Template revised April 12, 2018.
COMMISSION
AGENDA MEMORANDUM
Item No.
11a
BRIEFING ITEM
Date of Meeting
March 14, 2023
DATE: March 8, 2023
TO: Stephen P. Metruck, Executive Director
FROM: Dan Thomas, Chief Financial Officer
Michael Tong, Director, Corporate Budget
SUBJECT: 2022 Financial Performance Briefing
EXECUTIVE SUMMARY
The purpose of this presentation is to provide a status report of the 2022 financial performance
results.
BACKGROUND
The Port’s overall operating revenues for 2022 were $810.1 million, which is $43.3 million above
the budget and $188.1 million higher than 2021. Excluding Aeronautical revenues, which are
based on cost recovery and revenue sharing formulas, other Airport Non-Aero revenues were
$256.6 million, $15.8 million or 6.6% above the budget and $72.8 million or 39.6% higher than
2021 from all lines of businesses.
Non-Airport revenues were $151.0 million, $19.9 million or 15.2% above the budget and
$30.3 million or 25.1% higher than 2021 mainly due to higher revenues from Cruise, Conference
and Event Centers, and unbudgeted police forfeitures.
Total operating expenses for 2022 were $475.7 million, which is $23.4 million or 4.7% below
budget and $111.1 million or 30.5% higher than 2021. The favorable budget variance was largely
due to a $15.6 million DRS Pension True-up Credit. Excluding the Pension Credit, the budget
variance was $7.8 million or 1.6% favorable mainly to savings from Outside Services, Third Party
Management Expense, and Travel & Other Employee Expenses; partially offset by less Charges
to Capital Projects.
Net operating income before depreciation was $334.4 million, which is $66.7 million or 24.9%
above budget and $77.0 million or 29.9% higher than 2021.
Each division will present its results to the Commission. The presentation outline is as follows:
1. Aviation Division Operating Results
2. Maritime Division Operating Results
COMMISSION AGENDA – Briefing Item No. 11a Page 2 of 2
Meeting Date: March 14, 2023
Template revised September 22, 2016.
3. Economic Development Division Operating Results
4. Central Services Operating Results
5. Portwide Operating Results
ATTACHMENTS TO THIS BRIEFING
(1) 2022 Financial and Performance Report
(2) Presentation slides
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS
August 9, 2022 – Q2 2022 Financial Performance Briefing
