Template revised September 22, 2016.
COMMISSION
AGENDA MEMORANDUM
Item No.
6a
ACTION ITEM
Date of Meeting
November 14, 2017
DATE: October 26, 2017
TO: Dave Soike, Interim Executive Director
FROM: Dan Thomas, Chief Financial Officer
Michael Tong, Asst. Finance Director - Budget
SUBJECT: First Reading and Public Hearing of Resolution No. 3738, adopting the final budget of
the Port of Seattle for the Year 2018
ACTION REQUESTED
Request First Reading and Public Hearing of Resolution No. 3738: A resolution of the Port
Commission of the Port of Seattle adopting the final budget of the Port of Seattle for the year
2018; 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 2018.
EXECUTIVE SUMMARY
The 2018 business and budget planning process began in April. In the past few months, staff
conducted budget work session, provided briefings to the Commission on budgeting initiative
process and outcomes, key budget assumptions, budget overview, preliminary operating and
capital budget, tax levy and draft plan of finance. The preliminary budget document was
provided to the Commission on October 24, 2017, and made available to the public on October
26, 2017.
Staff recommends the following final budget process:
• November 14, 2017 – First Reading of Resolution No. 3736 and Public Hearing
• November 28, 2017 – Second Reading and Final Passage of Resolution No. 3736
• December 1, 2017 – Submittal of the 2017 Final Statutory Budget to the King County
Council and Assessor’s Office.
• December 15, 2017 – Release of the 2018 Final Budget and Draft Plan of Finance
document to the Public.
COMMISSION AGENDA – Action Item No. 6a Page 2 of 2
Meeting Date: November 14, 2017
Template revised September 22, 2016; format updates October 19, 2016.
ADDITIONAL BACKGROUND
The budget process includes planning, setting up and testing new budget modules in the
budget system, budget user training, department strategic and business planning, publishing
budget guidelines, establishing budget targets, entering budget data into the system, running
budget allocations and budget reports, conducting department and division reviews, executive
reviews, and Commission reviews, preparing and publishing the preliminary budget document,
a public hearing, adoption of the final budget, filing the statutory budget with the King County
Council and Assessor’s Office, and the preparation and release of the final budget document.
Prior to the First Reading and Public Hearing on November 14, 2017, staff has provided 6
briefings to the Commission. The 2018 preliminary budget was provided to the Port
Commission on October 24, 2017, and was made available to the general public on October 26,
2017. An announcement of the preliminary budget and public hearing was made in the Daily
Journal of Commerce newspaper on October 25, 2017.
After the public hearing and Commission adoption of a final plan, the statutory budget will be
filed with the King County Council and King County Assessor as required by law. The 2017 Final
Budget and Draft Plan of Finance will be released to the public on December 15, 2017.
ATTACHMENTS TO THIS REQUEST
(1) Draft Resolution No. 3738
(2) Presentation slides
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS
October 24, 2017 – The Commission was briefed on the 2018 Tax Levy & Draft Plan of
Finance and was requested for the 2018-2022 Long Range Plan approval
October 10, 2017 – The Commission was briefed on the 2018 Division Operating and Capital
Budgets
September 26, 2017 – The Commission was briefed on 2018 Central Services Operating and
Capital Budgets, and the 2018-2022 Long Range Plan Draft
September 12, 2017 – The Commission was briefed on the 2018-2022 Long Range Plan Draft
July 25, 2017 – The Commission was briefed on budget development and the 2018-2022
Long-Range Plan Draft
June 13, 2017 – The Commission conducted the 2018 Budget Work Session
