Template revised April 12, 2018.
COMMISSION
AGENDA MEMORANDUM
Item No.
11a
BRIEFING ITEM
Date of Meeting
August 8, 2023
DATE: July 21, 2023
TO: Stephen P. Metruck, Executive Director
FROM: Dan Thomas, Chief Financial Officer
Michael Tong, Director, Corporate Budget
SUBJECT: Q2 2023 Financial Performance Briefing
EXECUTIVE SUMMARY
The purpose of this presentation is to provide a status report of the Q2 2023 financial
performance results.
BACKGROUND
The Port’s overall operating revenues for Q2 2023 were $462.0 million, which is $8.3 million
above budget and $99.7 million higher 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 $145.4 million, $7.8 million over budget mainly due to higher revenues from
Public Parking ($4.4M), Rental Cars ($2.1M), Airport Commercial Properties ($1.6M), and Clubs
& Lounges ($1.0M); partially offset by lower revenues from ADR & Terminal Leased Space
($1.9M).
Non-Airport revenues were $4.9M over budget mainly due to higher NWSA Distributable
Revenue ($4.7M) and Cruise ($2.3M); partially offset by lower revenues from Conference & Event
Center ($2.1M) and Grain ($1.3M).
Total operating expenses for the first half of 2023 were $264.7 million, which is $15.7 million
below budget and $43.4 million higher than 2022. The favorable budget variance was largely due
to delay in Outside Services spending, Travel & Other Employee Expenses, and Third Party
Management Operating Expense.
Net operating income before depreciation was $197.3 million, which is $23.9 million above
budget and $55.8 million higher than the same period last year.
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: August 8, 2023
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) Q2 2023 Financial and Performance Report
(2) Presentation slides
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS
None
