Port of Seattle
2019 Budget Process and Development
Briefing
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Item No: 9a_supp .
Meeting Date: May 22, 2018
Century Agenda
25 year Goals
Long Range Plan
5 year Strategic Plans
Identify/Refine Objectives, Priority Actions and Milestones for LRP
2019 Business Planning
(Including 2019 Priorities)
2019 Operating Budget
New Capital Projects and
5-Year Capital Plan
2019 Budget: Key Focus Areas
• Manage operating expenses to increase Net Operating Income in a
sustainable way
• Seek new revenue and efficiency opportunities where possible
• Obtain Commission input early in process regarding priorities and
desired outcomes
• Prioritize capital projects to align with projected funding resources
• Refine funding plans for major programs, e.g. SAMP, NWSA (including
T5), Waterfront Vision
• Ensure alignment of budgets with Long Range Plan objectives
Aligning the budget with the Port’s strategic objectives and priorities
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2019 Budget Process Overview
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Many steps in budget development process
Strategic Initial Budget Planning:
• Assess business environment and industry conditions
• Update five-year division business operating and capital forecasts
• Update Long Range Plan
Budget Preparation:
• Develop key budget assumptions, drivers and targets
• Issue budget calendar and departmental guidelines
• Prepare 2019 operating and capital budgets
Budget Reviews and Approvals:
• Conduct department and division budget reviews
• Publish the preliminary budget document to the public
• Commission review and approve budgets/capital plans
Final Steps:
• File the Statutory Budget with King county
• Publish the final budget document to the public
2019 Budget Calendar
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Early engagement with Commission for budget input and development
Strategic Initial Budget Planning:
• 05/22 – 2019 Commission budget process briefing; seek guidance and
input on budget development and Commission priorities
• 06/26 – Aviation division Commission briefing on 2019 key
initiatives/budget drivers
• 07/10 – Maritime division Commission briefing on key initiatives/budget
drivers
• 07/24 – Economic Development division Commission briefing on key
initiatives and budget drivers
• 08/14 – Long Range Plan Commission Briefing
• 08/14 – Commission budget priorities discussion
2019 Budget Calendar - Con’t.
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Executives examine, scrutinize and evaluate proposed budgets
Budget Preparation:
• 08/01 – 2019 Budget Guidelines available to budget support staff (formal
budget entries begin in early August).
• 08/20 to 09/13 – Executive team reviews of department/division budgets
• 08/28 – 2019 key budget assumptions memo to the Commission
• 09/11 – Second Quarter Financial Performance Commission briefing
2019 Budget Calendar - Con’t.
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Commissioners review and provide input on preliminary budget
Commission Budget Reviews and Approvals:
• 09/25 – Central Services budget Commission briefing
• 10/04 – Last day for changes to be incorporated into the 2019 Preliminary Budget
document
• 10/09 – Operating division budgets Commission briefing
• 10/18 – Last day for changes to be incorporated into the first reading of the 2019
Budget on 11/13
• 10/23 – Tax Levy & Draft Plan of Finance Commission briefing
• 10/23 – 2019 Preliminary Budget document available to Commission
• 10/25 – 2019 Preliminary Budget document available to the public
2019 Budget Calendar - Con’t.
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Commissioners review and provide input on preliminary budget
Commission Budget Reviews and Approvals (Con’t):
• 10/30 – NWSA Budget study session by Managing Members
• 11/13 – NWSA Budget adoption by Managing Members
• 11/13 – First reading of budget resolution and public hearing
• 11/15 – Last day for changes to be incorporated into the second reading of the 2019
Budget
• 11/27 - Second reading and final passage of 2019 Budget
2019 Budget Calendar - Con’t.
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Port required to file a statutory budget with the County under state law
Final Steps:
• 12/03 - File the 2019 statutory budget with King county
• 12/14 - Publish the 2019 Final Budget to the public
