Significant Variances

Report
Q2 2014 Performance Report
Portwide Rollup
July 29, 2014
Major Revenue Variances
$ in 000's
2013 YTD
Actual
2014 Year-to-Date
Actual
Budget
Fav (UnFav)
Budget Variance
$
%
Incr (Decr)
Change from 2013
$
%
Aero Revenues
SLOA III Incentive
104,574
-
115,304
(1,788)
120,132
(1,788)
(4,828)
()
-4.0%
0.0%
10,730
(1,788)
10.3%
0.0%
Public Parking
Rental Cars
Airport Dining and Retail
Employee Parking
Ground Transportation
Airport Commercial Properties
Utilities
Container
Seaport Industrial Properties
Grain
Dock
Recreational Boating
Commercial Properties
Conference & Event Centers
Other
Subtotal
TOTAL
26,055
14,253
18,721
2,678
4,012
2,765
3,225
31,888
8,085
557
2,399
4,530
4,859
3,976
7,666
135,668
240,242
28,244
17,111
21,682
3,177
4,139
2,905
3,393
31,192
8,391
1,958
2,221
4,611
5,023
4,047
8,034
146,128
259,644
26,031
16,359
20,779
3,165
4,023
3,027
3,474
32,010
8,380
1,106
2,351
4,619
4,976
4,021
7,605
141,926
260,270
2,213
752
903
12
117
(123)
(81)
(819)
11
853
(131)
(8)
47
26
429
4,201
(626)
8.5%
4.6%
4.3%
0.4%
2.9%
-4.0%
-2.3%
-2.6%
0.1%
77.1%
-5.6%
-0.2%
0.9%
0.6%
5.6%
3.0%
-0.2%
2,189
8.4%
2,858
20.0%
2,961
15.8%
499
18.6%
128
3.2%
140
5.1%
168
5.2%
(697) -2.2%
306
3.8%
1,401 251.6%
(178) -7.4%
81
1.8%
163
3.4%
71
1.8%
368
4.8%
10,459
7.7%
19,402
8.1%
2
Major Expense Variances
$ in 000's
Salaries & Benefits
Wages & Benefits
Payroll to Capital Projects
Equipment Expense
Supplies & Stock
Outside Services
Utilities
Travel & Other Employee Exps
Promotional Expenses
Other Expenses
Charges to Capital Projects
TOTAL
•
2013 YTD 2014 Year-to-Date
Actual
Actual Budget
47,331
48,649
51,306
43,757
45,329
48,411
9,662
10,673
11,877
2,795
2,420
2,775
2,962
3,451
2,991
24,359
22,656
29,230
11,288
12,319
11,979
1,840
1,806
3,072
562
759
1,053
15,448
11,146
11,360
(13,987) (16,677) (18,401)
146,016 142,532 155,651
Fav (UnFav)
Incr (Decr)
Budget Variance Change from 2013
$
%
$
%
2,657
5.2%
1,318
2.8%
3,081
6.4%
1,572
3.6%
1,204 10.1%
1,011 10.5%
355 12.8%
(375) -13.4%
(460) -15.4%
489 16.5%
6,574 22.5% (1,702) -7.0%
(341) -2.8%
1,031
9.1%
1,266 41.2%
(34) -1.8%
293 27.9%
198 35.2%
214
1.9% (4,301) -27.8%
(1,723)
9.4% (2,690) -19.2%
13,119
8.4% (3,484) -2.4%
Operating Expenses were $13.1M lower than the budget mainly due to vacant positions, delay hiring, savings of
outside contracted services and travel, and timing of spending.
3
Portwide Financial Summary
2013 YTD
$ in 000's
Actual
Aeronautical Revenues
104,574
SLOA III Incentive
Other Operating Revenues
135,668
Total Operating Revenues
240,242
Total Operating Expenses
146,016
NOI before Depreciation
94,226
Depreciation
85,187
NOI after Depreciation
9,038
•
•
•
•
2014 Year-to-Date
Actual Budget
115,304 120,132
(1,788)
(1,788)
146,128 141,926
259,644 260,270
142,532 155,651
117,111 104,619
84,005
83,528
33,107
21,091
Fav (UnFav)
Fav (UnFav)
Budget Variance Yea-End Projection Budget Variance
$
% Forecast
Budget
$
%
(4,828) -4.0% 236,583 241,443 (4,860) -2.0%
() 0.0%
(3,576)
(3,576)
0 0.0%
4,201
3.0% 299,411 299,536
(125) 0.0%
(626) -0.2% 532,418 537,403 (4,985) -0.9%
13,119
8.4% 319,730 323,391 3,661 1.1%
12,493 11.9% 212,688 214,012 (1,324) -0.6%
(477) -0.6% 164,386 164,386
0 0.0%
12,016 57.0%
48,302
49,627 (1,324) -2.7%
Excluding Aeronautical revenues, other operating revenues for Q2 were $4.2M above budget.
Excluding Aeronautical revenues, other operating revenues are forecasted to be $125K below budget.
Total operating expenses are forecasted to be $3.7M below budget.
NOI before Depreciation is forecasted to be $1.3M below budget.
4
Portwide Capital Budget Summary
$ in 000's
2014 YTD
Actual
2014
Forecast
2014
Budget
Budget Variance
$
%
Aviation
51,114
213,312
237,320
24,008
10.1%
Seaport
3,857
21,310
27,858
6,548
23.5%
Real Estate
3,891
14,657
18,101
3,444
19.0%
Corporate & CDD
2,873
13,733
15,955
2,222
13.9%
61,735
263,012
299,234
36,222
12.1%
TOTAL
5
Q2 2014 Performance Report
Aviation
July 29, 2014
Aviation Business Overview
• Received FAA approval for Part 150 Noise study.
• Delta launched new flights to Seoul and Hong Kong.
• China Eastern Airlines and Nippon Air Cargo initiated seasonal
wide-body freighter service.
• Opened gate B-4, adding much needed gate capacity.
• Received Commission approval for Panattoni lease at Des Moines
Creek Business Park.
• Sub Pop and Metsker Maps opened new retail stores in the terminal,
adding to the mix of local specialty retail.
• Live Music Program expanded to provide approximately 100 hours
of live music per week, up from 40 hours per week early in Q1.
7
Activity
Enplaned Passengers (000's)
Domestic
International
Total
Operations
Landed Weight (million lbs.)
Cargo
All other
Total
Cargo - metric tons
Domestic freight
International freight
Mail
Total
YTD 2013
YTD 2014
% Change
7,356,969
834,062
8,191,031
7,708,537
880,476
8,589,013
4.8%
5.6%
4.9%
150,094
158,790
5.8%
619,643
9,178,755
9,798,398
770,347
9,669,825
10,440,172
24.3%
5.4%
6.5%
75,745
38,168
22,034
135,947
75,679
50,642
24,024
150,345
-0.1%
32.7%
9.0%
10.6%
8
Financial Summary
$ in 000's
Operating Revenues:
Aeronautical Revenues
SLOA III Incentive Straight Line Adj (3)
Non-Aeronautical Revenues
Total Operating Revenues
Operating Expenses:
Baseline Airport Expenses (2)
Airline Realignment (1)
Environmental Remediation Liability (2)
Total Airport Expenses
Corporate (2)
Police (2)
Capital Development/Other Expenses (2)
Total Operating Expense
Net Operating Income
2013 YTD
Actual
2014 Year-to-Date
Actual
Budget
Fav (UnFav)
Budget Variance
$
%
104,574
72,369
176,943
115,304
(1,788)
81,635
195,151
120,132
(1,788)
77,584
195,928
(4,828)
(0)
4,051
(777)
67,758
6,841
5,176
79,775
72,302
452
(77)
72,677
75,870
124
483
76,477
16,501
7,813
4,477
108,566
19,374
8,170
5,976
106,198
68,377
88,953
-4.0%
Year-End Projection
Forecast
Budget
Fav (UnFav)
Budget Variance
$
%
5.2%
-0.4%
236,583
(3,576)
173,805
406,812
241,443
(3,576)
166,453
404,320
(4,860)
7,353
2,493
-2.0%
0.0%
4.4%
0.6%
3,568
(328)
560
3,799
4.7%
-265.4%
115.9%
5.0%
160,747
787
2,077
163,611
161,341
237
2,356
163,935
595
(550)
279
324
-
0.4%
-231.6%
11.8%
0.2%
21,067
8,459
6,957
112,960
1,692
289
981
6,762
8.0%
3.4%
14.1%
6.0%
42,418
16,982
13,471
236,482
43,140
16,982
14,926
238,983
722
1,455
2,501
-
1.7%
0.0%
9.7%
1.0%
82,969
5,985
7.2%
170,331
165,337
4,993
-
3.0%
(1) Includes Airline Realignment costs incurred by other Divisions
(2) Reduced by Airline Realignment costs shown separately
(3) For Accounting purposes, the 2013 reduction in the airline revenue requirement of $17.9 million was treated as a lease incentive
and is being amortized over the five year SLOA III agreement.
9
Key Measures
$ in 000's
Key Measures
Enplaned Passengers (in 000's)
CPE
Debt Service Coverage
Debt per enplaned passenger
Days cash on hand (10 months = 304 days)
2013
Actual
17,376
11.88
1.33
141
437
2014
Forecast
18,488
12.06
1.32
137
385
2014
Budget
17,813
12.68
1.30
142
309
Fav (UnFav)
Budget Variance
$
%
675
0.63
0.02
5
76
3.8%
4.9%
1.5%
3.7%
24.5%
Incr (Decr)
Change from 2013
$
%
1,112
0.18
(0.01)
(4)
(52)
6.4%
1.5%
-0.8%
-2.9%
-11.9%
•
Airport increased 2014 forecast of enplaned passengers to 6.4% above 2013. This reflects new scheduled flights, primarily by
Alaska and Delta. Much of new seat capacity will be added in second half of year.
•
Reduction in CPE reflects lower airline costs due to higher revenue sharing (driven by increased non-airline revenues), and
increased enplaned passengers.
•
Improved debt service coverage compared to budget reflects both increased cash flow and lower debt service than budgeted due
to refinancing that closed in December 2013.
•
Debt per enplaned passenger will increase with next revenue bond issue, currently anticipated for early 2015.
10
Aeronautical Business
2013 YTD
$ in 000's
Revenues:
Movement Area
Apron Area
Terminal Rents
Federal Inspection Services (FIS)
Total Rate Base Revenues
Actual
2014 Year-to-Date
Actual
Budget
Fav (UnFav)
Budget Variance
$
%
Year-End Projection
Forecast
Fav (UnFav)
Budget Variance
Budget
$
%
33,364
66,551
99,914
36,898
4,495
70,110
2,549
114,051
35,298
5,054
70,998
4,072
115,423
1,600
(559)
(888)
(1,524)
(1,371)
4.5%
-11.1%
-1.3%
-37.4%
-1.2%
74,448
10,279
143,981
8,725
237,433
74,590
10,214
144,641
8,617
238,063
(142)
64
(660)
108
(630)
-0.2%
0.6%
-0.5%
1.2%
-0.3%
Commercial Area
Subtotal before Revenue Sharing
Revenue Sharing
4,659
104,574
-
4,192
118,244
(2,939)
4,709
120,132
-
(517)
(1,888)
(2,939)
-11.0%
-1.6%
0.0%
7,761
245,193
(8,610)
9,517
247,580
(6,136)
(1,756)
(2,386)
(2,474)
-18.5%
-1.0%
-40.3%
Total Airline Revenues
104,574
115,304
120,132
(4,828)
-4.0%
236,583
241,443
(4,860)
-2.0%
74,540
30,034
68,991
46,313
72,077
48,055
3,086
(1,742)
-
4.3%
-3.6%
152,625
83,958
152,750
88,693
125
(4,735)
-
0.1%
-5.3%
81,551
2,407
82,234
6,459
683
(4,052)
0.8%
-62.7%
Operating Expense
Net Operating Income
Debt Service (1)
Net Cash Flow
(1) Debt service is forecasted & budgeted on an annual basis only.
11
Non-Airline Business
2013 YTD
Actual
$ in 000's
2014 Year-to-Date
Actual
Budget
Fav (UnFav)
Budget Variance
$
%
Year-End Projection
Forecast
Budget
Fav (UnFav)
Budget Variance
$
%
Non-Aero Revenues
Rental Car
Public Parking
Ground Transportation
Concessions
Other
Total Non-Aero Revenues
14,253
26,055
4,012
18,721
9,328
72,369
(39,703)
17,111
28,244
4,139
21,682
10,458
81,635
(48,969)
16,359
26,031
4,023
20,779
10,393
77,584
(44,919)
752
2,213
117
903
65
4,051
4.6%
8.5%
2.9%
4.3%
0.6%
5.2%
43,283
54,919
8,091
45,273
22,239
173,805
(141,140)
41,167
52,138
7,881
43,714
21,553
166,453
(133,787)
2,116
2,781
210
1,559
686
7,353
5.1%
5.3%
2.7%
3.6%
3.2%
4.4%
Non-Aero Expenses
RCF Operating Expense
Operating Expense
Share of terminal O&M
Less utility internal billing
Operating Expense
2,799
30,594
9,280
(8,648)
34,026
3,313
32,731
10,316
(9,153)
37,207
3,840
35,402
10,794
(9,153)
40,883
527
2,671
478
0
13.7%
7.5%
4.4%
0.0%
5.9%
2.6%
-0.1%
0.0%
9.0%
7,899
73,743
22,897
(18,307)
86,233
463
1,947
(34)
-
3,676
7,436
71,796
22,932
(18,307)
83,857
2,375
2.8%
Net Operating Income
Less: CFC Surplus
Adjusted Non-Aero NOI
38,343
(515)
37,828
44,428
(775)
43,653
36,701
1,036
37,737
7,727
1,811
5,916
21.1%
174.8%
15.7%
89,948
(5,582)
84,366
80,220
(4,623)
75,597
9,728
959
8,769
12.1%
20.8%
11.6%
46,154
38,212
46,504
29,093
350
9,119
0.8%
31.3%
9.40
9.34
0.06
0.6%
11.65
11.52
0.13
1.2%
Debt Service (1)
Net Cash Flow
0 n/a
Key Measures
Total Revenues / Enpl
Primary Concessions Sales / Enpl
(1)
n/a
(1) Debt service and primary concession sales are forecasted and budgeted on an annual basis only.
12
Aviation Capital Budget
$ in 000's
Description
Rental Car Facility Construction1
2014 YTD 2014
Actual Forecast
2014
Budget
Budget Variance
$
%
23
16,087
1,998
International Arrivals Fac-IAF2
1,564
8,654
16,000
7,346
45.9%
GSE Electrical Chrg Stations 3
1,540
7,540
12,000
4,460
37.2%
Parking Garage Lights (CA)4
10
185
4,000
3,815
95.4%
2,183
1,504
5
2,377
41,908
51,114
2,283
8,296
11,369
33,027
125,871
213,312
5,200
9,287
11,360
33,000
144,475
237,320
2,917
991
(9)
(27)
18,604
24,008
Scty Exit Lane Breach Ctrl-Ph25
NS Conc C Vertical Circulation
Highline School Insulation
Aircraft RON Parking USPS Site
All Other
Total Spending
(14,089) -705.2%
56.1%
10.7%
-0.1%
-0.1%
12.9%
10%
13
Q2 2014 Performance Report
Seaport
July 29, 2014
Seaport Business Overview
• Full Year Net Operating Income forecasted to be ($5.4 million)
unfavorable to budget.
• Business Volume
 TEU Volume was 719K, down 9.4% from 2013.
 Grain volume was at 1,948K metric tons which was 94% favorable to 2014 budget and
about 7 times higher than 2013.
 Cruise passengers totaled 316K which was .5% favorable to budget, but down 8% from
2013.
• Commission approved design funding for the modernization of Terminal
5. The terminal will close at the end of July.
• The majority of Terminal 5 volume moved to Terminal 18 in June. The
Westwood services will move to Port of Tacoma for covered storage.
• Environmental
 Launched ScRAPS 2 truck scrapping and replacement project.
 Terminal 117 clean-up largely completed.
15
Seaport Financial Summary
$ in 000's
Operating Revenue
Security Grants
Total Revenues
Seaport Expenses (excl env srvs)
Environmental Services
M aintenance Expenses
P69 Facilities Expenses
Other RE Expenses
CDD Expenses
Police Expenses
Corporate Expenses
Security Grant Expense
Envir Remed Liability
2013 YTD
Actual
47,943
0
47,943
6,958
959
3,104
251
138
1,792
1,973
5,432
18
(76)
2014 Year-to-Date
Actual
Budget
48,617
48,839
0
0
48,617
48,839
6,535
820
2,959
204
151
1,040
2,059
3,787
0
(130)
Fav (UnFav)
Budget Variance Year End Projections
$
%
Forecast
Budget
(222)
0%
93,845
101,553
0
NA
0
0
(222)
0%
93,845
101,553
Fav (UnFav)
Budget Variance
$
%
(7,708)
-8%
0
NA
(7,708)
-8%
9,485
1,085
3,426
207
198
1,088
2,135
4,135
0
590
2,950
265
467
3
46
48
76
348
0
720
31%
24%
14%
1%
23%
4%
4%
8%
NA
122%
15,942
2,581
6,308
414
386
2,190
4,286
8,320
0
1,180
17,812
2,581
6,637
414
386
2,190
4,286
8,440
0
1,180
1,870
0
329
0
0
0
0
120
0
0
10%
0%
5%
0%
0%
0%
0%
1%
NA
0%
Total Expenses
20,551
17,424
22,348
4,924
22%
41,607
43,926
2,319
5%
Net Operating Income
27,392
31,193
26,491
4,702
18%
52,237
57,626
(5,389)
-9%
Forecasted Revenue Variance:
• T5 net impact of lease termination ($6.0 million). T18 Crane Rent: ($1.9 million) due to sale of MHI cranes to tenant.
Budget assumed receipt of min payment. T5 Crane Rent prior to lease termination ($.8 million) due to lower volume.
• Grain Revenue $.9 million favorable as volume is currently forecasted to come in 36% above budget.
Forecasted Expense Variance:
• Terminal 5 Maintenance Dredge project costs below budget and T91 Maintenance Dredge project delayed until 2015.
16
Seaport Business Groups
Net Operating Income Before Depreciation
2013 YTD
Actual
$ in 000's
Containers
21,997
Grain
(38)
Seaport Industrial Props
3,806
Cruise
2,198
Maritime Operations
(241)
Security
(401)
Env Grants/Remed Liab/Oth
70
Total Seaport
27,392
2014 YTD
Actual
23,321
1,599
4,623
2,055
(261)
(275)
130
31,193
2014 YTD
Budget
21,830
690
4,288
838
(206)
(359)
(590)
26,491
Fav (UnFav)
Incr (Decr)
2014 Bud Var
Change from 2013
$
%
$
%
1,491
7%
1,324
6%
909
132%
1,638
NM
335
8%
817
21%
1,217
-145%
(143)
-7%
(55)
-26%
(20)
-8%
84
24%
126
31%
720
122%
60
-85%
4,702
18%
3,801
14%
Significant Variances:
• Container variance reflects lower cost related to T5 Maintenance Dredge project.
• Grain variance reflects favorable volume variance and increase in volume from 2013.
• Cruise variance reflects delay of T91 Maintenance Dredge project until 2015.
17
Seaport Capital Budget
$ in 000's
Seaport
2014 YTD
2014
Actual
Forecast
3,857
21,310
2014
Budget
Budget Variance
$
%
27,858
6,548
24%
Significant Variances:
• T46 Development - $4.2M moved out due to reprioritization of projects.
• T18 Dock Rehabilitation – $.6M timing moved out due to reprioritization of
projects.
• Cruise - $.5M for second gangways per berth at Terminal 91 moved out to 2016
for continued evaluation of need.
18
Q2 2014 Performance Report
Real Estate
July 29, 2014
Real Estate Business Overview
• Full Year Net Operating Income forecasted to be ($325K) below budget.
• Occupancy Rates/Activity



Commercial property at 90% occupancy, below target of 92% but at 2014 Q2 Seattle
market average of 90%.
Marinas: Fishermen’s Terminal and Maritime Industrial Center at 85% average occupancy,
above target of 79%. Recreational marinas at 96%, above target of 95%.
Conference and Events Center activity is on budget making a significant comeback from
Q1 results.
• Real Estate Development & Planning

Commission approved an option/ground lease agreement with a Panattoni Development
Company for the Des Moines Creek Business Park project.
• Eastside Rail Corridor

A lawsuit was filed against the Port by a group of Eastside property owners disputing the
Port’s authority to grant an easement to Puget Sound Energy.
20
Real Estate Financial Summary
$ in 000's
Revenue
Conf & Event Ctr Revenue
Total Revenue
Real Estate Exp (e xc l C o nf,M a int,P 69)
Conf & Event Ctr Expense
Eastside Rail Corridor
M aintenance Expenses
P69 Facilities Expenses
Seaport Expenses
CDD Expenses
Police Expenses
Corporate Expenses
Envir Remed Liability
2013 YTD
Actual
11,250
3,976
15,226
5,102
3,368
44
3,643
85
578
512
653
2,382
(2)
2014 Year-to-Date
Actual
Budget
11,637
11,404
4,047
4,021
15,684
15,425
5,296
3,312
1,048
4,057
63
479
859
669
2,470
0
5,740
3,476
85
4,617
63
586
1,478
693
2,638
300
Fav (UnFav)
Budget Variance
Year End Projections
$
%
Forecast
Budget
233
2%
23,360
23,244
26
1%
8,132
8,132
259
2%
31,492
31,376
444
164
(963)
560
1
106
619
24
168
300
Fav (UnFav)
Budget Variance
$
%
116
0%
0
0%
116
0%
8%
5%
-1130%
12%
1%
18%
42%
3%
6%
100%
11,480
6,772
1,170
9,201
126
1,310
2,332
1,391
5,377
600
11,553
6,858
170
9,311
126
1,310
2,582
1,391
5,417
600
73
86
(1,000)
110
0
0
250
0
40
0
1%
1%
-587%
1%
0%
0%
10%
0%
1%
0%
Total Expense
16,365
18,255
19,677
1,422
7%
39,761
39,320
(441)
-1%
NOI Before Depreciation
(1,138)
(2,571)
(4,251)
1,680
40%
(8,269)
(7,944)
(325)
-4%
•
Eastside Rail Corridor expense variance reflects a reserve for litigation expenses.
21
Real Estate Business Groups
Net Operating Income Before Depreciation
2013 YTD 2014 YTD 2014 YTD
$ in 000's
Actual
Actual
Budget
Recreational Boating
923
634
309
Fishing & Commercial
(1,143)
(1,419)
(2,095)
Commercial Properties
(813)
(910)
(1,809)
Conference & Event Centers
393
473
279
Eastside Rail
(173)
(1,163)
(195)
RE Development & Plan
(328)
(186)
(440)
Envir Grants/Remed Liab/Oth
2
(0)
(300)
Total Real Estate
(1,138)
(2,571)
(4,251)
•
•
Fav (UnFav)
Incr (Decr)
2014 Bud Var
Change from 2013
$
%
$
%
325
105%
(289)
-31%
677
32%
(276)
-24%
899
50%
(97)
-12%
194
69%
80
20%
(968)
-496%
(990)
-572%
254
58%
141
43%
300
-100%
(2)
-119%
1,680
40%
(1,432)
-126%
Favorable variances largely driven by favorable expense results.
Eastside Rail Corridor expense variance reflects a reserve for litigation expenses.
22
Real Estate Capital Budget
$ in 000's
Real Estate
2014 YTD
2014
Actual
Forecast
3,891
14,657
2014
Budget
Budget Variance
$
%
18,101
3,444
19%
Significant Variances:
•
•
•
•
Shilshole Bay Marina Central Seawall Replacement delayed to 2015 due to material lead
time.
Pier 69 North Apron Corrosion Control project closeout costs lower than expected. No
change orders and contingency not needed.
Reduced scope for Fishermen’s Terminal C15 Building Subsidence and East Sewer Line
projects.
Several other projects delayed to 2015.
23
Q2 2014 Performance Report
Capital Development
July 29, 2014
CDD Business Overview
• New cell phone lot completed and opened for use.
• C60/61 baggage system upgrade completed and operational
ahead of accelerated schedule.
• Supported rollout of on-line requisitioning.
• Completed draft revised General Conditions for major works
contracts.
• Construction complete for the following contracts:
o Laptop Power in Concourses
o Emergency Environ Response for Terminal 117 Cleanup
o Pier 66 and 69 Corrosion Control
o Terminal 5 Maintenance Dredging 2013
25
Capital Development Key
Metrics
Project Hard/Soft Costs
26
Capital Development
Key Metrics continued
Procurement Timeliness
Total Time Receipt of Scope to Execution (Avg # Days)




Goods & Services
Major Public Works
Small Works
Service Agreements
2013
55 days
78 days
56 days
169 days
2014
*52 days
65 days
44 days
108 days
*Pulled out 1 outlier procurement
27
Operating Results by Account
2013 YTD
$ in 000's
2014 Year-to-Date
Actual
Actual
Budget
Fav (UnFav)
Incr (Decr)
Budget Variance
Change from 2013
$
%
$
%
821
10.1%
211
3.0%
(113)
-18.1%
222
43.2%
622
7.4%
1,455
23.0%
309
83
27.0%
54
31.4%
235
257
22
8.7%
(7)
-3.0%
1,302
2,578
4,190
1,612
38.5%
1,276
98.0%
Utilities
22
27
39
12
31.5%
5
23.4%
Travel & Other Employee Exps
94
82
257
175
68.0%
(12)
-12.3%
1
1
1
(1)
-150.6%
1
75.2%
1,109
1,194
173
751
434.8%
85
7.7%
(10,183)
(13,166)
6,704
7,011
Salaries & Benefits
7,117
7,328
8,149
513
734
622
6,316
7,771
8,393
Equipment Expense
172
226
Supplies & Stock
242
Outside Services
Wages & Benefits
Payroll to Capital Projects
Promotional Expenses
Other Expenses
Charges to Capital Projects
TOTAL
(14,446) (1,281)
7,943
932
8.9% (2,982)
11.7%
307
29.3%
4.6%
28
Capital Development
Financials Summary
$ in 000's
Expenses Before Charges To Cap/Govt/Envrs Propects
Capital Development Administration
Engineering
Port Construction Services
Central Procurement Office
Aviation Project Management
Seaport Project Management
Total Before Charges to Capital Projects
Fav (UnFav)
Fav (UnFav)
2013 YTD 2014 Year-to-Date Budget Variance Year-End Projections Budget Variance
Actual Actual Budget
$
% Forecast Budget
$
%
186
6,362
3,301
2,197
3,681
1,161
16,887
189
6,886
4,191
2,197
5,334
1,380
20,177
200
7,867
3,781
2,661
6,097
1,783
22,389
10
982
(410)
464
764
403
2,213
5.2%
12.5%
-10.8%
17.4%
12.5%
22.6%
9.9%
402
14,775
7,959
4,951
12,059
2,990
43,136
404
15,878
7,556
5,332
13,260
3,236
45,666
2
1,103
381
1,201
246
2,530
29
0.4%
6.9%
0.0%
7.1%
9.1%
7.6%
5.5%
Q2 2014 Performance Report
Corporate
July 29, 2014
Key Business Overview
• Engaged the community in Centennial Kick off at Fishermen’s
Terminal.
• Achieved milestone in Harbor Maintenance Tax reform effort with
the passage of WRRDA.
• Secured $3.8 million in grants for the regional Clean Truck Program.
• Executed a search for a new Chief Executive Officer by an executive
search firm.
• Implemented the new enterprise risk and claims management cloud
platform system successfully.
• Received a clean and unqualified independent CPA audit from Moss
Adams.
• Received the 2014 Distinguished Budget Presentation Award from
GFOA.
• Completed the Citizen’s Academy successfully.
31
Key Metrics
• Airport Jobs helped 682 people gain employment.
• Provided 50 Apprenticeship Opportunity Project Placements.
• Conducted 17 small business and workforce development outreach
events.
• Registered 85 new small businesses to the Procurement Roster
Management System (PRMS).
• Responded to 174 public disclosure requests.
• Provided development/structured learning classes to 233 employees.
• Achieved 89% health assessment completion rate in Q2.
32
Operating Results by Account
$ in 000's
Salaries & Benefits
Wages & Benefits
2013 YTD 2014 Year-to-Date
Actual
Actual Budget
Fav (UnFav)
Budget Variance
$
%
Incr (Decr)
Change from 2013
$
%
17,505
9,629
18,665
9,530
19,433
10,050
768
520
4.0%
5.2%
1,161
(99)
6.6%
-1.0%
Payroll to Capital Projects
Equipment Expense
Supplies & Stock
Outside Services
1,560
664
151
4,537
1,023
365
178
5,076
1,470
470
278
5,685
447
106
99
609
30.4%
22.5%
35.8%
10.7%
(537)
(299)
27
538
-34.4%
-45.1%
17.7%
11.9%
Travel & Other Employee Exps
Insurance Expense
1,000
1,069
894
1,074
1,397
1,150
503
76
36.0%
6.6%
(106)
5
-10.6%
0.5%
-
(20)
n/a
45
-180.6%
(32)
(447)
2,630
-2.6%
-30.4%
6.6%
Litigated Injuries & Damages
Other
Charge to Capital
Total
(25)
673
(1,560)
35,203
20
1,271
(1,023)
37,072
1,239
(1,470)
39,702
598
(537)
1,869
89.0%
-34.4%
5.3%
33
Corporate Financial Summary
$ in 000's
Total Revenues
Executive
Commission
Legal
Risk Services
Health & Safety Services
Public Affairs
Human Resources & Development
Labor Relations
Information & Communications Technology
Finance & Budget
Accounting & Financial Reporting Services
Internal Audit
Office of Social Responsibility
Police
Contingency
Total Expenses
Fav (UnFav)
Fav (UnFav)
2013 YTD 2014 Year-to-Date Budget Variance Year-End Projections Budget Variance
Actual
Actual Budget
$
%
Forecast Budget
$
%
123
190
77
113 145.4%
269
155
114
73.3%
793
448
1,596
1,393
507
2,629
2,461
559
9,223
743
2,869
586
791
10,544
60
35,203
808
604
1,519
1,441
513
2,659
2,547
613
9,649
884
3,062
738
947
11,001
88
37,072
940
877
1,661
1,590
581
3,134
2,783
663
9,522
1,033
3,575
721
1,235
11,287
100
39,702
132
273
142
150
68
475
236
50
(127)
148
513
(17)
289
286
12
2,630
14.0%
31.1%
8.5%
9.4%
11.7%
15.2%
8.5%
7.6%
-1.3%
14.4%
14.4%
-2.4%
23.4%
2.5%
12.1%
6.6%
1,818
1,645
3,141
3,138
1,185
5,946
5,513
1,282
20,850
1,848
6,805
1,500
2,291
22,474
250
79,686
1,818
1,645
3,264
3,173
1,190
6,069
5,655
1,319
20,850
1,856
7,081
1,422
2,187
22,658
450
80,637
124
35
5
123
142
36
8
275
(78)
(104)
185
200
951
0.0%
0.0%
3.8%
1.1%
0.4%
2.0%
2.5%
2.8%
0.0%
0.4%
3.9%
-5.5%
-4.7%
0.8%
44.4%
1.2%
34

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