Resolution No. 3814, 2024 Budget Page 1 of 3

Introduced and Public Hearing: 11/14/23

Adopted:

PORT OF SEATTLE

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.

WHEREAS,

the Port of Seattle in the Century Agenda commits to create

economic opportunity for all, steward our environment responsibly, partner with

surrounding communities, promote social responsibility, conduct ourselves

transparently, and hold ourselves accountable; and

WHEREAS,

the Port of Seattle's Century Agenda outlined goals of meeting

current demand as a business gateway and tourism hub for the region, and further

expressed the need to anticipate future growth of the region and to prepare for the ensuing

demand for cruise, maritime, and aviation all for the economic benefit of the region; and

WHEREAS,

the Port of Seattle Commission is committed to the responsible

stewardship of public tax revenue, financial transparency, and an open budget process;

and

WHEREAS,

the Port of Seattle and its Commission are committed to making

strategic investments necessary to promote a thriving maritime and industrial economy

and recognize that increasing pressure on industrial lands and freight corridors in the

region threatens the viability of this sector; and

WHEREAS,

the long-term viability of the maritime and industrial sector is

dependent on a robust and well-trained workforce and the sector is facing both an aging

workforce and a limited influx of trained younger workers to replace those approaching

retirement and the need to strengthen training and pathways into the sector; and

WHEREAS,

the Port of Seattle Commission is committed to reducing our carbon

footprint by investing in solutions to become the "greenest" and most efficient port in the

Item No. 10a reso

Date of Meeting: November 21, 2023

Resolution No. 3814, 2024 Budget Page 2 of 3

nation and we are further committed to assisting and incentivizing those we do business in

order to reach these goals; and

WHEREAS,

the Port of Seattle Commission has determined that the mission of

the Port is to create good jobs in the region by advancing trade and commerce, promoting

manufacturing and maritime growth, and stimulating economic development; and

WHEREAS,

the Port of Seattle Commission, on the 24

day of October, 2023,

published the preliminary 2024 Budget of the Port of Seattle on the Port website and, on the

day of October, 2023, made hard copies available to the public; and for the publication

of Notice of Budget Hearing to consider adoption of a final budget, to be heard on the 14

day of November, 2023, when taxpayers might appear and present objections to the

preliminary 2024 Budget; and

WHEREAS,

a public hearing on the preliminary 2024 Budget was held remotely

and in-person in the Port Commission Chambers, pursuant to notice duly given, in the

City of Seattle, County of King, State of Washington, on the 14

November, 2023, at

12 p.m.; and

WHEREAS,

all parties present at said hearing were afforded a full opportunity to

present objections to the preliminary 2024 Budget, and the Port Commission being duly

advised in the premises; and

WHEREAS,

the King County Assessor notified the Commissioners of the Port of

Seattle on the 28th

day of September, 2023, that the preliminary regular levy assessed

value of the property lying within the boundaries of the Port of Seattle district ("Port

District") for the year 2023 is $818,180,224,035 (after omitted assessments); and

WHEREAS, the King County Assessor notified the Commissioners of the Port of Seattle

on the 28

day of September, 2023, that the preliminary maximum allowable levy is

$115,552,773, including $273,518 levy for prior year refunds, and the Port intends to retain

this levy capacity; and

WHEREAS,

the Port has outstanding General Obligation bonds due in 2024 and

has a General Obligation line of credit, for the payment of the principal and interest on

such indebtedness in 2024 the entire amount of the levy is required to be available to the

Port.

NOW, THEREFORE, BE IT RESOLVED

by the Port Commission of the Port of

Seattle that the preliminary 2024 Budget, as updated and amended at the November 14,

2023, Port Commission hearing, and as may have been further amended by the Port

Commission on this 21st of November, 2023, is hereby adopted as the final budget of the

Port of Seattle for the Year 2024. Said final budget includes the statutory budget required

under RCW 53.35.040. A copy of the final budget shall be made available to the public on

the Port of Seattle website.

Resolution No. 3814, 2024 Budget Page 3 of 3

BE IT FURTHER RESOLVED

that the amount of taxes to be levied by the Port

of Seattle on the current assessment rolls to provide for payment of bond redemption and

interest on the Port of Seattle General Obligation Bonds and line of credit and, as available,

for future expenditures for acquisitions and

capital improvements and for such general

purposes allowed by law which the Port deems necessary be set and deposited is still

pending commission approval.

BE IT

FURTHER RESOLVED

hat the King County Council, State of

Washington, be

notified that the specific sum herein mentioned being a total of $86,664,580

is necessary to be

raised by taxation to meet the payment of bond redemption and interest

on Port of Seattle General Obligation Bonds and line of credit, of future expenditures

for acquisitions and capital improvements, and of costs for such general purposes

allowed by law which the Port deems necessary, as set forth for the period January 1,

2024, and thereafter; that said King County Council be respectfully requested to make

a levy in said amount for the aforesaid purposes.

BE IT FURTHER RESOLVED

that the above is a true and complete listing of levies

for the Port District for collection in the year 2024 and they are within the maximums

established by law.

ADOPTED by the Port Commission of the Port of Seattle at a duly noticed meeting held

this 21st day of November, 2023, and duly authenticated in open session by the signatures of

the Commissioners voting in favor thereof and the seal of the Commission.

________________________________

Port Commission