COMMISSION
AGENDA MEMORANDUM
ACTION ITEM

Item No.
Date of Meeting

DATE:

October 27, 2025

TO:

Stephen P. Metruck, Executive Director

FROM:

Chris Wimsatt, Chief Financial Officer
Michael Tong, Director, Corporate Budget
Elizabeth Morrison, Director, Finance Budget

10a
November 11, 2025

SUBJECT: Introduction and Public Hearing of Resolution No. 3839, Adopting the Final Budget
of the Port of Seattle for the Year 2026
ACTION REQUESTED
Request Introduction of, and hold a public hearing regarding, Resolution No. 3839: A resolution
of the Port Commission of the Port of Seattle adopting the final budget of the Port of Seattle for
the year 2026; 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 2026.
EXECUTIVE SUMMARY
The 2026 business and budget planning process began in May. In the past few months, staff
conducted budget work sessions, provided briefings to the Commission on budget process, key
budget assumptions, SWOT analysis and budget development overview, preliminary operating
budget, and preliminary capital budget. The preliminary 2026 Budget document was provided to
the Commission and made available to the public on October 21, 2025.
Staff recommends the following final budget process:
• November 11, 2025 - First Reading of Resolution No. 3839 and Public Hearing
• November 18, 2025 - Second Reading and Final Passage of Resolution No. 3839
• November 26, 2024 - Submittal of the 2026 Final Statutory Budget to the King County
Council and Assessor's Office.
• December 5, 2025 - Release of the final 2026 Budget and Draft Plan of Finance document
to the public.
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
Template revised April 12, 2018.

COMMISSION AGENDA - Action Item No. 10a
Meeting Date: November 11, 2025

Page 2 of 2

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 Introduction and public hearing of the preliminary 2026 Budget on November 11,
2025, staff has provided 7 briefings to the Commission. The preliminary 2026 Budget was
provided to the Port Commission and made available to the general public on October 21, 2025.
An announcement of the preliminary budget and public hearing was made in the Daily Journal of
Commerce newspaper on October 30, 2025 and November 6, 2025.
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 2026
Budget and Draft Plan of Finance will be released to the public by December 5, 2025.
ATTACHMENTS TO THIS REQUEST
(1)
(2)

Draft Resolution No. 3839
Presentation slides

PREVIOUS COMMISSION ACTIONS OR BRIEFINGS
October 28, 2025 - 2026 Tax Levy and Draft Plan of Finance for 2026-2030 Briefing
October 28, 2025 - Aviation Division CIP Budget Briefing
October 14, 2025 (PM) -Maritime and Economic Development Division Operating and CIP
Budgets Briefing
October 14, 2025 (AM) - Aviation Division Operating Budget Briefing
September 23, 2025 - 2026 Central Services Preliminary Budget and Portwide Rollup Briefing
July 8, 2025 - 2026 Budget Development Briefing
June 17, 2025 - Commission Budget Retreat

Template revised September 22, 2016.