Template revised April 12, 2018.
COMMISSION
AGENDA MEMORANDUM
Item No.
10a
ACTION ITEM
Date of Meeting
November 14, 2023
DATE: October 20, 2023
TO: Stephen P. Metruck, Executive Director
FROM: Dan Thomas, Chief Financial Officer
Michael Tong, Director, Corporate Budget
SUBJECT: Introduction and Public Hearing of Resolution No. 3814, Adopting the Final Budget
of the Port of Seattle for the Year 2024
ACTION REQUESTED
Request Introduction of, and hold a public hearing regarding, Resolution No. 3814: A resolution
of the Port Commission of the Port of Seattle adopting the final budget of the Port of Seattle for
the year 2024; 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 2024.
EXECUTIVE SUMMARY
The 2024 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 2024 Budget document was provided to
the Commission on October 24, 2023 and made available to the public on October 26, 2023.
Staff recommends the following final budget process:
• November 14, 2023 – First Reading of Resolution No. 3814 and Public Hearing
• November 21, 2023 – Second Reading and Final Passage of Resolution No. 3814
• November 30, 2023 – Submittal of the 2024 Final Statutory Budget to the King County
Council and Assessor’s Office.
• December 8, 2023 – Release of the final 2024 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
COMMISSION AGENDA – Action Item No. 10a Page 2 of 2
Meeting Date: November 14, 2023
Template revised September 22, 2016.
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 Introduction and public hearing of the preliminary 2024 Budget on November 14,
2023, staff has provided 7 briefings to the Commission. The preliminary 2024 Budget was
provided to the Port Commission on October 24, 2023 and made available to the general public
on October 26, 2023. An announcement of the preliminary budget and public hearing was made
in the Daily Journal of Commerce newspaper on November 2, 2023 and November 9, 2023.
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 2024
Budget and Draft Plan of Finance will be released to the public by December 8, 2023.
ATTACHMENTS TO THIS REQUEST
(1) Draft Resolution No. 3814
(2) Presentation slides
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS
October 24, 2023 – 2024 Tax Levy and Draft Plan of Finance for 2024-2028 Briefing
October 10, 2023(PM) – Maritime and EDD CIP and Operating Budgets Briefing
October 10, 2023 (AM) – Aviation Division CIP and Operating Budgets Briefing
September 26, 2023 – 2024 Central Services Preliminary Budget and Portwide Rollup Briefing
July 25, 2023 – 2024 Budget Development Briefing
July 24, 2023 – Commission Budget Retreat – Part II
June 29, 2023 – Commission Budget Retreat – Part I
