The Port of Seattle's 2009 financial performance report, presented March 9, 2010, shows that operating revenues fell to $448.9 million against a budget of $486.4 million, a shortfall of roughly $37.4 million. To address budget pressures, the Port implemented a $16 million savings plan that included employee furloughs, travel and training cuts, voluntary separations, layoffs, and changes to retiree medical benefits. Despite these measures, income after depreciation came in at $46.8 million, about $4.7 million below the budgeted target of $51.5 million.Open full document
Notes
Financial performance report for the Port of Seattle covering 2009, presented to a meeting on March 9, 2010. The document outlines key budget reduction efforts implemented during 2009 including a $16M Budget Savings Plan with furloughs and expense reductions, as well as additional measures like voluntary separation programs and layoffs. It includes an operating income summary comparing 2008 actual results, 2009 actual results, and 2009 budget with variance analysis.
