PORT OF SEATTLE
MEMORANDUM
COMMISSION AGENDA
6a

Item No.
Date of Meeting

November 22, 2011

DATE:

November 4, 2011

TO:

Tay Yoshitani, Chief Executive Officer

FROM:

Dan Thomas, Chief Financial and Administrative Officer
Michael Tong, Corporate Budget Manager

SUBJECT:

Resolution No. 3654, as amended, Second Reading and Final Passage of
Port of Seattle 2012 Budget

ACTION REQUESTED:
Second Reading and Final Passage of 2012 Budget Resolution No. 3654, as amended: A
Resolution of the Port Commission of the Port of Seattle adopting the final budget of the Port of
Seattle for the year 2012; making, determining, and deciding the amount of taxes to be levied
upon the current assessment roll; providing payment of bond redemptions and interest, cost of
future capital improvements and acquisitions, and for such general purposes allowed by law
which the Port deems necessary; and directing the King County Council as to the specific sums
to be levied on all of the assessed property of the Port of Seattle District in the Year 2012.
BACKGROUND:
The Port has prepared the Port of Seattle Preliminary 2012 Budget, and a Notice of Public
Hearing was published in the Seattle Daily Journal of Commerce on October 24 and October 31,
2010, as required by statute. This notice included the information that copies of the preliminary
budget would be available to the general public at Pier 69 on October 27, 2011. The 2012
budget process includes publishing budget guidelines, conducting an executive review,
discussing the budget in a number of Commission meetings, holding two public hearings, and
preparing the final budget document after the Second Reading and Final Passage of the budget
resolution.
Staff recommends the following Final Budget process:
November 22, 2011 - Second Reading and Final Passage of Resolution No. 3654, as amended.
December 1, 2011 - Submittal of the Final 2012 Budget to the King County Council and
Assessor.
December 14, 2011 - Release of the Final 2012 Budget and Draft Plan of Finance to the public.

COMMISSION AGENDA
Tay Yoshitani, Chief Executive Officer
November 16, 2011
Page 2 of 2

OTHER DOCUMENTS ASSOCIATED WITH THIS REQUEST:




Resolution No. 3654, as amended.
PowerPoint: 2012 Preliminary Budget - Second Reading and Final Passage (including
description of changes since First reading).

PREVIOUS COMMISSION ACTION OR BRIEFINGS:
June 7, 2011 - Budget Process Briefing.
August 16, 2011 - Budget Assumptions, Business Plan, and Capital Plan Briefings.
September 27, 2011 - Capital Budget Briefing.
October 4, 2011 - Preliminary Operating Budget Briefing.
October 25, 2011 - Draft Plan of Finance, Tax Levy, and Operating Budget Follow-up Briefings.
November 8, 2011 - First Reading of Resolution No. 3654.