Template revised April 12, 2018.
COMMISSION
AGENDA MEMORANDUM
Item No.
11c
BRIEFING ITEM
Date of Meeting
May 24, 2022
DATE: May 6, 2022
TO: Stephen P. Metruck, Executive Director
FROM: Dan Thomas, Chief Financial Officer
Michael Tong, Director, Corporate Budget
SUBJECT: Q1 2022 Financial Performance Briefing
EXECUTIVE SUMMARY
The purpose of this presentation is to provide a status report of the Q1 2022 financial
performance results.
BACKGROUND
The Port’s overall operating revenues for Q1 2022 were $166.6 million, which is $21.0 million
above budget and $53.7 million lower than the same period last year. Excluding Aeronautical
revenues, which are based on cost recovery and revenue sharing formulas, other Airport Non-
Aero revenues were $50.9 million, $20.0 million over budget mainly due to timing in applying the
Concessionaire Relief Grant and $24.0 million above last year mainly due to higher revenues from
each line of businesses.
Non-Airport revenues were $28.5 million, $1.9 million above budget and $3.8 million higher YoY
mainly due to higher revenue from Conference & Event Centers and Recreational Boating, and
more NWSA Distributable Revenue.
Total operating expenses for first quarter of 2022 were $105.0 million, which is $14.1 million
below budget and $10.1 million higher than 2021. The favorable budget variance was largely due
to delay in Outside Services spending, vacant positions, Equipment Expense, and Travel & Other
Employee Expenses.
Net operating income before depreciation was $61.6 million, which is $35.1 million above budget
and $43.6 million higher than 2021.
The presentation outline is as follows:
(1) Portwide Operating Results
(2) Aviation Division Operating Results
(3) Maritime Division Operating Results
COMMISSION AGENDA – Briefing Item No. _11c__ Page 2 of 2
Meeting Date: May 24, 2022
Template revised September 22, 2016.
(4) Economic Development Division Operating Results
(5) Central Services Operating Results
ATTACHMENTS TO THIS BRIEFING
(1) Q1 2022 Financial and Performance Report
(2) Presentation
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS
None
