Template revised September 22, 2016.
COMMISSION
AGENDA MEMORANDUM
Item No.
9b
BRIEFING ITEM
Date of Meeting
March 10, 2020
DATE: February 21, 2020
TO: Stephen P. Metruck, Executive Director
FROM: Dan Thomas, Chief Financial Officer
Michael Tong, Director – Corporate Budget
SUBJECT: 2019 Financial Performance Briefing
EXECUTIVE SUMMARY
The purpose of this presentation is to provide a status report of the 2019 financial performance
results.
BACKGROUND
The Port’s overall operating revenues for 2019 were $764.2 million, which is $10.9 million
above budget. Excluding Aeronautical revenues, which are based on cost recovery, Airport Non-
Aeronautical revenues were $9.5 million higher than the budget primarily due to higher
revenues from Airport Dining and Retail, Rental Cars, Ground Transportation, Airport
Commercial Properties, and Clubs & Lounges. Non-Airport revenues were $9.4 million above
budget mainly due to higher revenue from Conference & Event Centers and NWSA
Distributable Revenue.
Total operating expenses for 2019 were $443.1 million, which is $11.9 million, or 2.6%, below
budget. The operating expense variance was largely due to a $16.5 million DRS Pension True-up
credit, partially offset by higher wages, equipment and supplies expenses for snows removal.
Net operating income before depreciation was $321.1 million, which is $22.8 million, or 7.6%,
above budget.
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: March 10, 2020
Template revised September 22, 2016.
ATTACHMENTS TO THIS BRIEFING
(1) 2019 Financial and Performance Report
(2) Presentation slides
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS
None
