEFING ITEM

Item No.
Date of Meeting

DATE:

August 9, 2018

TO:

Steve Metruck, Executive Director

FROM:

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

9b
September 11, 2018

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.
2.
3.
4.
5.

Portwide Operating Results
Aviation Division Operating Results
Maritime Division Operating Results
Economic Development Division Operating Results
Central Services Operating Results

Template revised September 22, 2016.

COMMISSION AGENDA - Briefing Item No. _9b__
Meeting Date: September 11, 2018
ATTACHMENTS TO THIS BRIEFING
(1)
(2)

Q2 2018 Financial and Performance Report
Presentation slides

PREVIOUS COMMISSION ACTIONS OR BRIEFINGS
None

Template revised September 22, 2016.

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