Commissioners applaud several awards in excellence received for the year

At today’s Commission meeting, staff members reported to the Commission on the Port’s financial performance in 2007. Because of a record year at Seattle-Tacoma International Airport, and reduced expenses throughout the organization, the Port’s net income for 2007 was $73.4 million - 66% higher than the amount budgeted for the year.

Each division provided a detailed summary of its performance in 2007. Highlights include:

  • 1.97 million TEUs (twenty-foot equivalent units) handled at Seaport facilities
  • Over 31 million passengers at Seattle-Tacoma International Airport
  • Record number of cruise passengers (780,593) at cruise facilities

The Aviation Division accounted for nearly $176 million of the Port’s $219 million of operating income before depreciation. By federal regulation, all income earned by the airport must be reinvested there.

“As an organization, we are committed to using our resources wisely,” said Commission President John Creighton. “I am pleased that the Port’s financial performance in 2007 exceeded our budgeted goals.”

Port staff also noted several awards given to the Port in 2007. For the second consecutive year, the Port received the Certificate of Achievement in Financial Reporting Excellence from the Government Finance Officers Association for the 2006 Comprehensive Annual Financial Report. The award is considered to be the highest honor in of government accounting and financial reporting.

In addition, Seattle-Tacoma International Airport received a perfect score on the annual FAA Airport Certification inspection, and the STIA concessions program was given several awards from Airports Council International, a respected trade association.

Port of Seattle transportation facilities support nearly 200,000 jobs in the Puget Sound region and generate more than $12 billion in business revenue and $626 million in state and local taxes annually.