From continued enhancement in the increase in the number of passengers that are visiting San Francisco from 202,000 projected in 2013 to 261 for our projection period. Were also assuming that 6 passenger facility charge and special events and parking revenue from pier 27 which at the end of the 18, about 1. 8 million. So the cruise investment is paying off in the maritime revenue. So for operating expenses the drivers of our future expense are primarily labor, a lot of it is what we have and paying for increases in fringe benefit costs and cola adjustments, et cetera, and the other part is from adding new resources and positions that we believe are critical to meet operating efficiencies, protect our revenue and respond to who we are today. Also in prior years we had that noncash adjustment for pier 70, the reduction of that environmental liability that we dont project having into the future. So this graphic just shows the main drivers, personnel expenses in the dark blue, charges for
Maritime revenues, the real story on our projections here is that cruise is driving the lions share of the growth in maritime revenues beyond typical cpi and thats really from continued enhancement in the increase in the number of passengers that are visiting San Francisco from 202,000 projected in 2013 to 261 for our projection period. Were also assuming that 6 passenger facility charge and special events and parking revenue from pier 27 which at the end of the 18, about 1. 8 million. So the cruise investment is paying off in the maritime revenue. So for operating expenses the drivers of our future expense are primarily labor, a lot of it is what we have and paying for increases in fringe benefit costs and cola adjustments, et cetera, and the other part is from adding new resources and positions that we believe are critical to meet operating efficiencies, protect our revenue and respond to who we are today. Also in prior years we had that noncash adjustment for pier 70, the reduction
So for operating expenses the drivers of our future expense are primarily labor, a lot of it is what we have and paying for increases in fringe benefit costs and cola adjustments, et cetera, and the other part is from adding new resources and positions that we believe are critical to meet operating efficiencies, protect our revenue and respond to who we are today. Also in prior years we had that noncash adjustment for pier 70, the reduction of that environmental liability that we dont project having into the future. So this graphic just shows the main drivers, personnel expenses in the dark blue, charges for other city departments, other expenses, professional services. So Expense Growth is projected to outpace Revenue Growth resulting in a negative net income position throughout the projected period. Atz i said, it still shows we can cover operating and almost get to renewal, but its really the grants and contributed capital line again that small line starts at 25. 8 million out to 1.
That we have seen continued growth in our real estate revenues and its also the policy of this commission to require market Rate Adjustments in our lease terms that have really helped to grow this revenue stream. Also as the city begins to recover were seeing enhanced performance in our real estate revenues. We also experienced strong growth in maritime revenues and really the two business lines that have shown the most growth are ship repair and cruise and both come from Strategic Investments from this commission. Cruise revenues, as you know, were making a strategic investment in the pier 27 cruise terminal and in past years its come from increased ship calls and passenger volume and we expect this trend to continue. Dredging and investments to expand dry document capacity and shore power at pier 70 really yielded results in that business line. Since 2008 operating expenses have grown by 13. 2 million or an average rate of 3. 9 percent per year. And its really three areas that have d