Template revised September 22, 2016.
COMMISSION
AGENDA MEMORANDUM
Item No. 11b
BRIEFING ITEM Date of Meeting October 22, 2024
DATE: October 4, 2024
TO: Stephen Metruck, Executive Director
FROM: Elizabeth Morrison, Director Corporate Finance
Scott Bertram, Manager, Corporate Finance
SUBJECT: Briefing on the Tax Levy and Draft Plan of Finance for 2025-2029
EXECUTIVE SUMMARY
This briefing is intended to inform the Commission’s decision on the amount of the tax levy for
the 2025 budget year and to inform the Commission on the Port’s funding of its 2025-2029
Capital Investment Plan (CIP) - the Draft Plan of Finance.
BACKGROUND
Ports in Washington State have authority to levy taxes on property within the port district, within
certain statutory limits; the Port may use this strategic resource for any allowable port purpose
other than the payment of revenue bond debt service. As part of the Port’s budget process, the
Commission establishes the amount of taxes to be levied within the Port district for the budget
year. Staff will provide information on the uses of the tax levy and will seek Commission guidance
on the establishment of the 2025 tax levy amount and uses. For the 2024 budget, the
Commission authorized a levy of $86.66 million. The Draft Plan of Finance incorporates a levy
amount that is 75% of the maximum amount the Port is allowed to levy within statutory limits;
this brings the 2025 tax levy to $88.39 million, a 2.0% increase from 2024.
As part of the annual budget process, staff provides a Draft Plan of Finance that is updated each
year for the subsequent five-year CIP and provides information on the funding sources available
to support the CIP. The Draft Plan of Finance is intended to illustrate the Port’s capacity to fund
investments based on the projected available resources. Because it incorporates the 2025
operating budgets and forecasts and the tax levy, decisions made as part of the budget process
affect funding resources. Staff has developed a Draft Plan of Finance for the Airport as a self-
funding enterprise. The Port’s non-Airport operations – Maritime, Economic Development and
the Port’s participation in the Northwest Seaport Alliance (NWSA) - share funding resources and
the Draft Plan of Finance incorporates funding for both Port and NWSA CIPs.
COMMISSION AGENDA – Briefing Item No. 11b Page 2 of 2
Meeting Date: October 22, 2024
Template revised September 22, 2016.
ATTACHMENTS TO THIS BRIEFING
(1) Presentation slides –Tax Levy and Draft Plan of Finance 2025-2029
[PREVIOUS COMMISSION ACTIONS OR BRIEFINGS]
October 8, 2024 – Maritime and EDD CIP and Operating Budgets Briefing
October 8, 2024 – Aviation Division CIP and Operating Budgets Briefing
September 24, 2024 – 2025 Central Services Preliminary Budget and Portwide Rollup Briefing
June 26, 2024 – Commission Budget Retreat
