Port Commissioners will consider the budget and capital development and investment plans at their November 12 and November 19 public meetings. A hard copy of the materials will be available to the public at the Port of Seattle’s Pier 69 office on Thursday, October 24.“This budget allows the Port of Seattle to respond to the unprecedented growth in our business gateways with operational efficiency, environmental sustainability, greater economic and community development and equity, diversity and inclusion,” said Metruck. “It was developed using a ‘zero-based’ approach to reduce unnecessary spending, use greater discipline in developing realistic spending plans, and identify potential cost savings.” “We urge the public to attend these meetings, review our budget, ask questions and offer suggestions. The budget is the ultimate expression of the port’s commitment to creating jobs and economic opportunities in our region and around the state,” said Port Commission President Stephanie Bowman. “The Port of Seattle Commission will review this document in a public and transparent way. We look forward to hearing the public’s comments and questions to help us shape our investments in the community.” The port’s operating budget responds to regional needs by investing in customer service, innovation, sustainability, safety and security, organisational effectiveness, and equity. The budget includes total operating revenues of USD813 million, an 8% increase over the 2019 budget, and total operating expenses are USD472 million, a 3.6% increase over 2019. Budgeted Net Operating Income is USD342 million, 14.6% above 2019. Capital projects, the infrastructure that supports the region’s economy, make up the largest share of the port’s budget. The Capital Investment Plan (CIP), which amounts to USD3.4 billion over the next five years, continues our commitment to investing in regional infrastructure to grow our transportation gateways, create jobs and stimulate economic development. Capital projects at the airport improve customer service and safety, maintain airport facilities, and generate new revenue for future investment. Signature projects at Sea-Tac International Airport include completion of the International Arrivals Facility and North Satellite expansion/renovation, and baggage system optimisation. The Maritime and Economic Development Division CIP advances the port’s Waterfront Strategy with significant investments in a new Cruise Terminal at Terminal 46, Terminal 91 uplands development, habitat restoration, and development at Fishermen’s Terminal, including a Maritime Innovation Centre. In addition to its CIP, the port is also investing USD184 million over the next five years in the Northwest Seaport Alliance capital programme, which includes modernising Terminal 5 to make it one of the most efficient container terminals on the West Coast. The CIP also includes USD107 million of additional funding primarily for preservation of critical maritime infrastructure. The Port of Seattle is in the second year of a five-year investment plan designed to make our region a competitive maritime hub. The investments focus on asset preservation and prioritise economic development where our natural advantages align to economic growth opportunities.Under the proposed plan, port property tax collections would increase from USD74.2M in 2019 to USD76.4M in 2020. The median household property tax payment to the port would increase by USD1.74 a year, making it USD73.33 a year from USD71.59. In 2019, of the USD5.6 billion that King County collected in property taxes, just 1.3 percent went to the Port of Seattle. The property tax levy made up less than five percent of the port’s cash revenue in 2018. This is based on approval this year of a proposed 3-percent levy increase.
Monday, December 23, 2024
