Template revised April 12, 2018.
COMMISSION
AGENDA MEMORANDUM
Item No.
10b
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: Adoption of Resolution No. 3815, Specifying the Dollar and Percentage Change in
the Regular Property Levy from the Previous Year per
RCW 84.55.120; Providing for an Increase of the Levy from $82,657,367 to
$86,664,580
ACTION REQUESTED
Request Adoption of Resolution No. 3815: A resolution of the Port Commission of the Port of
Seattle specifying the dollar and percentage change in the regular property levy from the
previous year per RCW 84.55.120; providing for a 4.8 percent increase of the levy from
$82,657,367 to $86,664,580.
EXECUTIVE SUMMARY
RCW 84.55.120 requires Washington State taxing districts to adopt a separate ordinance or
resolution specifically authorizing any increase in property tax levies. The resolution must also
specifically state the dollar increase and percentage change in the levy from the previous year.
In connection with the Port’s proposed 2024 budget, Resolution No. 3815 authorizes an increase
of $4,007,213, a 4.8 percent increase in the Port tax levy from 2023. Excluding the new
construction and refund amount, the increase is $2,699,680 or 3.3 percent from 2023 for tax
filing purposes. The Port’s estimated levy rate is $0.1059 per thousand of assessed value for
2024.
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,
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.
COMMISSION AGENDA – Action Item No. 10b Page 2 of 2
Meeting Date: November 21, 2023
Template revised September 22, 2016.
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. 3815
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
