Item No.

__11c_supp__

Date of Meeting: April 22, 2025

Port of Seattle
Q4 2024 Financial Performance Report
1

Key Highlights
• SEA passenger volume was 3.4% higher compared 2023 and 1.6% above the 2019
pre-pandemic volumes
• 2024 cruise season marked the 25th year of cruises between Seattle and Alaska
ended with 1.8 million revenue passengers
• Operating revenues were $17.1M or 1.7% above budget
• Operating expenses were $29.5M or 4.8% over budget (with the $22.8M DRS
pension credit)
• Total capital spending was $779.2M, 0.3% below budget

2

Aviation Division
2024 Q4 Financial Performance Report

Passenger Growth Rebounded

1.6%

Growth compared
to 2019

3.4%

Growth compared
to 2023

-0.5%

Lower compared
to Budget
4

Financial Summary
Business/Financial Highlights
•

Aero Revenues - $3M under budget, net
impact of large operating expenses from legal
matters and other allocations, offset by
grants and the Int'l Arrivals Facility settlement
the airport received.

•

Non-Aero Revenues - $15M over budget,
continued strong performance overall,
significant growth in Parking, Rental Car,
Airport Dining & Retail, and Port-owned Club
at SEA lounges.

•

Operating Expenses - $29M over budget due
to increases in legal expenses, labor
contracts, Police services at SEA, and
environmental remediation liabilities.
These over budget operating expenses were
partially offset by the year-end pension credit.

5

Key Drivers of Operating Expense Variance
• Represented Payroll ($11.8M) - composed of higher contract rates and
includes $7.4M in retro-pay for contract negotiations completed during
2024.
• Highline Water District Settlement ($6.8M)
• Environmental Remediation Liability (ERL) Expense ($2.4M) - higher ERL
expenses primarily due to North Main Terminal Redevelopment/SEA
Gateway ($1.3M) and Widened Arrivals ($1.1M) projects.
• Legal Expenses ($18.4M) - airport share of legal expenses.
• Increase in police services at SEA ($5.4)
• WA State Dept. of Retirement Services Pension Credit $18.6M - airport
share of overall $22.8M pension credit for year-end 2024.
6

Operating Expenses Summary

$29M or 5.9% over budget
Components of Higher Operating Expenses:
 Higher Airport Direct Expenses: ($22M) - due to higher payroll costs, Highline Water Settlement, and environmental
remediation liabilities
 Higher Charges from Other Divisions: ($26M) - due to legal costs and increased demand for Police services at SEA
 Year-end Pension Credit: $19M - airport share of pension credit that partially offset higher operating expenses
7

Aeronautical Revenues
Actual

$518M
-$2.9M
-0.6 %
Budget

$521M
• Airfield Movement Area & Terminal impacted the most by increased legal expenses.
• FIS has a large reduction in expenses due to the Int'l Arrivals Facility settlement paid to the airport.
8

Non-Aeronautical Revenues
Actual

$348.2M
$15.5M
4.7%
Budget

$332.7M
• Strong performance in Parking and Rental Car, significant growth in Port-owned Club at SEA lounges,
continued growth in Airport Dining & Retail
9

Debt Service Ratio: Above 1.40x target
in $000's

2023 Actual

2024 Actual

2024 Budget

Variance

Revenues
Aero
Non-aero
Total Revenues

479,697
326,592
806,289

517,683
348,212
865,896

520,600
332,713
853,313

(2,917)
15,499
12,582

O&M

(445,691)

(525,050)

(495,724)

(29,325)

Net Operating Income
Federal Relief Grants Non-op
Concession Rent Relief Grants
CFC Excess
Other net non-operating

360,598
1,855
1,918
(7,560)
15,920

340,846
(10,174)
52,270

357,589
(7,385)
23,623

(16,743)
(2,789)
28,647

Available for debt service

372,731

382,941

373,827

9,114

Debt Service
Gross debt service (net of cap i)
CFC offset
PFC offset
Federal Relief Grants DS offset

308,981
(24,657)
(91,427)
(9,993)

326,295
(24,890)
(100,000)
-

323,985
(24,890)
(100,000)
-

2,310
-

Net Debt Service

182,904

201,405

199,095

2,310

2.02

1.90

1.88

0.02

Debt Service Coverage

Funds Available for Debt Service exceeded
budget due to:
• $15.5M increase in Non-aero
revenues
• $2.8M increase in Customer Facility
Charge excess
• $28M Int'l Arrivals Facility
settlement the airport received
Net Debt Service was $2.3M over budget
due to lower-than-expected offsets from
capitalized interest, reserve fund interest,
and interest costs.

Note: DS Coverage is airport only debt service coverage, calculated in accordance with airline
agreement.

10

$ in 000's

Airport Development Fund Balance

$760,000

Ending Balance,
$743,355

$740,000

$41M higher than target
$720,000
Target, $702,300
$700,000

$680,000

$660,000

$640,000

$620,000

$600,000

Beginning Balance,
$655,058

Drivers of $41M higher ending fund
balance include:
 $27.6M higher 2023 non-aero
revenues ending balance.
 $13.4M higher net sources and uses of
cash than target.
• Contributions to Fund Balance
o + $33M higher non-aero revenues
(includes pre-paid reserve parking for
future periods)
o + $10M ARPA federal grant
o + $47M lower cash spending for capital
projects

• Uses of Fund Balance
o ($62.6M) higher operating expenses
o ($20M) higher 2023 SLOA
surplus credited to airlines
SLOA = Signatory Lease Operating Agreement
ARPA = American Rescue Plan Act

11

2024 Capital Spending: 100.2% of Budget
$684M

$682M

$600

SEA Gateway,
$173

SEA Gateway,
$137

$500

Checked Bag, $51

$ in Millions

$700

Checked Bag, $70

C concourse, $75

C concourse, $85

A Conc, $39

A Conc, $44

$300

Business Need,
$124

$200

Others, $17
SCE, 24
Regulatory, $27

Business Need,
$109
Others, $19
SCE, 22
Regulatory, $39

R&R, $150

R&R, $152

$400

$100

Noise Prog, $4

$0

2024 Actual

R&R: Renewal & Replacement

2024 Budget

• SEA Gateway spent more than the
budget. Work was completed on
schedule with minor scope additions.
Review of TRA invoices were
completed quicker than anticipated.
• Checked Baggage underspent due to
savings in Phase 2 construction
contract contingency and schedule
delays on Phase 3.
• C Concourse Expansion underspent
because Structural Demolition and
Utility Relocation work production
was slower than planned. Structural
Steel erection re-sequencing is
expected to mitigate some of the
Noise Prog, $5
delay.
• No significant change in spending
forecast for other projects

12

AV Capital -2025 Spend Forecast
$ in 000's
Category
Mega Total
Business Need Total
Renewal & Replacement Total
Reserve/Cash Flow Adjustment Total
Regulatory Total
SAMP Design Total
Noise Total
Grand Total

2024 Actual
341,025
161,528
150,418
26,561
22
4,279
683,833

Project Categories:
Mega: Projects with over $300M budget
NSAT and IAF projects have been completed
Business Need: Based on identified business need or opportunity
Regulatory: Projects needed to meet regulatory requirements
Renewal & Replacement: Projects to replace assets that are at the end of
useful lives
Noise: sound insulation projects
SAMP Design: SAMP preliminary planning/design projects

POF 2025
Budget 2025
as of Q2 2024 as of Q4 2024
500,328
371,327
198,372
287,372
250,583
177,489
(35,955)
(70,879)
93,993
41,367
6,717
22,952
9,654
1,036,989
816,331

5Y Total
2,180,910
554,401
648,887
370,524
280,556
240,000
53,674
4,328,951

POF: Plan of Finance - a funding plan for the Port's
five-year Capital Improvement Program (CIP).
Budget 2025: Baseline for 2025 spending

13

Seaport
2024 Q4 Financial Performance Report

Seaport Key Metrics - 2024
Cruise Calls and Passengers

3,500

35,000

3,000

30,000

2,500

25,000

2,000

20,000

1,500

15,000

1,000

10,000

500

5,000

-

2019

2020

2021

2022

Containerized Volume (TEUs)

2023

2024

2000

300
1500

250
200

1000

150
100

500

50
-

0
2019

2020

Cargo Volume (Metric Tons)

2023

2021

2022

Cruise Sailings

2023

2024

Cruise Passengers in 000s

Grain Volumes in Metric Tons (000s)

Occupancy at Shilshole Bay Marina
2022

Passengers in ooos

40,000

Calls

4,000

350

Cargo Metric Tons in 000s

Container TEUs in 000s

NWSA Container and Cargo Volumes

2024 Budget

5,000

2024

100%
99%
98%
97%
96%
95%
94%
93%
92%

4,000
3,000
2,000
1,000

Dec

Nov

Oct

Sep

Aug

Jul

Jun

May

Apr

Mar

Feb

Jan

2019

2020

2021

Soybeans

Yellow Corn

2022

2023

2024

Sorghum

15

Seaport Performance Summary - 2024

Revenue
•
•
•
•

2022

2023

2024

2024

$ in 000's
Maritime
Economic Development Division
Joint Venture
Total Operating Revenues

Actual
71,534
17,799
55,381
144,715

Actual
82,410
17,215
57,636
157,261

Actual
89,163
17,506
61,406
168,075

Budget
86,132
21,542
55,881
163,555

Actual vs. Budget
Variance
$
%
3,031
4%
(4,036)
-19%
5,525
10%
4,520
3%

Maritime
Economic Development Division
Joint Venture
Total O&M Expenses w/o Pension True-up

59,557
20,745
2,539
82,840

66,637
24,343
3,466
94,447

73,409
27,758
2,204
103,371

72,589
30,669
2,270
105,528

(820)
2,911
65
2,157

DRS Pension True-up Exp

(3,303)

(5,100)

(4,207)

0

4,207

Total O&M Expenses with Pension True-up

79,537

89,346

99,164

105,528

6,364

NOI before Depreciation w/o Pension True-up

61,875

62,815

64,705

58,028

NOI before Depreciation with Pension True-up

65,178

67,915

68,912

Depreciation

36,678

37,008

NOI After Depreciation w/o Pension True-up

25,196

NOI After Depreciation with Pension True-up

28,500

Note: Totals exclude GASB 87 impact.

Higher than budgeted cruise occupancy.
Grain volumes up 65%.
EDD: Conference Center - lower revenue to budget.
Joint Venture - distributable income and T46 autos.

Change from 2023
$
6,753
291
3,770
10,814

%

6,772
3,414
(1,262)
8,924

10%
14%
-36%
9%

893

18%

6%

9,818

11%

6,677

12%

1,890

3%

58,028

10,884

19%

997

1%

38,013

35,794

2,219

6%

1,004

3%

25,806

26,692

22,233

4,458

20%

886

3%

30,906

30,899

22,233

8,665

39%

(8)

0%

-1%
9%
3%
2%

8%
2%
7%
7%

Expenses
•
•
•
•

Unbudgeted legal expenses.
Conference Center - lower expense to budget.
Unbudgeted pension credit.
Compensation Plan impacts.
16

Maritime Division
2024 Q4 Financial Performance Report

Maritime Division
Business Highlights

Financial Summary
Figure in $000s
Revenues
Fishing, Commercial, & Recreational
Marinas
Cruise
Maritime Portfolio Mgmt.
Grain / Other
Total

Actual

Budget

Variance

28,326
43,145
11,762
5,930
89,163

27,183
41,057
12,697
5,195
86,132

1,143
2,088
(935)
735
3,031

O&M Expense
Direct
Support Services
Central Services and Other
Total

28,884
22,353
22,172
73,409

30,966
21,471
20,152
72,589

Net Operating Income

15,754

Capital Spending

81,062

•
•
•

Grain Volumes - 10th highest year ever.
Cruise and Waterside Occupancy higher than planned.
Maritime Portfolio Management - Revenue increases
offset by unbudgeted environmental credit of $1.5M.

2,082
(882)
(2,020)
(820)

•

13,543

2,211

72,976

(8,086)

•
•

FT Maritime Innovation Center - Construction underway
with first major milestone complete with building move.
P66 Shorepower - Cable Positioning Device delivered.
Entered into a purchase & sale agreement to sell 500
habitat credits.

18

Stormwater Utility
SWU Expenses - Unfavorable due
to pay equity and outside services
Marine Maintenance - Favorable
$659K due charges diverted to
industrial permit work

19

Northwest Seaport Alliance Summary
NWSA Operating Income
Before GASB 87 Adjustment
$ in 000's
Operating Revenue
Operating Expense
Operating Income*
Depreciation
Net Operating Income

2023
Actual
238,438
106,637
131,801
21,288
110,513

Year-End
2024
Actual
Budget
271,738
252,824
126,252
124,151
145,486
128,673
24,652
29,402
120,834
99,271

Cargo TEUs
Cargo Volume (Metric Tons)

2,974,416
28,989,291

3,340,733
34,606,861

Fav (UnFav)
Budget Variance
$
%
18,914
7%
(2,101)
-2%
16,813
13%
4,750
16%
21,563
22%

Incr (Decr)
Change from 2023
$
%
33,300
14%
19,615
18%
13,685
10%
3,364
16%
10,321
9%
366,317
5,617,570

12.3%
19.4%

*Excludes Depreciation

Revenue Year to Date
• Budget Variance - Non-Container lines of business above
$7.8M, Container & Intermodal above $10.5M.
• Y/Y Variance - Increased volumes and T5 Phase II
expansion.

Operating Expense Year to Date
• Budget Variance - Under due to Maintenance
project timing, specifically Pile Cap Repair at East
Sitcum, partially offset by higher labor and other
operating expenses.
• Y/Y Variance - Higher from longshore and general
inflation across the board.
20

Joint Venture Q4 2024 Financials
Fav (UnFav)
Actual vs. Budget
Variance
$
%

Incr (Decr)
Change from 2024
$

%

57,154
(2,071)
55,084

5,244
165
5,409

9%
-8%
10%

4,714
(41)
4,673

8%
2%
8%

527
386

632
165

(105)
221

-17%
N/A

(226)
(677)

-30%
-64%

57,636

61,406

55,881

5,525

10%

3,770

6.5%

678
1,362
202
566
246
44
370
3,466
(283)
3,183
54,453
14,683
39,770

581
(547)
211
1,065
198
43
654
2,204
(241)
1,964
59,443
14,462
44,980

493
92
217
825
289
145
209
2,270

(88)
639
6
(240)
91
103
(444)
65

-18%
698%
3%
-29%
32%
71%
-212%
3%

(96)
(1,909)
9
499
(48)
(1)
284
(1,262)

-14%
-140%
4%
88%
-19%
-3%
77%
-36%

2,270
53,611
14,236
39,376

306
5,831
(227)
5,605

13%
11%
-2%
14%

(1,219)
4,989
(221)
5,210

-38%
9%
-2%
13%

2023

2024

2024

Actual

Actual

Budget

57,685
(1,865)
55,820

62,399
(1,906)
60,493

Other Service Revenue Tenant Reimbursements
Port Revenue from NWSA Facilities

753
1,063

Total Revenues
Expenses
Maintenance Expenses
JV Direct
Security
Environmental & Sustainability
Seaport Finance & Cost Recovery
Waterfront PMG
Central Services / Other

$ in 000's
Revenue
NWSA Distributable Revenue
Contra Joint Venture Revenue
Subtotal Distributable Revenue from NWSA

Total Expenses
Pension Adjustment
Total Expense w/out Pension Adjustment
NOI Before Depreciation

Legacy Depreciation for NWSA Facilities
NOI After Depreciation

Home Port Activities
Revenues:
•

NWSA distributable revenue higher
than budget due project spending less
than budget in 2024

•

Port Revenue from NWSA Facilities
higher from unbudgeted autos at T46

Expenses
•

Expenses less than budget:
•

$746K environmental
remediation liability credit at T5
for the deepening project.

•

$427K in legal expenses

•

$217K in bad debt expense

21

Economic Development Division
2024 Q4 Financial Performance Report

Economic Development Division
Financial Summary

Business Highlights

Figure in $000s

Actual

Budget

Variance

Revenues

17,506

21,542

(4,036)

O&M Expense
EDD & Maritime
Maintenance
Diversity in Contracting
Tourism
EDD Grants
Central Services and Other
Total

14,362
3,521
158
1,701
964
6,071
26,777

16,946
4,024
250
1,875
1,505
6,068
30,669

2,585
503
92
174
541
(2)
3,892

NOI

(9,271)

(9,127)

(144)

Capital Spending

3,780

5,137

1,357

• Portfolio Management maintained 90% occupancy.
• Fewer event cancelations, increasing Conf. Event Center Revenues.
• T91 Upland Redevelopment entering validation phase of progressive
design build.
• FT Maritime Innovation Center started construction in Q2 2024
• T106 Trammell Crow - 750K sf light industrial, 2-story distribution
center delivered.
• After completing due diligence for the STOC office portfolio, closed
one of the largest real estate acquisitions in Port of Seattle history.

23

Central Services
2024 Q4 Financial Performance Report

Central Services
Business Highlights

Financial Summary


$ in 000's
Revenues

Actual
403

Budget
163

Variance
240

Core Central Support Services
Police
Engineering/PCS
Total O&M Expenses w/o Pension True-up

152,018
46,691
17,334
216,044

120,940
40,538
19,488
180,967

(31,078)
(6,153)
2,154
(35,077)

DRS Pension True-up Credit

(11,743)

-

11,743

Total O&M Expenses with Pension True-up

204,300

180,967

(23,334)

Capital Spending

10,511

20,716

10,205







Commission presented the Port's activities and
future plan at the State of the Port
Received the American Association of Port
Authorities Lighthouse Award of Excellence in
Economic Development Practices for the South King
County Community Impact Fund
Celebrated the Muckleshoot Tribe's Tomanamus
Community Day at the Muckleshoot Job Fair &
Community Gathering
Participated in over 83 outreach events focused on
local Port communities to promote jobs at the Port.
The Port hired 58 high school interns and 54 postsecondary interns in 2024

25

Central Services Financial Highlights
• 2024 Total Operating Expenses were
$35.1M above budget due to higher
Payroll, Promotional Expenses, and Legal
Expenses; partially offset by lower Outside
Services and Travel.
• 2024 Total Operating Expenses were
$49.4M higher than 2023 mainly due to
higher Payroll, Equipment, Promotional
Expenses, Outside Services, Property
Rentals, and Legal Expenses in 2024.

26

Port Wide
2024 Q4 Financial Performance Report

Port Wide Financial Summary
•

Total Operating Revenues:
$17.1M over budget

•

Total Operating Expenses:
$52.3M over budget

•

NOI after Depreciation:
$57.9M below budget

28

Port Wide Financial Summary
Actual
Budget
Actual
479,697
517,683
520,600
326,592
348,212
332,713
162,991
174,245
169,758
969,281 1,040,141 1,023,071

Actual vs. Budget
Variance
$
%
(2,917)
-0.6%
15,499
4.7%
4,487
2.6%
17,070
1.7%

Change from 2023
Incr (Decr)
$
%
37,986
7.9%
21,620
6.6%
11,254
6.9%
70,860
7.3%

DRS Pension True-up Exp
Total O&M Expenses with Pension True-up

490,431
(15,638)
474,793

579,607
(28,709)
550,899

669,661
(22,790)
646,871

617,406
617,406

(52,255)
22,790
(29,465)

-8.5%
0.0%
-4.8%

90,054
5,919
95,972

15.5%
-20.6%
17.4%

Depreciation
NOI After Depreciation w/o Pension True-up

233,869
85,830

256,740
132,933

272,750
97,730

250,025
155,640

(22,725)
(57,910)

-9.1%
-37.2%

16,009
(35,203)

6.2%
-26.5%

NOI After Depreciation with Pension True-up

101,467

161,642

120,520

155,640

(35,120)

-22.6%

(41,122)

-25.4%

$ in 000's
Aeronautical Revenues
Airport Non-Aero Revenues
Seaport Revenues
Total Operating Revenues
Total O&M Expenses w/o Pension True-up

•
•
•

2022

2023

Actual
402,540
256,613
150,977
810,130

2024

2024

Total Operating Revenues were $17.1M over budget due to higher Airport Non-Aero Revenues, NWSA
Distributable Revenue, and Cruise; partially offset by lower Conference & Event Centers.
Total Operating expenses were $52.3M (excluding $22.8M pension credit) over budget mainly due to higher
Payroll, Legal Expenses, and Promotional Expenses.
Net Operating Income after Depreciation w/o Pension True-Up was $57.9M below budget.
29

Port Wide Capital Spending

Total capital spending was
$779.2M, 0.3% below budget

30

Aviation Division
Appendix
2024 Q4 Financial Performance Report

Airport Activity
2022

2023

2024

% Change
from 2023

Total Passengers (000's)
Domestic
International
Total

41,582
4,382
45,964

45,090
5,796
50,885

46,052
6,589
52,641

2.1%
13.7%
3.4%

Operations

401,351

422,497

434,321

2.8%

Landed Weight (In Millions of lbs.)
Cargo
All other
Total

2,745
26,333
29,079

2,748
29,317
32,064

2,774
30,032
32,806

1.0%
2.4%
2.3%

Cargo - Metric Tons
Domestic freight
International & Mail freight
Total

335,514
120,777
456,291

305,141
111,986
417,127

345,181
114,882
460,063

13.1%
2.6%
10.3%

2024 Passenger volume:
• 2024 passenger volume increased by 3.4%
compared to 2023.
• Total passenger volume grew steadily, surpassing
the 2019 pre-pandemic level by volume by 1.6%.

32

Aviation Financial Summary
Actual vs. Budget
Variance

Incr/(Decr)
Change from 2023

2022

2023

2024

2024

Actual

Actual

Actual

Budget

Aeronautical Revenues
Non-Aeronautical Revenues
Total Operating Revenues

402,540
256,613
659,153

479,697
326,592
806,289

517,683
348,212
865,896

520,600
332,713
853,313

(2,917)
15,499
12,582

-0.6%
4.7%
1.5%

37,986
21,620
59,606

7.9%
6.6%
7.4%

Total Operating Expenses w/o Pension True-Up

469,263
(23,572)
445,691
360,598

543,627
(18,577)
525,050
340,846

495,724
495,724
357,589

(47,903)
18,577
(29,325)
(16,743)

-9.7%

DRS Pension True-Up Expense
Total Operating Expenses w/ Pension True-Up
Net Operating Income

394,990
(12,286)
382,704
276,449

-5.9%
-4.7%

74,365
4,994
79,359
(19,753)

15.8%
-21.2%
17.8%
-5.5%

CPE
Non-Aero NOI ($ in 000s)
Enplaned passengers (in 000s)

16.09
135,483
22,966

17.52
189,063
25,371

18.14
187,548
26,265

18.31
179,075
26,457

(0.17)
8,473
(192)

-0.9%
4.7%
-0.7%

0.62
(1,516)
893-

3.5%
-0.8%
3.5%

Capital Expenditures (in 000s)

311,631

444,072

683,833

682,384

(1,449)

-0.2% 239,761

54.0%

Financial Summary
($ in 000's)

$

%

$

%

Operating Revenue

33

Key Performance Measures
2022

2023

2024

2024

Actual

Actual

Actual

Budget

Actual vs. Budget
Variance

Incr/(Decr)
Change from 2023

$

%

$

%

(0.17)
8,473

-0.9%
4.7%

0.62
(1,516)

3.5%
-0.8%

Key Performance Metrics
Cost per Enplanement (CPE)
Non-Aeronautical NOI (in 000's)

16.09
135,483

17.52
189,063

18.14
18.31
187,548 179,075

17.20
11.17
193
2.64
457

18.60
12.87
166
2.02
507

20.70
13.26
157
1.90
517

18.74
12.58
136
1.88
517

(1.96)
0.68
(22)
0.02
0

-10.5%
5.4%
-16.1%
1.1%
0.0%

2.10
0.39
(9)
(0.12)
10

11.3%
3.0%
-5.3%
-5.9%
2.0%

22,966
45,964

25,371
50,885

26,265
52,641

26,457
52,914

(192)
(274)

-0.7%
-0.5%

893
1,755

3.5%
3.4%

Other Performance Metrics
O&M Cost per Enplanement
Non-Aero Revenue per Enplanement
Debt per Enplanement (in $)
Debt Service Coverage
Days cash on hand (17 months = 517 days)
Activity (in 000's)
Enplanements
Total Passengers

34

Aviation Expense Year End Summary
2022

2023

2024

2024

Actual vs. Budget
Variance

Actual

Actual

Actual

Budget

$

168,389
75,700
22,880
15,141
282,110

193,130
87,364
23,285
17,655
321,434

220,728
103,263
25,543
21,440
370,975

210,530 (10,198)
126,888 23,625
23,938 (1,606)
(9,402) (30,842)
351,954 (19,021)

Total Exceptions

(1,274)
2,356
1,081

13,017
480
13,497

2,600
553
3,153

Total Airport Expenses

283,191

334,931

374,128

352,111 (22,017)

-6.3% 39,197

11.7%

Maritime/Economic Development/Other

80,452
27,660
3,687

95,740
33,750
4,840

124,120
39,388
5,992

103,294 (20,826)
34,019 (5,369)
6,301
309

-20.2% 28,379
-15.8% 5,637
4.9% 1,151

29.6%
16.7%
23.8%

Total Charges from Other Divisions

111,799

134,331

169,499

143,614 (25,886)

-18.0% 35,168

26.2%

Total Operating Expenses w/o Pension True-Up

394,990 469,263 543,627 495,724 (47,903)
(12,286) (23,572) (18,577)
- 18,577
382,704 445,691 525,050 495,724 (29,325)

-9.7% 74,365
4,994
-5.9% 79,359

15.8%
-21.2%
17.8%

Total Airport Expense Summary
($ in 000's)

%

Incr/(Decr)
Change from 2023
$

%

Operating Expenses
Payroll
Outside Services
Utilities
Other Expenses
Total Airport Direct Charges
Environmental Remediation Liability
Capital to Expense

Corporate
Police

DRS Pension True-up Exp
Total Operating Expenses w/ Pension True-Up

157
157

-4.8% 27,598
18.6% 15,899
-6.7% 2,258
328.0% 3,785
-5.4% 49,540

14.3%
18.2%
9.7%
21.4%
15.4%

(2,443) -1556.1% (11,059) -85.0%
(553)
(172) -35.8%
(2,996) -1908.5% (11,231) -83.2%

35

Aeronautical Business
2022

2023

2024

2024

Actual vs. Budget
Variance

Incr/(Decr)
Change from 2023

Actual

Actual

Actual

Budget

$

$

Total Rate Base Revenues

118,240
17,211
220,399
29,347
385,197

142,797
26,118
251,892
41,214
462,020

169,606
32,086
278,228
14,841
494,761

153,782
31,816
274,654
41,326
501,578

15,824
270
3,573
(26,485)
(6,817)

10.3%
0.8%
1.3%
-64.1%
-1.4%

26,810
5,968
26,336
(26,373)
32,741

18.8%
22.8%
10.5%
-64.0%
7.1%

Airfield Commercial Area
Subtotal before Revenue Sharing

17,343
402,541

17,677
479,697

22,922
517,683

19,022
520,600

3,900
(2,917)

20.5%
-0.6%

5,245
37,986

29.7%
7.9%

Total Aeronautical Revenues

402,541

479,697

517,683

520,600

(2,917)

-0.6%

37,986

7.9%

Total Aeronautical Expenses

261,574

308,162

364,385

342,086

(22,299)

-6.5%

56,223

18.2%

Aeronautical NOI

140,967

171,535

153,298

178,514

(25,216)

-14.1%

(18,237)

-10.6%

Debt Service

(80,554)
60,413

(144,395)
27,140

(157,518)
(4,220)

(154,613)
23,902

(2,905)
(28,121)

1.9%
-117.7%

(13,122)
(31,360)

9.1%
-115.5%

Aeronautical NOI
($ in 000's)

%

%

Rate Base Revenues
Airfield Movement Area
Airfield Apron Area
Terminal Rents
Federal Inspection Services (FIS)

Net Cash Flow

2024 actual Net Cash Flow ($4.2M) mainly due to the lower of Federal Inspection Services (FIS)
revenue requirement because of $28M construction legal claim reimbursement.
36

Aero Cost Drivers
Impact on Aero
Revenues
Budget vs Actual
$
%

2024
Actual

2024
Budget

O&M
Debt Service Before Offsets
Debt Service PFC Offset
Net Debt Service
Amortization
Space Vacancy
TSA Operating Grant and Other
Rate Base Revenues
Commercial area

353,595
226,565
(91,643)
134,922
36,935
(2,041)
(28,676)
494,734
22,922

331,860
225,815
(91,493)
134,322
36,873
(719)
(758)
501,578
19,022

21,735
750
(150)
600
62
(1,322)
(27,918)
(6,844)
3,900

6.5%
0.3%
0.2%
0.4%
0.2%
183.9%
3681.8%
-1%
21%

Total Aero Revenues

517,657

520,600

(2,943)

-1%

$ in 000's
(1)

(1) O&M, Debt Service Gross, and Amortization do not include commercial area costs or the
international incentive expenses

2024 Actuals to 2024 Budget
Rate Based Revenue $6.8M lower than budget:
O&M - $21.7M higher primarily due to higher Legal
Costs. Significant unbudgeted items included TSA
Exit Lane Staffing and increases in Represented
Payroll with retroactive contract negotiations.
Additional cost increases were driven higher
allocations of costs across the board including law
enforcement support. These increases were
partially offset by Aero share of year-end Pension
Credit.
Net Debt Service - $0.6M higher than budget due
to very minimal changes.
TSA Operating Grant and Other - $27.9M higher
reflecting additional grants and $28M IAF
Settlement Reimbursement.

Aero rate base revenues based on cost recovery formulas

37

Non-Aeronautical Business Year End
Non-Aeronautical NOI

Actual vs. Budget
Variance

Incr/(Decr)
Change from 2023

2022

2023

2024

2024

Actual

Actual

Actual

Budget

Total Non-Aeronautical Revenues

88,899
56,473
20,804
36,581
53,856
256,613

110,990
63,460
24,878
65,952
61,312
326,592

116,626
66,271
23,946
73,703
67,666
348,212

111,036
61,599
25,333
71,332
63,413
332,713

5,590
4,672
(1,387)
2,372
4,253
15,499

5.0%
7.6%
-5.5%
3.3%
6.7%
4.7%

5,637
2,810
(932)
7,751
6,354
21,620

5.1%
4.4%
-3.7%
11.8%
10.4%
6.6%

Total Non-Aeronautical Expenses

121,130

137,529

160,665

153,639

7,026

4.6%

23,136

16.8%

135,483 189,063 187,548 179,075
(4,338)
(7,686) (10,174)
(7,385)
131,145 181,377 177,373 171,689
(33,065) (27,096) (43,887) (44,482)
98,079 154,281 133,486 127,207

8,473
(2,789)
5,684
595
6,279

4.7%
37.8%
3.3%
-1.3%
4.9%

(1,516)
(2,488)
(4,004)
(16,791)
(20,795)

-0.8%
32.4%
-2.2%
62.0%
-13.5%

($ in 000's)

$

%

$

%

Non-Aeronautical Revenues
Public Parking
Rental Cars
Ground Transportation
Airport Dining & Retail
Other

Non-Aeronautical NOI

1

Less: CFC Surplus
Adjusted Non-Aeronautical NOI
Debt Service
Net Cash Flow

Operating Revenue was REDUCED by Federal Concessionaire Relief grants in 2022 & 2023
38

Non-Aeronautical Revenues
($ in 000's)

2022
Actual

2023
Actual

2024
Actual

2024
Budget

Incr/(Decr)
2024 Actual v.
2024 Budget
$
%

Non-Aeronautical Revenues
Public Parking
Rental Cars
Ground Transportation
Airport Dining & Retail
Commercial Properties
Non-Airline Terminal Leased Space
Clubs and Lounges
Utilities
Other Non-Aero Revenue
Total Non-Aeronautical Revenues BEFORE grants

88,899
56,473
20,804
55,719
16,747
6,954
8,688
7,943
13,932
276,159

110,990
63,460
24,878
67,870
20,370
8,294
11,710
8,666
12,272
328,511

116,626
66,271
23,946
73,703
21,744
7,909
16,709
9,578
11,725
348,212

111,036
61,599
25,333
71,332
20,496
6,756
12,024
10,089
14,048
332,713

5,590
4,672
(1,387)
2,372
1,249
1,153
4,686
(511)
(2,323)
15,499-

less Concession Relief grants
Non-Aeronautical Operating Revenue

(19,546)
256,613

(1,918)
326,592

348,212

332,713

15,499

4.7%

1,918
21,620

Total Enplanements
International Enplanements
O&D Enplanements

22,966
2,185
15,709

25,371
2,869
17,608

26,265
3,276
18,333

26,457
2,927
18,467

(192)
348
(134)

-0.7%
11.9%
-0.7%

893
406
725

Non-Aeronautical Revenue Recovery
Trend by Year

Incr/(Decr)
2024 Actual v.
2023 Actual
$
%

5.0%
7.6%
-5.5%
3.3%
6.1%
17.1%
39.0%
-5.1%
-16.5%
4.7%

5,637
2,810
(932)
5,833
1,375
(385)
5,000
912
(547)
19,702-

5.1%
4.4%
-3.7%
8.6%
6.7%
-4.6%
42.7%
10.5%
-4.5%
6.0%
-100.0%
6.6%
3.5%
14.2%
4.1%

39

Non-Aero Revenue Recovery with
Concessions Grant Impact
400M

$348M

350M
300M

$276M

$269M

$298M

Concessionaire Relief Grants

250M

Non-Aero Operating Revenue

$189M

200M

$138M

Total

150M

Non-Aero revenue per enplanement of
$13.26 in 2024, has strongly exceeded
the pre-pandemic peak of $10.40 in
2019

100M
50M
M

2019

2020

2021

2022

2023

2024

Note: Concessionaire Relief grants applied in years 2021-2023
40

Non-Aero Detail: Landside Revenue Trends

Each individual Landside revenue segment surpassed 2019 levels in 2022, and each segment is
forecasted to show continued growth in 2024. Parking continues to reflect the strongest growth.

41

Non-Aero Detail: Public Parking Transactions

*Pre-Booked launched late-2019, then transitioned to the Reserved Parking Program (Floor 4 only) in March 2024

Public Parking transaction trend driven by customer preference for close-in self-parking during pandemic recovery period.
2024 Total Parking transactions grew 2.6% above 2023 but fell -6.2% below Budget.
42

Non-Aero Detail: ADR Revenue Trends

Combined Airport Dining & Retail revenues surpassed 2019 levels in 2023, with uneven recovery patterns throughout the
pandemic. In 2024, ADR in total grew 8% above 2023, despite disruptions to some individual segments from ongoing capital project
work.
Full recoveries from Food & Beverage, Advertising, and Retail lines of business offset slower recoveries in Duty Free and Services.

43

Non-Aero Detail: AVBP Revenue Trends

Combined Airport Business & Properties revenues surpassed 2019 levels in 2023, though with uneven recovery patterns
throughout the pandemic across different segments. 2024 grew 15% above prior year with Clubs & Lounges growing 43%.
Revenues from CLEAR concessions and other airport leases remained more stable throughout COVID-19, while revenues from
Flight Kitchens and SEA Clubs & Lounges (Concourse A & SSAT) were more impacted and had a longer recovery arc.
44

2024 Capital Expenditures
$ in 000's
SEA Gateway (1)
Checked Bag Recap/Optimization

(2)

Budget vs. Actual

2024

2024

Actual
172,720

Budget
136,612

POF
106,366

$
36,108

50,631

69,654

111,869

(19,023) -27.3%

(2) Phase 2 Savings to Construction Contract Contingency wasn't assumed in the 2024 baseline; Phase 3 delays
in Construction Start.
(3) Contractor's updated schedule resulted in higher 2024 costs than forecasted.

%
26.4%

34,171

17,233

15,539

16,938

98.3%

(4)

18,052

7,281

4,809

10,771

147.9%

MT Low Voltage Sys Upgrade (5)

36,379

25,860

26,000

10,519

40.7%

C concourse Expansion (6)

75,135

85,192

109,662

(10,057) -11.8%

28,736

20,899

12,894

4,770

11,397

-

(6,627) -58.1%

Widen Arrivals Roadway (3)
International Arrivals Fac-IAF

Airline Realignment

(7)

ASL Replacement (8)

(1) Work was completed on schedule with minor scope additions. The Program was able to tighten up the
typical 60-90 day lag between completion of work and the reimbursement submittal to allow approval of one
more reimbursement request than originally forecast before the end of 2024.

2024

7,837

(4) Unplanned $14M for Claims Settlement & Legal costs. It was slightly offset by $3.3M for Delayed Const
work & Soft Cost Underruns.
(5) Contractor resequenced work and increased crew sizes accelerating the 2024 cashflow basis to $2.8M/Mo.

37.5%

(6) 2024 actual costs were lower than budget because Structural Demolition and Utility Relocation work
production was slower than planned. Structural Steel erection re-sequencing is expected to mitigate some of the
delay.

(9)

1,793

6,596

4,775

(4,803) -72.8%

Concourse A Lounge Expansion (10)
All Other

39,386

43,500

47,748

(4,114)

222,060

258,160

419,857

(36,100) -14.0%

Subtotal
CIP Cashflow Mgmt Reserve

683,833
-

682,384
-

859,518
(141,920)

1,449
-

0.2%

(8) Due to uncertainties at the start of this hot status project, high margin was included in the ROM estimate.

Total Spending

683,833

682,384

717,598

1,449

0.2%

(9) Project progressed slower than expected, working to accelerate and rearrange the work.

Parking Garage Elevators Moder

-9.5%

(7) Delayed spending in previous months was realized in Q4 when the GCCM production and associated
invoicing increased.

(10) Const. TRA reimbursement submittals required additional review time. Due to the substantial backlog of
outstanding change orders, the processing time to review the change order documentation and standard request
for reimbursements has created a processing and reimbursement delay.

45

Maritime Division
Appendix
2024 Q4 Financial Performance Report

Maritime Preliminary Year-End 2024 Financials
Net Operating Income is $1M unfavorable to budget and $537K higher than 2023

•

Revenue is $3M better than budget and $6.8M or 8% above 2023 driven by increased grain volumes, tariff
rates, and higher than expected occupancy for Cruise and Commercial Vessels. These were offset by an
unbudgeted environmental credit for our T106 ground lease.

•

Expenses $4M or 6% over budget driven by Marine Maintenance, Police, Legal, and Capital to Expense.
Expenses up $6.3M or 9% Y/Y primarily due to Payroll and Legal.

•

Capital spending came in at
$81M or 111% of $73M
budget. This was driven by
spending on P66 Shorepower,
T91 Berth 6&8, and Maritime
Innovation Center.

2022

2023

2024

2024

Actual vs. Budget Change from 2023
Variance
$
%
$
%
3,0310
4%
6,753
8%

$ in 000's
Total Revenues

Actual
71,534

Actual
82,410

Actual
89,163

Budget
86,132

Total Operating Expenses

59,557

66,637

73,409

72,589

(820)

-1%

6,772

Net Operating Income

11,978

15,773

15,754

13,543

2,211

16%

(19)

0%

Depreciation

17,980

18,193

19,177

17,531

(1,646)

-9%

984

5%

Net Income
(6,002)
(2,420)
(3,423)
(3,988)
Note: Totals exclude impact of pension adjustment and GASB 87

565

14%

(1,003)

-41%

10%

47

Maritime 2024 Financial Summary
$ in 000's
Ship Canal Fishing & Operations
Elliott Bay Fishing & Commercial Operations
Recreational Boating
Cruise
Grain
Maritime Portfolio Management
Other
Total Revenue
Expenses
Maritime (Excl. Maint)
Economic Development
Total Direct
Maintenance Expenses
Envir Services & Planning
Seaport Finance and Cost Recovery
Seaport Project Management
Total Support Services
IT
Police Expenses
External Relations
Other Central Services
Aviation Division / Other
Total Central Services / Other
Total Expense w/o Pension Adjustment
Pension Adjustment
Total Expense w/ Pension Adjustment
NOI excluding Pension Adjustment
NOI Before Depreciation
Depreciation
NOI After Depr. w/o Pension Adjustment

2023
Actual

2024
Actual

2024
Budget

5,076
6,564
15,505
41,726
3,356
10,263
(80)
82,410

5,169
6,602
16,555
43,145
5,920
11,762
10
89,163

4,984
5,731
16,468
41,057
5,191
12,697
4
86,132

24,423
4,855
29,278
15,424
1,289
1,072
1,654
19,439
3,375
4,803
1,663
7,751
329
17,920
70,286
(3,649)
66,637
12,124
15,773
18,300
(6,176)

23,678
5,206
28,884
16,756
1,756
1,514
2,328
22,353
3,787
5,258
2,009
10,817
302
22,172
76,394
(2,985)
73,409
12,769
15,754
19,465
(6,696)

24,640
6,326
30,966
14,983
1,718
1,653
3,117
21,471
4,128
4,929
2,158
8,633
304
20,152
72,589
0
72,589
13,543
13,543
17,531
(3,988)

Actual vs. Budget
Variance
Change from 2023
$
%
$
%
185
4%
93
2%
871
15%
39
1%
87
1%
1,050
6%
2,088
5%
1,419
3%
729
14%
2,564
43%
(935)
-7%
1,499
13%
6
165%
90
941%
3,031
4%
6,753
8%
963
1,120
2,082
(1,772)
(37)
139
788
(882)
341
(328)
149
(2,184)
2
(2,020)
(3,805)

4%
18%
7%
-12%
-2%
8%
25%
-4%
8%
-7%
7%
-25%
1%
-10%
-5%

(746)
352
(394)
1,332
467
442
674
2,915
412
455
346
3,066
(28)
4,251
6,108

-3%
7%
-1%
8%
27%
29%
29%
13%
11%
9%
17%
28%
-9%
19%
8%

(820)
(774)
(2,212)
(1,934)
(2,707)

-1%
-6%
-16%
-11%
-68%

6,772
645
(19)
1,165
(520)

9%
5%
0%
6%
-8%

Variance from Budget
• Revenue $3M over:
• Cruise - Higher Occupancy.
• Grain - Higher Volumes.
• Elliott Bay Fishing & Operations - unbudgeted moorage.
• Maritime Portfolio Management - Environmental credit
($1.5M) related to T106 ground lease.
•

Operating Exp. $2M over:
• Direct $898K lower - Unspent Broker Fees and Tenant
Improvement at FT and SBM.
• Support Services $1.4M higher - Higher wages and
equipment & supplies cost than planned.
• Central Services $3.6M higher - Legal expenses.

48

Cruise 2024 Financials
Variance from Budget
Revenues
• Higher than budget due to average
occupancies exceeding 100% budget assumption
(~105%) & Carnival at tariff rate through 7/1
Expenses
• More than budget:
• Outside Services - $298K
• City of Seattle payment for P66
construction traffic mitigation
• Utilities - P66 electricity $153K
• Police - $313K
Variance from 2023
Revenues
• 2024 revenue higher due to rate escalations, even
though total passengers lower than 2023
Expenses
• Outside services higher in 2024 due to T91 operations
evaluation consultant & P66 construction traffic
mitigation payment to City

49

$ in 000's
Revenue by Facility:
T-91 Fishing Related
T-91 Vessel Operations
Kellogg Island - Moorage
Terminal 25 Docks
Terminal 18 North - Dolphins
Pier 34 Dolphins
Other (P2, P28, P69, T46,T108)
Utility Sales Revenue
Total Revenue
Dept Expenses:
Staff
Outside Services
General Expenses
Equipment & Supplies
Utilities
Support Services:
Maintenance
Project Management
Environmental & Planning
Economic Development
Police/Security
Other/Central Services
Total Expense
NOI Before Depreciation
Depreciation
NOI After Depreciation

Elliott Bay Fishing & Commercial
2023

2024

2024

Bud Var

Actual

Actual

Budget

$

%

3,494
647
428
403
211
237
356
787
6,564

3,193
595
449
415
344
261
448
825
6,531

2,758
569
448
415
236
239
264
801
5,731

435
27
1
0
108
22
183
24
800

16%
5%
0%
0%
46%
9%
69%
3%
14%

718
14
225
18
1,238

794
20
(69)
12
1,388

806
23
113
21
1,503

12
3
182
10
114

2%
12%
161%
45%
8%

1,542
116
2,301
19
843
2,357
9,391
(2,827)
3,352
(6,180)

1,577
203
742
19
747
2,270
7,703
(1,172)
3,046
(4,218)

1,471
132
356
19
692
2,287
7,423
(1,692)
3,267
(4,959)

(107) -7%
(70) -53%
(386) -108%
0
0%
(56) -8%
17
1%
(280) -4%
520
31%
221
7%
741
15%

Variance from Budget
Total Revenue $800K over, mostly due to:
• A new license agreement with Alaska Marine Lines (AML) at T-28 and T-18 North.;
• Due to current Fishing Industry pressures, some vessels stayed in port longer than
expected - ASC, Arctic, for example
• Total Expenses ($280K) over:
• The higher expenses from Environmental ($386K) related to the ERL cleaning reserve for
the Berth 6&8 project
• ($107K) variance from Maintenance primarily related to P46 North Shorepower project
• Bad Debt expenses (General Expenses) were $215K below the budget, primarily because
more 2023 bad debt expenses were recovered in 2024, as well as the impact of the Q4
cyberattack.
•

Variance from 2023
Revenue: ($32K), primarily driven by:
3% - 5% rate increase in 2024
A new license agreement with AML
Offset by T-91 Berth 6 & 8 project disruption;
Absence of extended vessel stays for upgrades and repairs in 2024;
Fewer spot moorage used in 2024
• Expenses: a ($1.7M) decrease in 2024 is primarily related to:
• ($1.6M) decrease in Environmental which related to the ERL cleaning reserve for the
Berth 6&8 project in 2023;
• ($316K) decrease in Bad Debt expenses (General Expenses), primarily because more 2023
bad debt expenses were recovered in 2024, as well as the impact of the Q4 cyberattack;
• Offset by $151K increase in Utilities
•

•
•
•
•
•

50

Recreational Boating
$ in 000's
Revenue by Facility:
Shilshole Bay Marina
Harbor Island Marina
Bell Harbor Marina
Utility Sales Revenue
Total Revenue
Dept Expenses:
Staff
Outside Services
General Expenses
Equipment & Supplies
Utilities
Support Services:
Maintenance
Project Management
Environmental & Planning
Economic Development
Police/Security
Other/Central Services
Total Expense
NOI Before Depreciation
Depreciation
NOI After Depreciation

2024

Bud Var

2023

2024

Actual

Actual Budget

$

13,906
547
485
566
15,505

15,049
530
460
517
16,555

14,827
516
526
599
16,468

222
1%
14
3%
(66) -13%
(83) -14%
87
1%

2,612
39
218
99
1,334

2,567
190
146
84
1,348

2,852
108
112
161
1,123

285 10%
(82) -76%
(34) -31%
78 48%
(224) -20%

4,053
3,941
3,490
283
590
367
625
787
704
39
43
43
1,640
1,577
1,416
5,071
5,291
5,464
16,012 16,564 15,840
(507)
(9)
628
3,313
3,170
3,181
(3,820) (3,179) (2,553)

(451)
(223)
(83)
0
(162)
172
(724)
(637)
11
(626)

%

-13%
-61%
-12%
0%
-11%
3%
-5%
101%
0%
-25%

Variance from Budget
• Total Revenue $87K over:
• Moorage revenue exceeded budget by $172K due to higher demand;
• Offset by Utility sales below budget ($83K), primarily due to electricity.
• Total Expenses ($724K) over:
• ($451K) variance in Maintenance primarily at SBM
• ($223K) variance in Project Management, primarily related to the assessment
of Comporter Pier and repairs to the Tribal Hoist at SBM
• ($224K) variance in Utility expenses
• ($75K) legal reserve for SBM
• Offsetting is $285K for salaries & benefits and travel expenses
Variance from 2023 Actual
• Total Revenue increased by approximately $1M, or 7%
• Moorage rates increased 5% to 12%
• Offsetting is ($53K) guest moorage primarily at BHM
• Total Expenses increased by $552K, or 3%
• $308K increase in Project Management, primarily related to the assessment
of Comporter Pier and repairs to the Tribal Hoist at SBM
• $162K in Environmental-related services, primarily through divisional
allocation
• $151K increase in outside service primarily related to the assessment of
Comporter Pier and repairs to the Tribal Hoist at SBM
• Offsetting is ($112K) in Marine Maintenance
51

Ship Canal Fishing & Operations
$ in 000's
Revenue by Facility:
FT Commercial
FT RecBoating
Salmon Bay Marina
Maritime Industrial Center
Utility Sales Revenue
Total Revenue
Dept Expenses:
Staff
Outside Services
General Expenses
Equipment & Supplies
Utilities
Support Services:
Maintenance
Project Management
Environmental & Planning
Economic Development
Police/Security
Other/Central Services
Total Expense
NOI Before Depreciation
Depreciation
NOI After Depreciation

2024

Bud Var

2023

2024

Actual

Actual Budget

$

%

2,900
772
1,046
160
198
5,076

2,904
852
1,080
123
209
5,169

2,807
787
1,071
143
176
4,984

97
66
10
(20)
33
185

3%
8%
1%
-14%
19%
4%

1,315
48
194
54
985

1,619
34
(52)
73
940

1,678
20
30
90
1,014

59
4%
(15) -75%
81 274%
16
18%
74
7%

2,302
2,384
2,312
456
536
775
634
582
387
17
18
18
709
635
574
2,134
2,059
2,407
8,847
8,831
9,305
(3,771) (3,662) (4,321)
2,380
2,189
2,319
(6,152) (5,851) (6,641)

(72)
239
(195)
0
(62)
348
474
659
130
789

-3%
31%
-50%
0%
-11%
14%
5%
15%
6%
12%

Variance from Budget
• Total Revenue $185K or 4% over, attributed to:
• $70K increase in moorage revenue from monthly moorage;
• $64K increase in locker revenue due to the use of Net sheds 7&8;
• Total Expenses are $ 474K under, primarily due to:
• $ 239K under budget in Project Management.
• Bad Debt expenses are $236K below budget, primarily because more 2023 bad debt
expenses were recovered or written off in 2024, as well as the impact of the Q4
cyberattack.
Variance from 2023
• Total revenue increased $93K from 2023, mainly due to:
• $172K or 5% increase in Moorage revenue, attributed to rate increases from 2023
• $91K increase in locker revenue due to the use of Net sheds 7 & 8;
• Offset by reimbursement revenue of ($184K) from the Derelict Vessel program in
2023.
• Total expenses decreased by ($16K), primarily due to:
• Bad Debt expenses ($361K) decreased primarily because more 2023 bad debt
expenses were recovered and written off in 2024, as well as the impact of the Q4
cyberattack.
• Offset by a $304K increase in staff-related expenses, partially due to a vacant position
in 2023.

52

All Portfolio Management Occupancy
Total Available SF
Building
CEC
Central Harbor
Marina Office & Retail
Maritime Industrial
T91 Upland
Total

901,982

Total Available SF
3,505,093
Land
Central Harbor
Marina Office & Retail
Maritime Industrial
T91 Upland
Total

SF Occupied SF Vacant % Occupied
69,915
100%
214,381
78,782
78%
164,951
38,090
81%
271,370
100%
64,493
100%
785,110
116,872

SF Occupied SF Vacant % Occupied
1,399,633
95,353
94%
152,001
204,297
43%
1,244,194
100%
389,615
20,000
95%
3,185,443
319,650

53

Maritime Portfolio Management
$ in 000s
Revenue by Facility:

2023

2024

2024

Actual

Actual

Budget

Terminal 91
Terminal 106
FT Office & Retail
MIC Uplands
Salmon Bay Marina Uplands
SBM Office & Retail
Other (T108, T115)

3,701
360
2,083
785
75
581
189

4,301
1,288
2,087
787
83
571
200

3,990
2,515
1,925
804
84
576
134

311
(1,227)
162
(16)
(1)
(4)
66

8%
-49%
8%
-2%
-1%
-1%
50%

Utilities
Total Revenue

2,488
10,263

2,445
11,762

2,669
12,697

(225)
(935)

-8%
-7%

Dept Expenses:
Staff
Outside Services
General Expenses
Equipment & Supplies
Utilities

614
94
(123)
0
2,669

678
19
208
2
2,677

592
514
142
3
3,085

(86)
496
(66)
1
408

-15%
96%
-46%
46%
13%

Support Services:
Maintenance
Environmental
Project Management Group
Planning
Police/Security

3,743
1,389
561
283
1,379

4,316
519
551
316
1,329

3,880
559
936
428
1,122

(436)
40
384
112
(207)

-11%
7%
41%
26%
-18%

Variance from 2023

Other/Central Services
Total Expense

5,061
15,671

4,771
15,385

4,246
15,507

(524)
122

-12%
1%

NOI Before Depreciation
Depreciation
NOI After Depreciation

(5,408)
2,540
(7,948)

(3,623)
2,708
(6,331)

(2,810)
2,409
(5,218)

(813)
(299)
(1,112)

-29%
-12%
-21%

Expenses $286K decrease
• Environmental exp ($870K) lower due to 2023 $964K ERL for FT MInC
• Partially offset:
- MM exp $573K higher mainly due to higher Wages & Benefits at FT, T91 & T106.
- General Expenses, $331K higher mainly due to 2023 resolved bad debt and miscoded
PMG project costs

Bud Var
$

%

Overall Occupancy
• Marina Office & Retail: Buildings 81%, Land 43%
• Maritime Industrial: Buildings 100% and Land 95%
Variance from Budget
Revenues $935K Lower
• Unbudgeted environmental cost credit to Trammell Crow at T106 ($1.5M in 2024).
• Offset by higher revenue from Lineage Logistics (market rates reset) and from
unexpectedly renewed expiring leases in 2024.
Expenses $122K Lower
• Outside Services $496K lower: unspent TI and broker's fees mainly at FT and SBM.
• Project Management $384K lower: unspent Outside Services at FT, SBM and T91.
• Partially offset:
- MM expenses ($436K) higher in Wages & Benefits and Supplies & Stock (mainly at FT).
- MD Other ($203K) higher due to unbudgeted SaBM's Operations employees charged to
FT Office & Retail.

Revenue $1.5M Increase
• Trammell Crow's full-rate revenue started in April 2024.
• Lineage Logistic market rates reset.

54

Marine Maintenance
$ in 000's

Reimburseable Revenue
EDD
MD
JV
Total Revenue
Labor
Staff
Equipment & Supplies
Outside Services
Utilities
General Expenses
Other Expenses
SWU
Facilities
BOST
Fleet
Admin
Total Expense
NOI Before Depreciation
Depreciation
NOI after Depreciation

2023
Actual

2024
Actual

2024
Budget

235
170
678
1,083

189
204
527
921

175
157
632
965

15,068
4,060
815
478
57
322
2,551
1,978
1,829
2,184
363
29,705
(28,622)
1,315
(29,937)

16,765
2,747
443
338
(133)
(74)
2,824
2,358
2,115
2,952
362
30,696
(29,775)
1,372
(31,148)

15,925
2,339
512
225
9
(9)
2,936
1,891
2,172
3,592
1,196
30,789
(29,825)
1,194
(31,019)

Bud Var
$
%
(14)
(47)
105
44

8%
30%
-17%
-5%

(839)
5%
(407)
17%
69
-14%
(113)
50%
142 -1652%
65
751%
113
-4%
(467)
25%
57
-3%
641
-18%
834
-70%
93
0%
(49)
0%
(178)
15%
129
0%

Variance from Budget:
Total Reimbursable Revenue under budget by $44K, mostly due to:
• T18 (Joint Venture) under budget $109K. Offset by overages in
Maritime and EDD facilities budgeted for an anticipated slow down
which did not occur in 2024.
Total Expenses on Target
• Labor Staffing was ($706K) overbudget due to Comp Project/Retro
Pay. This was offset by savings in Materials, Fuel due to state pricing
and savings from software implementation.
• Equipment and Supplies was ($407K) overbudget in 2024. This is
underbudget compared to 2023 spend.
Variance from 2023:
Revenue:
• Anticipated more of a decrease in 2024.
Expenses:
• Cyber Outage impacted services performed and contracted services
needed.

55

Maritime Management Admin
Major Variances:
Operating Expense: $239K under
•

Salaries & Benefits: $187K under due to Unfilled
Chief Development Officer position.

•

Outside Services: ($16K) over Architectural &
Engineering Services provided by OTAK Project
Controls Consultant to support business unit
expenses were to be charged to Org 6260,
WPMG.

•

Promotional Expenses: $23K unspent budget for
Customer Holiday party, lunch and dinners.

56

Maritime Planning

Major Variances:
Operating expense $414K under spent
•

Outside Services: $533K Underspent in Personal services due to
capacity and time to build-out Strategic Planning/Policy
program, 700K.

•

Salaries & Benefits: ($168K) Over budget due to Planner
Emergency Hire

•

Travel & Other Employee Expenses: $13K Underspent budget
for (4) American Institute of Certified Planner memberships, 3K.
Lodging, Airfare & Registration for American Planning
Association and WPPA conferences, 10K.
57

Business Highlights for 2024
Maritime Environment & Sustainability

• Secured $3M EPA Clean Ports Planning Grant to support decarbonization planning efforts through 2027
• Completed the Seattle Waterfront Clean Energy Strategy, a roadmap for power infrastructure to support
electrification on Port properties in the Seattle harbor
• Completed the Scope 3 Puget Sound Air Emissions Inventory for the year 2021 and supplemental cruise
inventory for 2022
• Worked closely with CM and WPM to substantially complete Terminal 5 Berth Modernization and Pier 66
Shorepower projects
• Completed $48m sale of mitigation credits to Lockheed Martin Company
• AdaptSea charter signed along with various agencies to commit to working together on waterfront resiliency
• Duwamish Sea Level Rise MOU signed by the Port, City, and King County
• NOAA/US Fish & Wildlife Service approval of new port-specific mitigation calculator for endangered species
• Completed third year of Urban Kelp Study with Seattle Aquarium
• Trustee approval of T25 habitat restoration design and scope of work
• Completed Centennial Park shoreline erosion study which identifies future restoration opportunities
• Procured, customized, and rolled-out new Permit Compliance Tracking System

58

Maritime Environment & Sustainability
Salaries & Benefits: (454K)
unfavorable for due to filling vacant
positions higher than budgeted and
more charges to Overhead than
budgeted.
Wages & Benefits: 359K favorable due
to DRS Pension True-up.
Payroll to Cap/Govt/Envrs: (57K)
unfavorable charging more to Cap/ERL
7% higher than budgeted.
Charges to Cap/ERL: 235K favorable to
due to increased direct charge
Outside Services: 33K 2% favorable.

Lower Staff costs to Capital and ERL than planned and delays in payments of invoices for Outside Services

59

Business Highlights Marine SWU for 2024
Marine Stormwater Utility (SWU)
• Completed SWU rate review and commission approval for an 8% rate increase. Communicated increase to
tenants and Northwest Seaport Alliance in December and updated external website. Rates remain lower than
Seattle Public Utilities stormwater rates.
• In process of updating the SWU Strategic Plan (2026-2030). This will replace the 2021-2025 Strategic Plan and
includes input from stakeholders including the Northwest Seaport Alliance, Port departments, and tenants to
assist with future goals and strategics.
• Completed stormwater asset repair and rehabilitation projects at Terminals 18 and 46, Maritime Industrial
Center, Shilshole Bay Marina, and Fishermen's Terminal.
• Met with and submitted comments to Washington Department of Ecology on the new industrial stormwater
general permit. Changes in the final permit were beneficial to some Port facilities and operations.
• Renewed the Park's Salmon-Safe certification for another 5 years following an August 2024 site visit by
Salmon-Safe technical team. The program will be managed by Marine Maintenance for the next cycle in
collaboration with ME&S habitat, stormwater, and permitting teams.

60

Maritime Capital
2024
Actual
$ in 000's
P66 Shore Power
T91 Berth 6 & 8 Redev
FT Maritime Innovation Center
P66 Fender Replacement
MIC Electrical Replacements
T91 New Cruise Gangway
Sustainable Eval Framework Res
HIM Dock-E Improvements
MD Small Projects
MD Fleet
All Other Projects
Subtotal
CIP Cashflow Mgt - MD
Total Maritime
% of Capital Budget

2024
2024 POF Budget vs Forecast
Budget
$
%
23,874
25,085
27,752
(1,211)
-5%
22,682
21,931
19,223
751
3%
9,227
7,384
14,789
1,843
25%
3,730
2,800
2,382
930
33%
1,931
2,203
411
(272)
-12%
2,342
2,090
3,040
252
12%
0
2,000
2,000
(2,000)
-100%
3,050
1,920
2,350
1,130
59%
1,358
2,340
2,234
(982)
-42%
3,399
4,038
4,503
(639)
-16%
9,469
15,449
30,341
(5,980)
-39%
81,062
87,240
109,025
(6,178)
-7%
0
(14,264)
(24,200)
14,264
-100.0%
81,062
72,976
84,825
8,086
11%
111%
100%

Projects with Significant Variances
FT Innovation Center - Additional workflow
analysis through Forma resulted in the preorder
of equipment that was originally planned to be
purchased later.
HIM Dock-E Improvements - The contractor
performing the dock fabrication finished sooner
than originally projected.
All Other Projects - MD Video Camera Project
($1.3M) delayed due to cyber incident.

61

Economic Development Division
Appendix
2024 Q4 Financial Performance Report

EDD 2024 Financials
2022

2023

2024

2024

$ in 000's
Revenue
Conf & Event Centers
Total Revenue
Expenses
Portfolio Management
Conf & Event Centers
P69 Facilities Expenses
RE Dev & Planning
EconDev Expenses Other
Maintenance Expenses
Maritime Expenses (Excl Maint)
Total EDD & Maritime Expenses
Diversity in Contracting
Tourism
EDD Grants
Total EDD Initiatives
Environmental & Sustainability
Police Expenses
Other Central Services
Aviation Division
Total Central Services & Aviation

Actual
8,886
8,914
17,799

Actual
10,477
6,738
17,215

Actual
10,016
7,490
17,506

Budget
10,386
11,156
21,542

Actual vs. Budget
Variance
$
%
(370)
-4%
(3,666)
-33%
(4,036)
-19%

3,653
6,563
230
299
1,058
3,836
1,223
16,863
186
1,737
105
2,028
30
240
4,893
146
5,309

3,713
6,632
254
340
1,734
3,498
1,501
17,672
268
1,540
1,491
3,300
53
288
5,207
141
5,689

3,954
7,150
237
235
1,488
3,532
1,571
18,168
253
1,738
964
2,955
72
333
6,099
130
6,635

3,917
9,602
225
249
1,058
4,024
1,894
20,971
250
1,875
1,505
3,630
108
289
5,539
132
6,068

(37)
2,452
(12)
14
(430)
492
323
2,803
(3)
137
541
675
36
(44)
(560)
2
(567)

Total Expense before Pension Adjustment
Pension Adjustment
Total Expense with Pension Adjustment
NOI Before Depreciation
Depreciation

24,200
(629)
23,571
(5,772)
3,954

26,661
(1,168)
25,494
(8,279)
4,132

27,758
(981)
26,777
(9,271)
4,373

30,669
0
30,669
(9,127)
4,028

NOI After Depreciation

(9,725)

(12,411)

(13,644)

(13,154)

Change from 2023
$
(461)
752
291

%
-4%
11%
2%

-1%
26%
-5%
6%
-41%
12%
17%
13%
-1%
7%
36%
19%
33%
-15%
-10%
1%
-9%

242
518
(17)
(105)
(247)
34
70
496
(15)
197
(527)
(345)
19
45
892
(11)
945

7%
8%
-7%
-31%
-14%
1%
5%
3%
-6%
13%
-35%
-10%
36%
16%
17%
-8%
17%

2,911
981
3,892
(144)
(346)

9%
NA
13%
-2%
-9%

1,096
187
1,283
(992)
241

4%
16%
5%
-12%
6%

(490)

-4%

(1,233)

-10%

Variance from Budget
Revenue $4M unfavorable to budget

• Conf. & Event Center activity less than budgeted
• Lower event activity led to lower garage utilization
• WTC West business lost to competitors that provide
finished, ready-to-use office space

Expenses $2.9M below budget

• Conf. and Event Centers volumes drove reduced variable
expenses
• Unspent Outside Services expenses
• EDD Grants lower from shift to 1-yr Cycle and some
miscoded expense were to be charged to the Tax Levy cost
center
• Pier 69 Facilities underspent in Equipment expenses and
Salaries & Benefits
• Small Business underspent in Outside Services
• Tourism underspent on Outside Services

63

Small Business Development - Diversity in Contracting
Major Variances:
Operating Expense: 482K underspent
•

Outside Services: 174K underspent budget in Non-Architectural & Engineering
services for Tabor100 Resource center, Mentor Protégé (ACE & AGC) paused,
Community Development Fund Training.

•

Salaries & Benefits: 101K variance due to unfilled DIC Coordinator position.

•

Promotional Expenses: 73K variance due to decrease in Trade Business and
Community expenses. Government and Community partnership events did not occur.

•

Travel & Other Employee Expenses: 20K underspent in Travel related Lodging, Meals
and Memberships due to Director foregoing planned travel/training to allow staff
development opportunities.

64

Tourism
Major Variances:
Operating Expense: 174K underspent

CA Goal

Advance this Region as
a Leading Tourism
Destination and
Business Gateway

EDD
Tourism
Department

•

Outside Services: 121K variance due to decrease in Tourism contracts
and Marketing support contracts caused by adjustments in grant cycle
from two year to one year to align with partner's budget cycles.

•

Travel & Other Employee Expenses: 21K variance due to decrease in
Registration, Travel related meals, transportation and lodging.

•

Equipment Expenses: 12K budget for new Simpleview software was
expensed in Outside services.

•

General Expenses: (18K) variance due to increase in Advertising
expenses.

Tourism Marketing Initiatives
Promote Air Travel and
Cruise/Stay
Tourism grant programs

Key
Metrics

Passenger enplanement
increases
$ value of promotions, etc.

65

P69 Facilities
Major Variances:
Operating Expense: 239K underspent
•

Salaries & Benefits: 72K variance due to vacant
Corporate Facility Manager and Facility
Supervisor positions.

•

Outside Services: 22K Budget allowance for
architectural & engineering services 10K and
Office Space Facility Management Software 11K
unspent.

•

Equipment Expenses: 93K Allowance for
miscellaneous furniture and equipment as
needed, unspent.

•

Supplies and Stock: 13K variance due to Cyber
Attack, network unavailable which caused a
decrease in employees utilizing the facility. This
resulted in a decrease of consumables used and
replaced.

66

EDD Admin
Major Variances:
Operating Expense: 576K underspent
•

Salaries & Benefits: 291K variance due to vacant
Managing Director and Innovation Program Manager
positions.

•

General Expenses: 150K unspent budget for EDD
Opportunity Fund.

•

Travel & Other Employee Expenses: 58K unspent
budget was for previous Director's Travel and
Memberships.

67

Real Estate Development
$ in 000's

2023
2024
2024
Actual Actual Budget

Bud Var
$
%

Salaries & Benefits
Equipment Expense
Supplies and Stock
Outside Services
Travel & Other Employee Exp
Promotional Expenses
General Expenses
All Other Expenses

515
3
0
397
1
0
0
(48)

574
2
0
475
1
0
1
(38)

714
2
1
364
14
0
0
5

140
20%
0
11%
1
1
(111)
-30%
13
92%
0
NA
(0) -198%
43
890%

Total Operating Expense

869

1015

1100

85

8%

Pension Adjustment

(51)

(42)

Total Expense w/out Pension Adjustment

920

1057

1100

43

4%

Variance from Budget
Expenses $43K lower
• Salary & Benefits $140K lower due to unfilled FTE Real Estate
Planning Specialist position
• Unspent travel funds, $13K
• Partially offset by Outside Services ($111K) higher due to higher AV
Non-Aero expenses for feasibility, design and due diligence efforts
for various properties.

68

EDD Portfolio Management

$ in 000s

2023

2024

2024

Revenue by Facility:
Conference Centers
WTC - Seattle
WTC West - Building
P66 Retail
Bell Street Garage
T102 Uplands
T91 Uplands
Other (P2, P69, T34, Tsubota, T5SE, FTZ)
Utilities
Total Revenue

Actual
5,537
1,104
1,731
379
1,910
2,499
1,789
1,931
360
17,238

Actual
6,478
932
1,436
387
1,894
2,354
1,833
1,829
356
17,498

Budget
9,674
1,375
1,705
436
2,457
2,139
1,468
1,910
375
21,539

Bud Var

$
(3,196)
(444)
(269)
(49)
(564)
215
365
(81)
(19)
(4,042)

%
-33%
-32%
-16%
-11%
-23%
10%
25%
-4%
-5%
-19%

Dept Expenses:
Staff
Outside Services
General Expenses
Equipment & Supplies
Utilities

1,190
393
7,668
18
1,714

1,430
681
8,108
39
1,618

1,590
435
10,407
332
1,735

160
(246)
2,299
293
117

10%
-57%
22%
88%
7%

Support Services:
Maintenance
Environmental
PMG
Planning
Police and Security
Other/Central Services

3,478
214
489
0
617
7,469

3,509
282
437
7
651
8,049

4,018
282
592
0
758
7,434

0
509
(1)
156
(7)
107
(615)

NA
13%
0%
26%
NA
14%
-8%

Total Expense

23,250

24,811

27,582

2,771

10%

NOI Before Depreciation

(6,012)

(7,313)

(6,043)

(1,270)

-21%

Depreciation
NOI After Depreciation

4,121
4,343
4,017
(10,133) (11,656) (10,060)

(326)
(1,596)

-8%
-16%

Overall Occupancy

• Central Harbor: Building 78%, Land 94%
• T91 Uplands: Building 100%, Land 95%

Variance from Budget
Revenues $4M Lower
• Conf. & Event Centers & WTCS - overly optimistic budgeting & competition.
• WTCW - lost business-competitors providing finished, ready-to-use office space.
• Bell St. Garage - lower garage utilization, P66 total cruise calls set too high.
• Partially offset by revenue from tenants renewing leases in 2024 at T102 & T91 Uplands.
Expenses $2.8M Lower
• Conf. and Event Centers volumes drove reduced variable expenses.
• Lower MM exp mainly due to lower in Salary, Wages & Benefits and in Supplies & Stock.
• Project Management: unspent Outside Services at mainly T102 and P66.
• Partially offset by higher Outside Services from unbudgeted TI, additional janitorial services,
and some expenses were budgeted under different GL#.
• Partially offset by higher Central Services allocation in legal fees.

Variance from 2023
Revenue $260K Increase
• Conf. and Event Centers - fewer event cancellations.
• Partially offset by discontinued leases at T102, WTCW and reduced tenant sf at P2.
Expense $1.7M Increase
• General expense - higher due to Conf. & Event Centers volumes increased variable expenses.
• Outside Services - higher broker fees at T34, WTCW, T102 & additional janitorial services.
• Central Services allocation - higher in legal fees.

69

Maritime Portfolio Occupancy
Marina Office and Retail

Maritime Industrial

Overall Occupancy

Overall Occupancy

Building 81% Land 43%

Building 100% Land 100%

Land Occupancy

70

All Portfolio Management Market Statistics

* Information source: Costar-Office & Industrial Market Averages (does not capture land only leases)

71

EDD Capital
2024
Actual
$ in 000's
T91 Uplands Dev Phase I
P69 Underdock Utility Rplc
P69 Public Video Wall
WTCW Roof Replacement
P69 Computer Room CRAC Repl
T91 Ped Path and Bike Bridge
EDD Tenant Improvements
EDD Technology Projects
CW Bridge Elev Modernizations
P69 3rd Floor Terrace Repair
All Other Projects
Subtotal
CIP Cashflow Mgmt Reserve
Total Economic Development
% of Capital Budget

1,357
854
105
229
81
180
0
0
117
0
857
3,780
0
3,780
74%

2024
Budget
2,650
1,050
575
461
386
346
300
250
220
130
579
6,947
(1,810)
5,137
100%

2024 POF Budget vs Forecast

18,409
600
725
83
529
1,350
300
250
0
775
6,204
29,225
(8,724)
20,501

$
(1,293)
(196)
(470)
(232)
(305)
(166)
(300)
(250)
(103)
(130)
278
(3,167)
1,810
(1,357)

%
-49%
-19%
-82%
-50%
-79%
-48%
-100%
-100%
-47%
-100%
48%
-46%
-100%
-26%

T91 Uplands - Procurement delay due
to change in methodology. Moved
from Design-Build to Progressive Design
Build (protracts the design process).
P69 Public Video Wall - Cost reduction
using Port Engineering and PCS for
construction vs. using outside
contractor.
P69 Computer Room CRAC -
Procurement delay due to cyber
disruption.

72

Central Services
Appendix
2024 Q4 Financial Performance Report

Central Services Business Events
 Commission presented the Port's activities and future plan at the State of the Port hosted by West
Seattle Chamber State
 Executive Director presented on decarbonization during the Ports Authority Roundtable
 Commission authorized $14M the second iteration of the South King County Community Impact Fund
(SKCCIF) program over the next five years
 Received the American Association of Port Authorities Lighthouse Award of Excellence in Economic
Development Practices for the South King County Community Impact Fund
 Hosted a hybrid format town hall with more than 500 online participants and approximately 70 inperson attendees
 Celebrated the Muckleshoot Tribe's Tomanamus Community Day at the Muckleshoot Job Fair &
Community Gathering
 Participated in over 83 outreach events focused on local Port communities to promote jobs at the
Port. The Port hired 58 high school interns and 54 post-secondary interns in 2024
 Conducted the Data and Equity Workshop Series in partnership with We All Count with the goal to
advance equity into data collection and analysis

74

2024 Operating Expenses Summary







Payroll Expenses $9.7M above budget
Promotional Expenses $4.6M above budget
Outside Services $2.4M below budget
Travel & Other Employee Expenses $925K below budget
Charges to Capital Projects $2.2M below budget
75

Central Services Financial Highlights
Budget
163
120,940
40,538
19,488
180,967
-

Actual vs. Budget
Variance
$
%
240
146.8%
(31,078)
-25.7%
(6,153)
-15.2%
2,154
11.1%
(35,077)
-19.4%
11,743
0.0%

Change from 2023
Incr (Decr)
$
%
619
-286.6%
40,650
36.5%
5,668
13.8%
3,093
21.7%
49,412
29.7%
2,736
-18.9%

180,967

(23,334)

52,148

2022

2023

2024

2024

$ in 000's
Total Operating Revenues
Core Central Support Services
Police
Engineering/PCS
Total O&M Expenses w/o Pension True-up
DRS Pension True-up Exp

Actual
2,538
96,695
33,487
10,593
140,775
(6,666)

Actual
(216)
111,368
41,023
14,241
166,632
(14,479)

Actual
403
152,018
46,691
17,334
216,044
(11,743)

Total O&M Expenses with Pension True-up

134,110

152,153

204,300




-12.9%

34.3%

2024 Total Operating Revenues were 240K above budget due to forfeitures and Reimbursable Revenue from Police.
2024 Total Operating Expenses (without the non-cash expense credit related to the Port's public pension plans) were $35.1M
unfavorable to budget mainly due to higher Payroll, Equipment Expense, Supplies & Stock, Insurance Expense, Promotional
Expenses ($2.5M payment to Seattle Aquarium and $2.0M payment to Friends of the Waterfront), and Legal Expenses; partially
offset by lower Outside Services and Travel.

76

Central Services Expense by Category
$ in 000's
Salaries & Benefits
Wages & Benefits
Payroll to Capital Projects
Equipment Expense
Supplies & Stock
Outside Services
Travel & Other Employee Expenses
Insurance Expense
Litigated Injuries & Damages
Other Expenses
Charges to Capital Projects/Overhead Alloc
TOTAL w/o DRS Pension True-up
DRS Pension True-up Credit
TOTAL w/ DRS Pension True-up

•
•
•

Actual vs. Budget
Variance
$
%
(5,009)
-4.9%
(4,702)
-12.8%
4,906
19.4%
(337)
-12.5%
(111)
-11.1%
2,401
5.2%
925
25.1%
(513)
-9.3%
(25,882)
0.0%
(4,524)
-100.7%
(2,232)
4.8%
(35,077)
-19.4%

Change from 2023
Incr (Decr)
$
%
14,994
16.2%
5,463
15.2%
555
2.8%
625
26.1%
(443)
-28.6%
4,001
10.2%
176
6.8%
1,326
28.1%
22,976
790.5%
4,917
119.9%
(5,178)
13.2%
49,412
29.7%

2022

2023

2024

2024

Actual
78,779
29,719
16,628
2,561
992
30,694
1,950
4,115
3,354
2,777
(30,793)
140,775

Actual
92,338
35,832
19,886
2,400
1,551
39,407
2,589
4,715
2,907
4,102
(39,094)
166,632

Actual
107,333
41,294
20,441
3,025
1,107
43,408
2,766
6,041
25,882
9,019
(44,272)
216,044

Budget
102,324
36,592
25,348
2,688
997
45,810
3,691
5,527
4,494
(46,504)
180,967

(6,666)

(14,479)

(11,743)

-

11,743

0.0%

2,736

-18.9%

134,110

152,153

204,300

180,967

(23,334)

-12.9%

52,148

34.3%

Payroll above budget to mainly due to Compensation Project
Outside Services below budget due to spending delays
Other Expenses above budget mainly due to the $2.5M earlier payment to Seattle Aquarium than budgeted and
unbudgeted $2.0M payment to Friends of the Waterfront

77

Central Services Capital Spending
2024
$ in 000's
Engineering Fleet Replacement
Corporate Fleet Replacement
Services Tech - Small Cap
Infrastructure - Small Cap
Enterprise Network Refresh
ID Badge System Upgrade
Radio Microwave Redundancy Loop
Public Safety Dispatch & Police RMS
Enterprise Firewall Refresh
Physical Access Control System Refresh
Office Wi-Fi Refresh
Other (note 1)
Subtotal
CIP Cashflow Adjustment
TOTAL

Actual
643
269
1,155
799
1,741
1,068
305
567
483
10
643
1,771
9,454
9,454

2024

2024
Plan of
Budget
Finance
3,716
1,890
1,189
920
1,623
1,500
1,500
1,500
2,600
2,600
2,551
2,550
2,272
1,973
950
1,720
1,550
1,460
1,250
1,100
1,565
1,000
5,052
5,916
25,818
24,129
(6,800)
(6,200)
19,018
17,929

Budget Variance
$

%

(3,073) -82.7%
(920) -77.4%
(468) -28.8%
(701) -46.7%
(859) -33.0%
(1,483) -58.1%
(1,967) -86.6%
(383) -40.3%
(1,067) -68.8%
(1,240) -99.2%
(922) -58.9%
(3,281) -64.9%
(16,364) -63.4%
6,800 -100.0%
(9,564) -50.3%

Note:
(1) "Other" includes remaining ICT projects and small capital projects/acquisitions.

78

Portwide
Appendix
2024 Q4 Financial Performance Report

Seaport Financial Summary

•

Change from 2023
Incr (Decr)
$
%
4,714
8.2%
6,753
8.2%
291
1.7%
(504)
-8.9%
11,254
6.9%

2023

2024

2024

Actual
55,353
71,534
17,799
6,291
150,977

Actual
57,685
82,410
17,215
5,681
162,991

Actual
62,399
89,163
17,506
5,177
174,245

Budget
57,154
86,132
21,542
4,929
169,758

DRS Pension True-up Exp
Total O&M Expenses with Pe nsion True-up

95,481
(3,351)
92,129

110,345
(5,137)
105,208

126,034
(4,212)
121,821

121,682
121,682

(4,352)
4,212
(140)

-3.6%
0.0%
-0.1%

15,689
925
16,614

14.2%
-18.0%
15.8%

Depreciation
NOI After Depreciation w/o Pension True-up

39,524
15,973

42,141
10,506

39,625
8,586

37,020
11,056

(2,605)
(2,470)

-7.0%
-22.3%

(2,516)
(1,920)

-6.0%
-18.3%

NOI After Depreciation with Pension True-up

19,324

15,643

12,798

11,056

1,742

15.8%

(2,844)

-18.2%

$ in 000's
NWSA Distributable Revenue
Maritime Revenues
EDD Revenues
SWU & Other
Total Operating Revenues
Total O&M Expenses w/o Pension True-up

•

Actual vs. Budget
Variance
$
%
5,244
9.2%
3,031
3.5%
(4,036)
-18.7%
248
5.0%
4,487
2.6%

2022

Non-Airport Operating Revenue: $4.5M over budget due to higher revenues from NWSA Distributable Revenues, Cruise,
and Fishing & Operations; offset by lower revenues from Maritime Portfolio Management and Conference & Event Center.
Operating Expenses: $4.4M over budget due to Payroll, Supplies & Stock, Utilities, and less charges to Capital.

80

Port Wide Operating Revenues Summary
Budget
520,600

Actual vs. Budget
Variance
$
%
(2,917)
-0.6%

Change from 2023
Incr (Decr)
$
%
37,986
7.9%

116,626
45,399
20,872
81,612
23,946
10,462
21,744
9,578
16,709
43,145
16,555
11,771
5,920
11,762
9,993
7,490
62,399
6,474
522,457

111,036
42,201
19,399
78,088
25,333
11,656
20,496
10,089
12,024
41,057
16,468
10,715
5,191
12,697
10,363
11,156
57,154
7,348
502,471

5,590
3,198
1,473
3,524
(1,387)
(1,195)
1,249
(511)
4,686
2,088
87
1,056
729
(935)
(370)
(3,666)
5,244
(874)
19,986

5.0%
7.6%
7.6%
4.5%
-5.5%
-10.3%
6.1%
-5.1%
39.0%
5.1%
0.5%
9.9%
14.0%
-7.4%
-3.6%
-32.9%
9.2%
-11.9%
4.0%

5,637
(1,107)
3,917
7,366
(932)
(112)
1,375
912
5,000
1,419
1,050
131
2,564
1,499
(472)
752
4,714
(837)
32,874

5.1%
-2.4%
23.1%
9.9%
-3.7%
-1.1%
6.7%
10.5%
42.7%
3.4%
6.8%
1.1%
76.4%
14.6%
-4.5%
11.2%
8.2%
-11.4%
6.7%

1,040,141

1,023,071

17,070

1.7%

70,860

7.3%

2022

2023

2024

2024

$ in 000's
Aeronautical Revenues

Actual
402,540

Actual
479,697

Actual
517,683

Public Parking
Rental Cars - Operations
Rental Cars - Operating CFC
ADR & Terminal Leased Space
Ground Transportation
Employee Parking
Airport Commercial Properties
Airport Utilities
Clubs and Lounges
Cruise
Recreational Boating
Fishing & Operations
Grain
Maritime Portfolio Management
Central Harbor Management
Conference & Event Centers
NWSA Distributable Revenue
Other
Total Operating Revenues (w/o Aero)

88,899
44,302
12,171
43,126
20,804
10,645
16,747
7,943
8,688
30,469
13,978
10,566
5,792
10,550
8,791
8,914
55,353
9,851
407,590

110,990
46,506
16,954
74,246
24,878
10,574
20,370
8,666
11,710
41,726
15,505
11,640
3,356
10,263
10,465
6,738
57,685
7,311
489,584

TOTAL

810,130

969,281

81

Port Wide Operating Expense Summary

•
•
•
•
•

Actual vs. Budget
Variance
$
%
(6,092)
-2.9%
(19,984)
-11.6%
12,754
27.8%
26,942
14.4%
(1,182)
-3.6%
(152)
-1.3%
(3,693)
-39.8%
2,026
25.0%
1,611
11.1%
(516)
-7.7%
(38,924)
-198.6%
(25,045)
24.4%
(52,255)
-8.5%

Change from 2023
Incr (Decr)
$
%
31,117
16.6%
23,808
14.2%
599
1.8%
21,408
15.4%
2,560
8.2%
(834)
-6.6%
27
0.2%
557
10.1%
2,030
18.6%
785
12.2%
18,703
47.0%
(10,707)
16.0%
90,054
15.5%

2022

2023

2024

2024

$ in 000's
Salaries & Benefits
Wages & Benefits
Payroll to Capital Projects
Outside Services
Utilities
Equipment Expense
Supplies & Stock
Travel & Other Employee Expenses
Third Party Mgmt Op Exp
B&O Taxes
Other Expenses
Charges to Capital Projects/Overhead Alloc
TOTAL w/o DRS Pension True-up

Actual
159,305
146,887
27,020
116,405
31,202
12,039
11,549
4,400
8,985
5,406
21,353
(54,120)
490,431

Actual
187,197
167,928
32,448
139,389
31,226
12,624
12,956
5,511
10,930
6,431
39,824
(66,857)
579,607

Actual
218,314
191,736
33,047
160,797
33,786
11,790
12,983
6,068
12,960
7,216
58,527
(77,564)
669,661

Budget
212,222
171,752
45,801
187,740
32,604
11,637
9,290
8,095
14,570
6,700
19,603
(102,609)
617,406

DRS Pension True-up Credit

(15,638)

(28,709)

(22,790)

-

22,790

0.0%

5,919

-20.6%

TOTAL w/ DRS Pension True-up

474,793

550,899

646,871

617,406

(29,465)

-4.8%

95,972

17.4%

Payroll was $26.1M over budget due to Compensation Project, retro pay for represented groups, and less charges to Capital.
Outside Services were $26.9M below budget due to project delays, cyber-attack disruption, and implementation of SBITA.
Supplies & Stock were $3.7M over budget due to maintenance supplies.
Travel & Other Employee Expenses were $2.0M below budget due to delays in training and travel from cyber-attack disruption.
Charges to Capital Projects were $25.0M below budget due to delays in Capital Projects.

82

Port Wide Capital Spending Summary
$ in 000's

2024

2024

2024

Actual

Budget

Plan of Finance

Budget Variance
$

%

Aviation

683,833

682,384

717,598

1,449

0.2%

Maritime

81,062

72,976

84,825

8,086

11.1%

Economic Development

3,780

5,137

20,501

(1,357)

-26.4%

Central Services & Other (note 1)

10,511

20,716

19,742

(10,205)

-49.3%

TOTAL

779,186

781,213

842,666

(2,027)

-0.3%

Note:
(1) "Other" includes 100% Port legacy projects in the North Harbor and Storm Water Utility Small Capital projects.

83

Community Programs

84

Community Programs

Fav (UnFav)
Incr (Decr)
Actual vs. Budget Change from 2023
Variance
$
%
$
%

Program ($ in $000)

2022
Actual

2023
Actual

2024
Actual

2024
Budget

1) Energy & Sustainability Fund
2) Airport Community Ecology (ACE) Fund
1
3) South King County Community Impact Fund (SKCCIF)
4) Duwamish Valley Community Equity Program (DVCEP)
5) EDD Partnership Grants

35
89
1,111
545
102

34
27
1,758
492
1,283

72
8
2,331
424
860

40
2,214
471
950

1,743

1,540

1,738

1,875

137

7.3%

197

12.8%

322

362

252

466

215

46.1%

(110)

-30.5%

1,400
145

1,400
120

1,400
120

1,400
175

55

0.0%
31.4%

-

0.0%
0.0%

3,122
3
1,148
317

4,242
689
1,678
277

4,572
670
1,534
424

5,077
900
1,517
486

505
230
(16)
62

9.9%
25.6%
-1.1%
12.8%

330
(19)
(144)
147

7.8%
-2.8%
-8.6%
53.1%

1,382

1,906

1,916

2,304

387

16.8%

11

0.6%

188
-

212
-

237
-

250
50

13
50

5.2%
100.0%

25
-

11.9%
0.0%

13) Equity, Diversity & Inclusion
14) Sustainable Aviation Fuels & Air Emissions Program
15) Low Carbon Fuel Standard Support
16) Community Biz Connector (Regional Small Biz Partnerships)
17) Public Market Study
18) Seattle Aquarium Partnership

1,284
116
29
-

1,319
103
40
25
175
1,100

1,993
-

2,065
150
380
1,000

72
150
(245)
(16)
(2,500)

3.5%
0.0%
100.0%
-64.5%
0.0%
-250.0%

675
(103)
(40)
600
(159)
2,400

51.2%
-100.0%
-100.0%
2400.0%
-90.9%
218.2%

TOTAL w/o DRS PensionTrue-up Credit
DRS Pension Credit True Up
TOTAL w/ DRS PensionTrue-up Credit

11,554
(218)
11,336

15,991
(331)
15,660

20,014
(277)
19,737

18,803

(1,211)
277
(934)

-6.4%
0%
-5.0%

4,023
54
4,077

25.2%
-16.3%
26.0%

6) Tourism Marketing Support Program
7) Airport Spotlight Ad Program

2

3&4

8) City of SeaTac Community Relief

3

9) Maritime Blue (formerly Maritime Innovation Center)
2 &6

10) Workforce Development
a. Youth Career Launch Program (formerly OYI)
b. Airport Employment Center
11) High School Internship Program
12) Diversity in Contracting

2

a. Small Bus. Accelarator (DIC)

5

b. DBE/ACDBE/WMBE Training Consultants & Outreach
2

625
16
3,500

Notes:
1) Budget/Actuals show grants only, exclude payroll.
2) DRS Pension credit excluded from dept totals.
3) Budgeted as Non-ops Expenses.
4) Free advertising space provided at the Airport. FAA requires that lost revenue be reimbursed to the Airport.
5) A portion of the SKCCIF budget is in Diversity in Contracting; adjusted to avoid double counting.
6) A portion of the DVCEP for Green Jobs is budgeted under WFD. .

18,803

(72)
32
(117)
46
90

0.0%
79.4%
-5.3%
9.9%
9.5%

39
(19)
573
(68)
(423)

•

114.8%
-69.9%
32.6%
-13.8%
-33.0%

•

•

•

Lower than anticipated spending
in several programs: Airport
Community Ecology, EDD
Partnership Grants, Maritime
Blue, Youth Maritime Career
Launch program, and Low
Carbon Fuel Standard support
offset by payments to Seattle
Aquarium (requested earlier than
budget schedule).
A portion of the 2023 payment
for the Community Business
Connector were applied in 2024.
Less spending in Outside Services
and Payroll savings for Tourism,
Diversity in Contracting, Equity,
Diversity, & Inclusion, and
Workforce Development.
Reduction of one available
signage for the Airport Spotlight
Ad Program due to SEA
construction.

85