Template revised April 12, 2018.
COMMISSION
AGENDA MEMORANDUM
Item No.
10b
BRIEFING ITEM
Date of Meeting
November 17, 2020
DATE: October 28, 2020
TO: Stephen P. Metruck, Executive Director
FROM: Dan Thomas, Chief Financial Officer
Michael Tong, Director, Corporate Budget
SUBJECT: Resolution No. 3779, Adopting the Final Budget of the Port of Seattle for the Year
2021
ACTION REQUESTED
Request Adoption of Resolution No. 3779: A resolution of the Port Commission of the Port of
Seattle adopting the final budget of the Port of Seattle for the year 2021; 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 properties of the
Port of Seattle District in the Year 2021.
EXECUTIVE SUMMARY
The 2021 business and budget planning process began in May. In the past few months, staff
conducted budget work sessions, provided briefings to the Commission on budget process, key
budget assumptions, SWOT analysis and budget development overview, preliminary operating
budget, and preliminary capital budget. The preliminary 2021 Budget document was provided to
the Commission and made available to the public on October 20, 2020.
Staff also hosted two virtual open houses for community members to learn about the Port’s
preliminary 2021 budget and five-year capital development and investment plans – one for the
Aviation division on October 8, 2020, and the other for Maritime and Economic Development
divisions on October 22, 2020. Staff shared information about investments at Sea-Tac Airport and
in the Maritime and Economic Development divisions. Staff also shared how the Port’s
preliminary budget and five-year capital development plans respond to regional need by
improving customer service, expanding economic activity across our region, and supporting
healthy habitats and communities.
Staff recommends the following final budget process:
• November 17, 2020 – Adoptions of Resolution No. 3779 and Resolution No. 3880
COMMISSION AGENDA – Briefing Item No. 10b Page 2 of 3
Meeting Date: November 17, 2020
Template revised September 22, 2016.
• November 30, 2020 – Submittal of the 2021 Final Statutory Budget to the King County
Council and Assessor’s Office.
• December 15, 2020 – Release of the final 2021 Budget and Draft Plan of Finance
document to the public.
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 Adoption of the 2021 Budget on November 17, 2020, staff has provided 10 briefings
to the Commission. The preliminary 2021 Budget was provided to the Port Commission and made
available to the general public on October 20, 2020. An announcement of the preliminary budget
and public hearing was made in the Daily Journal of Commerce newspaper on October 28, 2020
and November 4, 2020.
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 final 2021
Budget and Draft Plan of Finance will be released to the public by December 15, 2020.
ATTACHMENTS TO THIS REQUEST
(1) Draft Resolution No. 3779
(2) Presentation slides
(3) Proposed Commissioner Amendments
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS
November 10, 2020 – Introduction and Public Hearing of 2021 Budget
November 10, 2020 – Introduction and Public Hearing of 2021 Tax Levy Increase
October 27, 2020 – 2021 Tax Levy and Draft Plan of Finance Briefing
October 13, 2020 – 2021 Maritime and EDD Budgets and Portwide Rollup Briefing
October 13, 2020 – Aviation Division CIP Follow-up and Operating Budgets Study Session
September 22, 2020 – 2021 Central Services Preliminary Budget Briefing
September 22, 2020 – Aviation Division CIP Study Session
August 6, 2020 – Commission Budget Retreat: CIP and Levy Discussion
July 29, 2020 – Commission Budget Retreat: Industry Analysis and SWOT
July 14, 2020 – 2021 Budget Development Briefing
June 4, 2020 – 2021 Budget Discussion
COMMISSION AGENDA – Briefing Item No. 10b Page 3 of 3
Meeting Date: November 17, 2020
Template revised September 22, 2016.
