Template revised April 12, 2018.
COMMISSION
AGENDA MEMORANDUM
Item No.
10a
ACTION ITEM
Date of Meeting
November 21, 2023
DATE: November 1, 2023
TO: Stephen P. Metruck, Executive Director
FROM: Dan Thomas, Chief Financial Officer
Michael Tong, Director, Corporate Budget
SUBJECT: Resolution No. 3814, Adopting the Final Budget of the Port of Seattle for the Year
2024
ACTION REQUESTED
Request Adoption of 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 21, 2023 – Adoptions of Resolution No. 3814 and Resolution No. 3815
• 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
allocations and budget reports, conducting department and division reviews, executive reviews
COMMISSION AGENDA – Action Item No. 10a Page 2 of 2
Meeting Date: November 21, 2023
Template revised September 22, 2016.
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 2024 Budget on November 21, 2023, staff has provided 8 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
November 14, 2023 – Introduction and Public Hearing of the 2024 Budget
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
