Template revised April 12, 2018.
COMMISSION
AGENDA MEMORANDUM
Item No.
10d
ACTION ITEM
Date of Meeting
November 19, 2024
DATE: November 1, 2024
TO: Stephen P. Metruck, Executive Director
FROM: Dan Thomas, Chief Financial Officer
Michael Tong, Director, Corporate Budget
SUBJECT: Adoption of Resolution No. 3830, 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 $86,664,580 to $88,389,944.
ACTION REQUESTED
Request Adoption of Resolution No. 3830: 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 2.0 percent increase of the levy from
$86,664,580 to $88,389,944.
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 2025 budget, Resolution No. 3830 authorizes an increase
of $1,725,364, an estimated 2.0 percent increase in the Port tax levy from 2024. Excluding the
new construction and refund amount, the increase is $356,950 or an estimated 0.4 percent from
2024 for tax filing purposes. The Port’s estimated levy rate is $0.1031 per thousand of assessed
value for 2025.
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.
Prior to the Adoption of the 2025 Budget on November 19, 2024, staff has provided 7 briefings
to the Commission. The preliminary 2025 Budget was provided to the Port Commission and made
COMMISSION AGENDA – Action Item No. 10d Page 2 of 2
Meeting Date: November 19, 2024
Template revised September 22, 2016.
available to the general public on October 22, 2024. An announcement of the preliminary budget
and public hearing was made in the Daily Journal of Commerce newspaper on October 31, 2024
and November 7, 2024.
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 2025
Budget and Draft Plan of Finance will be released to the public by December 6, 2024.
ATTACHMENTS TO THIS REQUEST
(1) Draft Resolution No. 3830
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS
November 12, 2024 – Introduction and Public Hearing of the 2025 Budget
October 24, 2024 – 2025 Tax Levy and Draft Plan of Finance for 2025-2029 Briefing
October 8, 2024 (PM) –Economic Development Division Operating Budgets Briefing
October 8, 2024 (AM) – Aviation Division and Maritime CIP and Operating Budgets Briefing
September 24, 2024 – 2025 Central Services Preliminary Budget and Portwide Rollup Briefing
July 23, 2024 – 2025 Budget Development Briefing
June 26, 2024 – Commission Budget Retreat
