Template revised April 12, 2018.
COMMISSION
AGENDA MEMORANDUM
Item No. 11c
BRIEFING ITEM Date of Meeting April 22, 2025
DATE: April 4, 2025
TO: Stephen P. Metruck, Executive Director
FROM: Dan Thomas, Chief Financial Officer
Michael Tong, Director, Corporate Budget
SUBJECT: 2024 Financial Performance Briefing
EXECUTIVE SUMMARY
The purpose of this presentation is to provide a status report of the 2024 financial performance
results.
BACKGROUND
The Port’s overall operating revenues for 2024 were $1,040.1 million, which is $17.1 million
above the budget and $70.9 million higher than 2023. Excluding Aeronautical revenues, which
are based on cost recovery and revenue sharing formulas, other Airport Non-Aero revenues
were $348.2 million, $15.5 million or 4.7% above the budget and $21.6 million or 6.6% higher
than 2023 mainly due to higher revenues from Public Parking, Rental Cars, Airport Dining &
Retails, and Clubs & Lounges.
Non-Airport revenues were $174.2 million, $4.5million or 2.6% above the budget and $11.3
million or 6.9% higher than 2023 mainly due to higher revenues from Cruise, Grain, and NWSA
Distributable Income.
Total operating expenses for 2024 were $646.9 million, which is $29.5 million or 4.8% over
budget and $96.0 million or 17.4% higher than 2023. The unfavorable budget variance was
largely due to higher expenses in Payroll, Utilities, Supplies & Stock, Unanticipated Legal
Expenses, and less Charges to Capital; partially offset by a $22.8 million DRS Pension True-up
Credit.
Net operating income before depreciation was $340.8 million, which is $16.7 million or 4.7%
below budget and $19.8 million or 5.5% lower than 2023.
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. ____ Page 2 of 2
Meeting Date: April 22, 2025
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) 2024 Financial and Performance Report
(2) Presentation slides
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS
August 13, 2024 – Q2 2024 Financial Performance Briefing
