Template revised September 22, 2016.
COMMISSION
AGENDA MEMORANDUM
Item No.
11c
BRIEFING ITEM
Date of Meeting
October 25, 2022
DATE: October 4, 2022
TO: Stephen Metruck, Executive Director
FROM: Elizabeth Morrison, Director Corporate Finance
Scott Bertram, Manager, Corporate Financial Analysis
SUBJECT: Briefing on the Tax Levy Draft Plan of Finance for 2023-2027
EXECUTIVE SUMMARY
This briefing is intended to inform the Commission’s decision on the amount of the tax levy for
the 2023 budget year and to inform the Commission on the Port’s funding of its 2023-2027
Capital Investment Plan (CIP) - the Draft Plan of Finance.
BACKGROUND
Ports in Washington State have authority to levy taxes on property within the port district, within
certain statutory limits; the Port may use this strategic resource for any allowable port purpose
other than the payment of revenue bond debt service. As part of the Port’s budget process, the
Commission establishes the amount of taxes to be levied within the Port district for the budget
year. Staff will provide information on the uses of the tax levy and will seek Commission guidance
on the establishment of the 2023 tax levy amount and uses. For the 2022 budget, the
Commission authorized a levy of $81.04 million. The Draft Plan of Finance incorporates a two
percent annual increase in the tax levy, bringing the 2023 tax levy to $82.66 million.
As part of the annual budget process, staff provides a Draft Plan of Finance that is updated each
year for the subsequent five-year CIP and provides information on the funding sources available
to support the CIP. The Draft Plan of Finance is intended to illustrate the Port’s capacity to fund
investments based on the projected available resources. Because it incorporates the 2023
operating budgets and forecasts and the tax levy, decisions made as part of the budget process
affect funding resources. Staff has developed a Draft Plan of Finance for the Airport as a self-
funding enterprise. The Port’s non-Airport operations – Maritime, Economic Development and
the Port’s participation in the Northwest Seaport Alliance (NWSA) - share funding resources and
the Draft Plan of Finance incorporates funding for both Port and NWSA CIPs.
COMMISSION AGENDA – Briefing Item No. 11c Page 2 of 2
Meeting Date: October 25, 2022
Template revised September 22, 2016.
ATTACHMENTS TO THIS BRIEFING
(1) Presentation slides
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS
October 11, 2022(PM) – Maritime and EDD CIP and Operating Budgets Briefing
October 11, 2022 (AM) – Aviation Division CIP and Operating Budgets Briefing
September 27, 2022 – 2023 Central Services Preliminary Budget and Portwide Rollup Briefing
August 1, 2022 – Commission Budget Planning Retreat
July 26, 2022 – 2023 Budget Development Briefing
June 14, 2022 – Commission Budget Planning Retreat
