Template revised April 12, 2018.
COMMISSION
AGENDA MEMORANDUM
Item No.
11a
BRIEFING ITEM
Date of Meeting
March 8, 2022
DATE: February 17, 2022
TO: Stephen P. Metruck, Executive Director
FROM: Dan Thomas, Chief Financial Officer
Michael Tong, Director, Corporate Budget
SUBJECT: 2021 Financial Performance Briefing
EXECUTIVE SUMMARY
The purpose of this presentation is to provide a status report of the 2021 financial performance
results.
BACKGROUND
The Port’s overall operating revenues for 2021 were $621.8 million, which is $59.1 million
below the budget but $110.9 million higher than 2020. Excluding Aeronautical revenues, which
are based on cost recovery and revenue sharing formulas, other Airport Non-Aero revenues
were $183.8 million, $5.7 million or 3.0% below the budget and $67.3 million or 57.8% higher
than 2020 from all lines of businesses.
Non-Airport revenues were $120.4 million, $15.8 million or 15.1% above the budget and $24.0
million or 24.9% higher than 2020 mainly due to higher revenues from NWSA Distributable
Revenue, Fishing & Operations, Grain, Cruise, and unbudgeted police forfeitures; partially offset
by lower revenues from Conference and Event Center.
Total operating expenses for 2021 were $364.7 million, which is $58.7 million or 13.9% below
budget and $44.0 million lower than 2020. The favorable budget variance was largely due to a
$57.7 million DRS Pension True-up Credit. Excluding the Pension Credit, the budget variance
was $1.0 million or 0.2% favorable mainly to savings from Outside Services, vacant positions,
Third Party Management Expense, and Utilities.
Net operating income before depreciation was $257.1 million, which is $350 thousand below
budget and $155.0 million higher than 2020.
Each division will present its results to the Commission. The presentation outline is as follows:
1. Portwide Operating Results
2. Aviation Division Operating Results
COMMISSION AGENDA – Briefing Item No. 11a Page 2 of 2
Meeting Date: March 8, 2022
Template revised September 22, 2016.
3. Maritime Division Operating Results
4. Economic Development Division Operating Results
5. Central Services Operating Results
ATTACHMENTS TO THIS BRIEFING
(1) 2021 Financial and Performance Report
(2) Presentation slides
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS
August 10, 2021 – Q2 2021 Financial Performance Briefing
May 11, 2021 – 1Q 2021 Financial Performance Briefing
