Resolution No. 3805, 2023 Budget Page 1 of 3
1
PORT OF SEATTLE
2
RESOLUTION NO. 3805
3
4
A RESOLUTION
of the Port Commission of the Port of Seattle
5
adopting the final budget of the Port of Seattle for
6
the year 2023; making, determining, and deciding
7
the amount of taxes to be levied upon the current
8
assessment roll; providing payment of bond
9
redemptions and interest, cost of future capital
10
improvements and acquisitions, and for such
11
general purposes allowed by law which the Port
12
deems necessary; and directing the King County
13
Council as to the specific sums to be levied on all of
14
the assessed properties of the Port of Seattle District
15
in the Year 2023.
16
17
WHEREAS,
the Port of Seattle in the Century Agenda commits to create
18
economic opportunity for all, steward our environment responsibly, partner with
19
surrounding communities, promote social responsibility, conduct ourselves transparently,
20
and hold ourselves accountable; and
21
22
WHEREAS,
the Port of Seattle's Century Agenda outlined goals of meeting current
23
demand as a business gateway and tourism hub for the region, and further expressed the need
24
to anticipate future growth of the region and to prepare for the ensuing demand for cruise,
25
maritime, and aviation all for the economic benefit of the region; and
26
27
WHEREAS,
the Port of Seattle Commission is committed to the responsible
28
stewardship of public tax revenue, financial transparency, and an open budget process; and
29
30
WHEREAS,
the Port of Seattle and its Commission are committed to making
31
strategic investments necessary to promote a thriving maritime and industrial economy and
32
recognize that increasing pressure on industrial lands and freight corridors in the region
33
threatens the viability of this sector; and
34
35
WHEREAS,
the long-term viability of the maritime and industrial sector is
36
dependent on a robust and well-trained workforce and the sector is facing both an aging
37
workforce and a limited influx of trained younger workers to replace those approaching
38
retirement and the need to strengthen training and pathways into the sector; and
39
Item Number: 10a_ reso
Meeting Date: November 29, 2022
Resolution No. 3805, 2023 Budget Page 2 of 3
WHEREAS,
the Port of Seattle Commission is committed to reducing our carbon
40
footprint by investing in solutions to become the "greenest" and most efficient port in the
41
nation and we are further committed to assisting and incentivizing those we do business with
42
in order to reach these goals; and
43
44
WHEREAS,
the Port of Seattle Commission has determined that the mission of the
45
Port is to create good jobs in the region by advancing trade and commerce, promoting
46
manufacturing and maritime growth, and stimulating economic development; and
47
WHEREAS,
the Port of Seattle Commission, on the 19th day of October, 2022,
48
provided
49
the preliminary 2023 Budget of the Port of Seattle to the public and for the publication
50
of Notice of Budget Hearing to consider adoption of a final budget, to be heard on the 8th day
51
of November, 2022, when taxpayers might appear and present objections to the preliminary
52
2023 Budget; and
53
54
WHEREAS,
a public hearing on the preliminary 2023 Budget was held remotely and
55
in-person in the Port Commission Chambers, pursuant to notice duly given, in the City of
56
Seattle, County of King, State of Washington, on the 8
th
of
November, 2022, at 12 p.m.; and
57
58
WHEREAS,
all parties present at said hearing was afforded a full opportunity to
59
present objections to the preliminary 2023 Budget, and the Port Commission being duly
60
advised in the premises; and
61
62
WHEREAS,
the King County Assessor notified the Commissioners of the Port of
63
Seattle on the 6th
day of October, 2022, that the preliminary regular levy assessed value of
64
the property lying within the boundaries of the Port of Seattle district ("Port District") for the
65
year 2022 is $874,233,521,538 (after omitted assessments); and
66
67
WHEREAS, the King County Assessor notified the Commissioners of the Port of Seattle 68
on the 6th
day of October, 2022, that the preliminary maximum allowable levy is
69
$113,191,829 including $237,260 levy for prior year refunds, and the Port intends to retain
70
this levy capacity; and
71
72
WHEREAS,
the Port has outstanding General Obligation bonds due in 2023 and has
73
a General Obligation line of credit, for the payment of the principal and interest on such
74
indebtedness in 2023 the entire amount of the levy is required to be available to the Port.
75
76
77
78
79
80
81
Resolution No. 3805, 2023 Budget Page 3 of 3
NOW, THEREFORE, BE IT RESOLVED
by the Port Commission of the Port of
82
Seattle that the preliminary 2023 Budget, as updated and amended at the November 8, 2022,
83
Port Commission hearing, and as may have been further amended by the Port Commission on
84
this 29
th
of November, 2022, is hereby adopted as the final budget of the Port of Seattle for
85
the Year 2023. Said final budget includes the statutory budget required under RCW 53.35.040.
86
A copy of the final budget shall be made available to the public on the Port of Seattle website.
87
88
BE IT FURTHER RESOLVED
that the amount of taxes to be levied by the Port of
89
Seattle on the current assessment rolls to provide for payment of bond redemption and interest
90
on the Port of Seattle General Obligation Bonds and line of credit and, as available, for future
91
expenditures for acquisitions and
capital improvements and for such general purposes
92
allowed by law which the Port deems necessary be set and deposited is still pending
93
commission approval.
94
95
BE IT
FURTHER RESOLVED
t
hat the King County Council, State of
96
Washington, be
notified that the specific sum herein mentioned being a total of $ 82,657,367
97
is necessary to be
raised by taxation to meet the payment of bond redemption and interest
98
on Port of Seattle General Obligation Bonds and line of credit, of future expenditures for
99
acquisitions and capital improvements, and of costs for such general purposes allowed by
100
law which the Port deems necessary, as set forth for the period January 1, 2023, and
101
thereafter; that said King County Council be respectfully requested to make a levy in said
102
amount for the aforesaid purposes.
103
104
BE IT FURTHER RESOLVED
that the above is a true and complete listing of levies
105
for the Port District for collection in the year 2023 and they are within the maximums
106
established by law.
107
108
ADOPTED by the Port Commission of the Port of Seattle at a duly noticed meeting held 109
this 29
th
day of November, 2022, and duly authenticated in open session by the signatures of the 110
Commissioners voting in favor thereof and the seal of the Commission. 111
112
113
114
115
116
117
118
119
120
121
Port of Seattle Commission 122
