Template revised April 12, 2018.
COMMISSION
AGENDA MEMORANDUM
Item No.
11a
BRIEFING ITEM
Date of Meeting
March 26, 2024
DATE: March 4, 2024
TO: Stephen P. Metruck, Executive Director
FROM: Dan Thomas, Chief Financial Officer
Michael Tong, Director, Corporate Budget
SUBJECT: 2023 Financial Performance Briefing
EXECUTIVE SUMMARY
The purpose of this presentation is to provide a status report of the 2023 financial performance
results.
BACKGROUND
The Port’s overall operating revenues for 2023 were $969.3 million, which is $15.6 million above
the budget and $159.2 million higher than 2022. Excluding Aeronautical revenues, which are
based on cost recovery and revenue sharing formulas, other Airport Non-Aero revenues were
$326.6 million, $30.5 million or 10.3% above the budget and $70.0 million or 27.3% higher than
2022 from all lines of businesses.
Non-Airport revenues were $163.0 million, $10.4 million or 6.8% above the budget and $12.0
million or 8.0% higher than 2022 mainly due to higher revenues from Cruise and NWSA
Distributable Income.
Total operating expenses for 2023 were $557.1 million, which is $16.3 million or 2.8% below
budget and $81.4 million or 17.1% higher than 2022. The favorable budget variance was largely
due to a $28.7 million DRS Pension True-up Credit. Excluding the Pension Credit, the budget
variance was $12.4 million or 2.2% above budget mainly to higher Environmental Remediation
Expense and less Charges to Capital Projects.
Net operating income before depreciation was $412.1 million, which is $31.9 million or 8.4%
above budget and $77.7 million or 23.2% higher than 2022.
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
3. Economic Development Division Operating Results
COMMISSION AGENDA – Briefing Item No. 11a Page 2 of 2
Meeting Date: March 26, 2024
Template revised September 22, 2016.
4. Central Services Operating Results
5. Portwide Operating Results
ATTACHMENTS TO THIS BRIEFING
(1) 2023 Financial and Performance Report
(2) Presentation slides
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS
August 8, 2023 – Q2 2023 Financial Performance Briefing
