Template revised September 22, 2016.
COMMISSION
AGENDA MEMORANDUM
Item No. 11c
BRIEFING ITEM Date of Meeting October 28, 2025
DATE: October 9, 2025
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 2026-2030
EXECUTIVE SUMMARY
This briefing is intended to inform the Commission’s decision on the amount of the tax levy for
the 2026 budget year and to inform the Commission on the Port’s funding of its 2026-2030
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 2026 tax levy amount and uses. For the 2025 budget, the
Commission authorized a levy of $88.39 million. The Draft Plan of Finance incorporates a levy
amount of $90.18 million (a 2.0% increase) based on the Port’s policy of using 75% of the
maximum amount the Port is allowed to levy within statutory limits.
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 2026
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. 11c Page 2 of 2
Meeting Date: October 28, 2025
Template revised September 22, 2016.
ATTACHMENTS TO THIS BRIEFING
(1) Presentation – Tax Levy and Draft Plan of Finance 2026-2030
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS
October 28, 2025 – Aviation Division CIP
October 14, 2025 – Maritime and EDD CIP and Operating Budgets Briefing, Aviation Division
Operating Budget Briefing
September 23, 2025 – 2026 Central Services Preliminary Budget and Portwide Rollup Briefing
June 17, 2025 – Commission Budget Retreat
