Template revised September 22, 2016.
COMMISSION
AGENDA MEMORANDUM
Item No.
9c
BRIEFING ITEM
Date of Meeting
March 12, 2019
DATE: February 26, 2019
TO: Stephen P. Metruck, Executive Director
FROM: Dan Thomas, Chief Financial Officer
Michael Tong, Asst. Finance Director â Budget
SUBJECT: 2018 Financial Performance Briefing
EXECUTIVE SUMMARY
The purpose of this presentation is to provide a status report of the 2018 financial performance
results.
BACKGROUND
The Portâs operating results for 2018 were very strong .Total operating revenues were $689.4
million, which is $18.9M above budget and $57.4M higher than 2017 primarily due to higher
revenues from Public Parking, Rental Cars, Airport Dining and Retail, Ground Transportation,
Cruise, Fishing Operations and Conference & Event Centers.
Total operating expenses were $397.6M, $25.2M below budget mainly due to staffing
vacancies, outside services and a $15.6M Washington State Department of Retirement Systems
(DRS) Pension True-up credit.
Net operating income before depreciation was $291.8 million, which is $44.2 million above
budget and $32.7 million higher than 2017 actuals.
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
ATTACHMENTS TO THIS BRIEFING
(1) 2018 Financial and Performance Report
(2) Presentation slides
COMMISSION AGENDA â Briefing Item No. 9c Page 2 of 2
Meeting Date: March 12, 2018
Template revised September 22, 2016.
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS
None
