2023 08 08 RM 11a Attachment Q2-2023-Financial-Performance-Briefing

Airport passenger volume continues to rebound and is expected to be 8.8% higher than 2022 and 3.4% lower than pre-pandemic volumes in 2019. Non-Aeronautical revenues are anticipated to exceed the budget due to higher revenues in most lines of business. The remaining federal relief funds of $13.8M, which includes $1.9M for Airport Dining and Retail (ADR) tenants, will be applied in 2023. The 2023 cruise season is under way with a projected total of 287 cruise sailings and 1.4 million revenue passengers. Each homeported vessel brings in over $4 million to the local economy each time it provisions at the dock. The Port will provide shore power connections to vessels allowing them to turn off diesel engines while at the dock, which reduces air pollution and greenhouse gas emissions. The Port joined other organizations in creating the world’s first cruise-focused Green Corridor to explore decarbonization strategies last year. Fishing, Commercial and Recreational Marinas, Cruise, and Maritime Portfolio Management are expected to exceed revenue targets while grain volume is projected to be down 35% due to lower demand from China. Conference center volume is estimated to be down by 13% due to events and conference cancellations earlier this year. Overall, operating revenues were 8.3M or 1.8% above budget while expenses were $15.7M or 5.6% lower than budget in the second quarter of 2023. For the full year, we are projecting operating revenues to be $18.3M to exceed budget mainly due to higher-than-expected Airport Non-Aero Revenues. Operating expenses are expected to be…

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Call to order – Roll Call – Quorum Established – Land Acknowledgement We would like to acknowledge that our Agency operates in four present-day counties, which are the traditional lands of the Coast Salish people, past and present. This acknowledgement does not take the place of authentic relationships with indigenous communities in our jurisdiction and [...]