Item Number: 11b supp____ Meeting Date: October 13, 2026 Maritime Division 2027 Proposed Budget - Commission Review | October 13 Seaport Budget Agenda • Seaport Roll-Up (Including Joint Venture with the NWSA) • Maritime Division Operating Budget • Maritime Division Capital Improvement Plan (CIP) • Economic Development Division Operating Budget 2 2027 Seaport Budget Considerations • Cruise - Improved margins, but capacity constraints limiting growth • High construction costs creating a challenging ROI environment • Competition and high regional cost of doing business impacting growth at the NWSA • Negative margin businesses continue to need expensive investments • Stabilizing outlook for Environmental Remediation costs • Terminal 91 demolition project driving Operating Budget 3 Seaport Rollup $ in 000's 2021 2022 2023 2024 2025 2026 2026 Actual Actual Actual Actual Budget Budget Forecast 2027 Proposed Budget Change from 2026 Budget $ % Revenues Maritime Economic Development Division Joint Venture Total Revenue 58,234 2 54,842 113,079 89,095 4 55,381 144,480 99,738 17 57,636 157,391 106,809 16 61,406 168,231 116,973 21 105,850 222,844 125,344 16 56,972 182,331 126,589 16 56,972 183,576 136,557 0 55,943 192,500 11,213 (16) (1,029) 10,169 9% -100% -2% 6% Expenses Maritime Economic Development Division Joint Venture 65,174 3,654 2,390 81,600 3,071 2,539 93,596 3,417 3,466 101,991 2,974 2,354 111,643 2,663 11,516 124,728 3,390 5,564 120,474 2,974 5,564 139,062 3,344 6,507 14,335 (46) 944 11% -1% 17% Total Expense 71,217 87,210 100,479 107,319 125,822 133,681 129,011 148,914 15,232 11% NOI before Depreciation 41,861 57,270 56,912 60,912 97,022 48,650 54,565 43,586 (5,064) -10% 37,120 19,792 38,327 22,585 36,113 60,910 38,344 10,306 38,344 16,221 43,058 528 4,714 (9,778) 12% -95% Depreciation 36,556 36,772 NOI After Depreciation 5,306 20,498 Note: Excludes impact of pension adjustments and other GASB adjustments. • NOI Before Depr. of $43.6M ($59.5M absent T91 Demos) is a proxy for the Operational Cash Flow minus: • Debt Service Payments (Both POS and NWSA) • Environmental Remediation Expense (Both POS and NWSA) • Public Expense • Operational cash flow is available to pay for capital investments and any new expenses. Anything not paid from operational cash flow must rely on the tax levy. 4 Maritime: Mission and Vision MISSION Build on our maritime legacy by leveraging our properties to create opportunities and support family wage jobs in the Maritime industry that are sustainable and equitable. VISION A vibrant working waterfront generating economic vitality for the region. 5 Maritime Focus Areas Financial Strength & Sustainability Prioritizing revenue generation and financial stability Infrastructure Modernization Investing in longterm resilience and future-ready systems Sustainability & Resource Efficiency Ensuring responsible environmental stewardship Innovation & Adaptability Equitable Opportunities Driving operational excellence, employee engagement and industry-wide advancement Creating an equitable, forward-looking industry Prioritizing revenue generation, asset preservation & cost-effective environmental stewardship 6 2027 Maritime Initiatives for Executive Director Priorities • Revenue: - Focused on occupancy rates at key facilities - Strengthening financial performance through improved cost-recovery • Infrastructure Modernization: - Continued investment in aging assets to meet current demand - Modernize maritime assets through coordinated planning and project delivery - Improve asset management planning for key facilities and lifecycle needs • Decarbonization: - Deliver shore power expansion to reach full cruise vessel connectivity - Decarbonize port fleet through lifecycle and utilization reviews 7 Equity Spending Highlights KEY NEW EQUITY SPENDING IN 2027 $165K + Port Payroll Cost Duwamish HUB transferred in $1.155M Support for Tribal Fishing Equity in Budgeting: 2027 Reductions Review With resource-conscious efforts and 2027 expense targets, every reduction of $10K or more was analyzed for impacts on our workforce, communities, contracting, and operations. KEY PATTERNS - MARITIME DIVISION 1 Prioritizing equitable, locally accessible professional development opportunities across all departments. 2 Increased sponsorship funding to strengthen maritime workforce development pathways. 3 Integrated Change Team into business planning to ensure equity lens in decision-making 8 Commission 2027 Budget Priorities $100K Maritime Industrial Base- To analyze workforce, industry capacity, regulatory needs, and competitiveness to position Washington as a shipbuilding-ready center. In EDD Budget. $50K Sea Lion Mitigation - Seeking new & innovative ways to address this difficult challenge. (Could be closer to $80K) $50K Cruise Alternative Fuel Tariff Assessment- Exploring an alternative fuel tariff could help accelerate low-carbon fuel adoption by offsetting cost barriers for cruise operators, and the Port will conduct legal and economic analysis to understand its feasibility and potential impacts. In Legal Budget. 9 Bottom Line Up Front: Absent T91 Demolition Costs, Maritime has an improved financial position 9% REVENUE at $136.6M, up $11.2M from 2026 Budget Growth Drivers: • Cruise up • Conference Centers up • Rec Boating up • Grain up 11.5% 5.6% EXPENSES at $139M, up $14.3M from 2026 Budget Including T91 Demos. EXPENSES at $123M, up $6.5M from 2026 Budget Excluding T91 Demos. T91 Building Demolition Note: Prior years $8M in Non-Ops. $8M in 2026 Bud. $8.1M + 7.8M ERL in 2027 Bud. 10 Total Maritime Trend (Bending the Curve) Excluding Terminal 91 Demolition Costs Depreciation In 000s Central Services / Other 180,000 Support Services 160,000 Direct 140,000 Revenue 120,000 100,000 80,000 60,000 40,000 20,000 2016 2017 2018 2019 2020 Revenue Impacts Post-Pandemic • Growth in cruise • T106 ground lease • Conference & Events challenges • Teleconferencing • Competition • Construction on waterfront 2021 2022 2023 2024 2025 Actual 2026 Forecast 2026 Budget 2027 Budget Expense Impacts Post-Pandemic • T46 lease payment starting in 2020 • Inflation: • Payroll (represented and non-represented) • Construction & Materials • MCAAP & Environmental Remediation • Focus on financial sustainability 2026-2027 11 Maritime Revenue Trends 12 Maritime Expense Summary 2022 2023 2024 2025 2026 2026 2027 Budget $ in 000's Expenses Maritime Direct Business Related ERL Total Direct Actual Actual Actual Actual Forecast Budget 33,602 79 33,680 34,086 2,975 37,061 36,953 (358) 36,595 46,469 1,206 47,675 43,119 1,500 44,619 43,119 0 43,119 Maintenance Expenses Economic Development Env & Sustainability Seaport Finance & Cost Recovery CDO/WPM Total Support Services 17,021 1,830 3,356 1,506 1,235 24,948 19,317 2,543 4,028 1,738 2,313 29,939 20,832 2,202 4,992 2,222 2,945 33,193 20,302 1,937 6,751 2,390 4,975 36,354 21,164 3,157 8,852 2,380 1,710 37,264 IT Police Expenses External Relations Other Central Services Aviation Division / Other Total Central Services / Other 4,296 3,902 2,729 11,530 514 22,972 4,731 5,620 3,005 12,769 471 26,596 5,250 6,044 3,620 16,852 436 32,202 5,757 5,546 4,278 11,582 452 27,614 Total Expense 81,600 93,596 101,991 111,643 47,186 Budget Variance $ % 47,186 4,067 0 4,067 9% 9% 21,164 3,157 8,152 2,380 7,710 42,564 19,827 1,436 7,457 2,425 10,593 41,738 (1,337) (1,721) (695) 45 2,883 (825) -6% -55% -9% 2% 37% -2% 5,827 5,688 3,818 14,738 521 30,591 5,733 5,697 3,957 15,138 521 31,045 6,146 5,655 4,011 17,977 549 34,338 414 (42) 54 2,839 28 3,293 7% -1% 1% 19% 5% 11% 112,474 116,728 123,262 6,535 5.6% Note: Does not include costs in 2026 or 2027 associated with the demolition of 3 buildings on T91. • Direct Growth 9% - Increases in Conference Center Costs and lower FTE vacancy factor (4% to 2% in 2027) • Support Services (2%) - EDD Mix, ME&S Outside Services, more small works projects. • Central Services Growth 11% - Growth in Insurance premiums and allocations for Accounting, Engineering, PCS, and other groups impacted by Aviation capital program. 2027 Reduced cost growth despite headwinds 13 Cruise In 000s 70,000 60,000 Depreciation 50,000 Central Services / Other Support Services 40,000 Direct Revenue 30,000 20,000 10,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Actual 2026 Budget 2027 Budget Includes Terminal 91 two-berth facility and Pier 66 one-berth facility 2027 Budget: Net Income $24M, Operating Margin 51% 14 Cruise - Revenue 2025 2026 2026 2027 (in 000s) Terminal 91 Cruise Pier 66 Cruise Total Revenue Actual 34,489 13,117 47,605 Forecast 43,390 14,501 57,892 Budget 40,244 14,117 54,361 Budget 46,754 15,431 62,185 Utility Sales Revenue 1,148 2,135 2,891 2,372 Inc(Dec) from 26 Budget Inc(Dec) from 26 Forecast $ Change % Change $ Change % Change 6,510 16% 3,364 8% 1,314 9% 930 6% 7,825 14% 4,294 7% -519 -18% 237 11% Rate Increases/Assumptions: • Tariff - weekends 5%, weekdays 5% • NCLH - 4.5% • Carnival - 4.5% • T91 assumes 93.5% revenue share with new operator PCST vs CTA's 88% • No Marketing Allowance (10% of NCLH revenue) 15 Cruise - Expenses Expenses    Outside Services • Consultants no longer budgeted for FIFA impacts or T91 terminal operator transition Other Expenses • Reduced B&O taxes through new T91 terminal operator lease • Elimination of capital and maintenance allowances for T91 terminal operator Utilities • Reduced budget for T91 shore power costs In $000's 2026 2027 Inc/(Dec) from 26 Budget 2025 Actuals Budget Budget $ Change % Change Payroll 1,068 1,157 1,198 41 4% Outside Services 1,918 2,151 2,066 (85) (4%) Other Expenses 3,225 3,595 3,138 (457) (13%) Utilities 1,221 2,997 2,676 (322) (11%) Total Expenses 7,432 9,901 9,078 (823) (8%) Note: Outside Services contains the Port Valet contract and Other Expenses contains the $2.2M payment to NWSA. New Requests  Consolidated Receiving & Distribution Center Analysis - $25K 16 Elliott Bay Fishing & Commercial Operations In 000s Depreciation Central Services / Other Support Services 16,000 Direct 14,000 Revenue 12,000 10,000 8,000 6,000 4,000 2,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Actual 2026 Budget Includes non-cruise/cargo moorage at Terminal 91 and fishing & commercial dolphins, piers and docks in Elliot Bay and up the Duwamish. 2027 Budget Along with Fishermen's Terminal supports nearly 9,000 jobs or about $2,000 per job. Increase in depreciation from completion of T91 Berths 6&8 2027 Budget: Net Loss $8.7M, Operating Margin -40% 17 Ship Canal Fishing & Operations In 000s 20,000 Depreciation 18,000 Central Services / Other 16,000 Support Services 14,000 Direct 12,000 Revenue 10,000 8,000 6,000 4,000 2,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Actual 2026 Budget 2027 Budget Includes waterside operations at Fishermen's Terminal, Salmon Bay Marina, and the Maritime Industrial Center Increase in 2025 Actual costs from write-off of Salmon Bay Marina Docks AB&C 2027 Budget: Net Loss $10.1M, Operating Margin -169% 18 Ship Canal Fishing & Operations - Revenue Ship Canal Fishing & Operations- Revenue ($ in Thousands) $6,000 8% 7% 6% 7% $5,537 $5,000 $4,000 $4,581 $4,883 $5,172 13% -16% -4% $4,672 $4,235 $4,508 8% 3% -2% $3,000 -7% $2,000 -12% $1,000 -17% -22% $2021 ACTUAL 2022 ACTUAL 2023 ACTUAL 2024 ACTUAL Revenue 2025 ACTUAL 2026 BUDGETS 2027 BUDGETS Change 2027 Revenue  Salmon Bay Marina: covered moorage is decreasing due to the facility closure  FT: ~$200K revenue loss due to Silver Bay ending its occupancy in Sept 2025  Commercial vessel rates: vary from 5% to 11% based on vessel size  Recreational moorage rates: vary from 7% to 13% based on vessel size  Salmon Bay Marina (dock D&E) rates - 7%  Guest Moorage rate: 7%  Transient Daily rate: 11%  Service rate: no change  Small forklift & crane/hoist rental rate: no change *Utility sales revenue not included 19 Ship Canal Fishing & Operations - Expenses in $000s Payroll Outside Service Other Expenses Utilities Total Expenses 2025 Actuals 2026 Budget 2027 Budget Inc/(Dec) from 26 Budget $ Change % Change 1,566 1,736 1,754 18 1% 40 90 124 34 38% 5,142 378 391 14 4% 791 866 884 19 2% 7,539 3,069 3,153 85 3% Expenses  Note: 2025 includes $4.5M in write-offs for Salmon Bay Marina  Outside Service: 1 mobile parking lot security monitoring added to 2027 budget - in use since March 2026  Other Expenses: • Bad debt - $8K higher • Travel Expenses - $5K higher 20 Recreational Marinas In 000s Depreciation Central Services / Other Support Services Direct Revenue 30,000 25,000 20,000 15,000 10,000 5,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Actual 2026 Budget 2027 Budget Includes Shilshole Bay Marina waterside, Bell Harbor Marina, and Harbor Island Marina 2027 Budget: Net Loss $6M, Operating Margin -7% 21 Recreational Boating - Revenue Recreational Boating - Revenue ($ in Thousands) $21,000 16% $18,059 $16,000 $15,504 $11,000 $12,807 $19,091 $20,184 14% $16,546 12% $13,908 9% 11% 10% 7% 9% 8% 6% $6,000 6% 6% 4% $1,000 2021 ACTUAL 2022 ACTUAL 2023 ACTUAL 2024 ACTUAL 2025 ACTUAL 2026 BUDGETS 2027 BUDGETS $(4,000) 2% 0% Revenue Change 2027 Revenue  Monthly Moorage rates vary from 4% to 7% increases based on slip size • SBM weighted: ~ 4.9% • HIM: ~ 5% • BHM: ~ 5%  Guest Moorage: 5%  Charter Vessels: 5%  Commercial Monthly Moorage: 5%  Dry Moorage: 5%  Live-aboard rate: 5% increase  Laundry machine usage fee: 14%  Service rate: 5% increase *Utility sales revenue included 22 Recreational Boating - Expenses Expense Growth  Payroll: Workers' comp - $459K increase  Outside Service: • Sealion Management - $20K higher  Other Expenses: • Bad Debt Expense - $133K increase Expense Decrease  Equipment Expenses: $12K reduction for one-time Orca Kiosks expenditure  Travel Expense - $22K lower in $000s Payroll Outside Service Other Expenses Utilities Total Expenses 2025 Actuals 2,828 140 499 1,093 4,559 2026 Budget 2,896 192 439 1,324 4,850 Inc/(Dec) from 26 Budget 2027 $ Change % Change Budget 464 16% 3,360 213 22 11% 69 16% 508 1,548 224 17% 16% 5,628 778 New Requests: none 23 Conference and Event Centers In 000s Depreciation Central Services / Other Support Services Direct Revenue 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Actual 2026 Budget 2027 Budget Includes Conference Centers at Bell Harbor, World Trade Center, and Smith Cove Note: Under a Management Lease with Columbia Hospitality through 2032 2027 Budget Net Loss $5.8M, Operating Margin -40% 24 Conference & Event Centers- 3rd Party NOI Trend 3rd Party Gross Revenue 3rd Party OpEx Forecast/Budget 3rd Party NOI 2027 Revenue Budget Drivers: • Change in financial reporting approach to include all service charges collected (increase both revenue and expenses) • Market recovery • Waterfront revitalization impact further amplified by 2026 FIFA 25 Portfolio Management - CEC Expenses Expense Growth  CEC's new financial reporting approach  Higher business volume led to higher capital reserve and variable operating expenses In $000's 2025 2026 Actuals Budget 3rd Party Expenses Utilities 8,209 8,768 10,947 129 187 220 8,337 8,955 11,166 Total Expenses 2027 Budget Inc/(Dec) from 26 Budget $ Change % Change 2,179 33 2,211 25% 18% 25% 26 Portfolio Management Real Estate Leasing Portfolio excluding Conference Centers In 000s Depreciation Central Services / Other Support Services Direct Revenue 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Actual 2026 Budget 2027 Budget Includes landside operations at all non-NWSA Seaport facilities. Note: Does not contain $15.9M in demolition costs at Terminal 91 2027 Budget: Net Loss $14.5M, Operating Margin -27% 27 Portfolio Management - Revenue $ in 000's Marina Office and Retail T91 Upland and Industrial P69 Lease and Passenger fees World Trade Center West Bell Street Garage Bell Street Retail Pier 2 & CEM Terminal 34 Terminal 102 Terminal 106 Duwamish River Comm. Hub Other (FTZ, Tsubota, T5SE, T108) Utilities TOTAL 2025 Actual 3,488 6,606 754 771 1,909 346 411 331 2,211 2,172 21 279 3,021 22,319 2026 Budget 3,524 6,883 769 859 1,816 394 431 400 2,182 3,241 16 270 3,089 23,874 2027 Budget 3,626 6,389 802 934 1,976 417 448 318 1,949 3,328 18 369 3,489 24,063 Inc/(Dec) from 2026 $ Change % Change 101 3% (494) (7%) 33 4% 75 9% 160 9% 23 6% 18 4% (74) (19%) (1,248) (57%) 87 3% 2 15% 99 36% 400 13% 190 1% Budget Drivers/Assumptions:  Lease • 3%-5% annual rate escalation • Conservative revenue budget at T91 due to building demo & T91 Phase 1 project • T102- Lease expirations and renewal uncertainty  Bell Garage • Increased ticket price & monthly rate  WTC West • Occupancy projected at 57% 28 Grain Terminal - T86 In 000s Depreciation Central Services / Other 7,000 Support Services Direct 6,000 Revenue 5,000 4,000 3,000 2,000 1,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Actual 2026 Budget 2027 Budget T86 grain terminal on the west side of Centennial Park Note: Under lease with Louis Dreyfus Company through 2034 Net Income $3.2M, Operating Margin 68% 29 Maritime Security In $000s Payroll Outside Service Other Expenses Total Expenses 2025 Actuals 2026 Budget 2027 Budget 393 3,534 19 3,946 410 5,111 93 5,614 431 5,484 36 5,951 Inc/(Dec) from 26 Budget $ Change % Change 20 374 (57) 337 5% 7% -62% 6% Security Expense 27 Budget vs 26 Budget T-46 T-30 Expenses   Outside Service: 2027 budget reflects 10.55% sales tax required under new legislation Other Expenses: • Equipment: $60K for security barriers was included in the 2026 budget but no longer in 2027 budget T-30 Park 2027 Budget T-46 Pier 69 Park SBM SBM 2026 Budget FT Pier 69 T-91 T-91 FT Pier 66 30 P69 Facilities Management Expenses Expense Growth  Salaries & Benefits: recent staffing changes  Utilities: higher in electricity  Supplies & Stock: increased supply usage due to increase activity at P69  Outside Services: higher facility software costs and corrected carpet-cleaning rates Expense Decrease  Equipment: no planned furniture purchases In $000's 2025 Actuals 2026 Budget 2027 Budget Payroll Outside Services Other Expenses Utilities 558 358 426 326 1,668 580 369 448 385 1,782 628 396 432 429 1,884 Total Expenses Inc/(Dec) from 26 Budget $ Change % Change 48 27 (16) 44 103 8% 7% (4%) 11% 6% 31 Marine Maintenance - Expenses  Expense Growth 2025 Actual 2026 Budget 2027 Budget Salary & Benefits 23,838 25,408 Outside Service 416 Other Expenses In $000s  Expense decrease 17% excluding Payroll  Outside Services 11% ($77k) due to review of one time and on call contracts.  Other expenses decrease 18% ($861K) due to Workers Comp decrease ($547K) and Supplies & Stock decrease ($391K)  No New Requests  No New FTEs Inc/(Dec) From 26 Budget $ Change % Change 27,011 1,603 6% 708 631 (77) (11%) 4,627 4,761 3,901 (860) (18%) Utilities 293 422 383 (38) (9%) Total 29,173 31,299 31,927 628 2% MM Spend by Division Spend by Maritime Business Group Portfolio Mgmt $3.1M Rec Boating Cruise $1.1M Other $1.1M P69 Facilities Mgt SWU MD AV Ship Canal Fish & Ops JV/NWSA Cor p $1.9M Elliott Bay Fish & Comm Ops $1.M $.8M $.7M 32 Waterfront Development Office - Expenses   Expense Growth  Salary increases across Planning, Facilities, and WDO Admin (WPM decreased).  No new FTE Requests  Outside Services bearing costs of ERL and Large Expense (Demo) commitments.  Other expenses: Worker's Comp  Outside Services includes  T91  NWSA  ERL @ T91 New Requests  WPM requested $75k for HUB refinement post implementation. The new Waterfront Development Office brings together existing functions to better integrate capital development and delivery in order to strengthen lifecycle asset stewardship and capital governance. In $000s 2025 Actual 2026 Budget 2027 Budget $ Change % Change Salary & Benefits 8,052 10,013 12,371 2,358 24% Outside Service 4,175 6,792 24,265 17,473 257% Charges to Capital (4,198) (5,118) (4,861) 257 0% Other Expenses 208 198 330 131 66% 8,236 11,886 32,105 20,219 170% Total Put total for Each bullet 33 Waterfront Project Management - Outside Services   Other Large Expense Decrease  Will complete bulk of NWSA dredging work in 2026  Added T91 Dredging in 2027 ($2.1M) Inc/(Dec) From 26 Budget In $000s 2026 Budget 2027 Budget $ Change Department Outside Services 506,638 518,075 11,437 % Change -24% Expense Project Costs ERL/Demo $17M Increase T91 Building Demo 8,097,000 8,097,000 ERL T91 Building Demo 7,800,000 7,800,000 ERL T18 Watermain Replace (NWSA) 961,785 961,785 ERL T18 Shore Power (NWSA) 859,000 859,000 Other Large Expense 4,255,000 3,450,000 (805,000) Small Expense 1,329,407 1,496,800 167,393 Expense Project Subtotal 5,584,407 22,664,585 17,080,178 Department Costs Total $ 6,091,045 $ 23,182,660 $ 17,091,615 308% 281% Appendix 34 Maritime Environmental & Sustainability Expenses  In $000s 2025 Actuals 2026 Budget 2027 Budget 25B v 26B % Growth Payroll 6,032 6,794 7,006 212 3% Outside Service 2,157 3,290 2,611 (679) (21%) Other Expenses -1,522 -780 -872 (91) (12%) Total Expenses 6,667 9,304 8,746 (558) (6%) Expense Summary  Payroll lower than expected due to reduction of an unfilled FTE.  Outside Services:  Added $350K for Derelict Vessels and $60K for Urban Kelp Project  Lower spend for Clean Port Grant in 2027 by $800k as project completes.  Other Expenses: An increase in Capital and ERL projected charging for 2026 approx. $100K. 35 Maritime Environmental & Sustainability Key Outside Services Projected Spend Climate and Sustainability - $883K Maritime Energy Efficiency - $200K Climate and Air Program - $75K Maritime Fuels Program - $200K Clean Ports Grant Program - $408K Env Planning, Permitting & Compliance - $1,696K PORTfolio Planning Services - $315K T117 DRP Habitat Monitoring - $190K Duwamish Basin Steward MOA - $35K Quiet Sound Underwater Noise - $55K King County Groundwater Study - $100K UNMMP Implementation - $60K Urban Kelp Project - $60K Derelict Vessels - $350K Permitting Support - $330K Solid Waste and Env Compliance -$201K Note: Remediation team projects not included 36 FTE - Eliminated 2 unfilled Positions 2027 Maritime FTEs Description 2026 Proposed FTEs Changes in 2026: Mid-Year Approvals Eliminated Transfer 2026 Baseline 2027 Budget Changes: Transfer *Eliminated New FTEs Approved Net Change 2027 Proposed FTEs FTEs 324.5 0.0 0.0 0.0 324.5 Eliminated Unfilled Positions (2): • Sr Environmental Program Manager • Cost Estimator - WDO 0.0 -2.0 0.0 -2.0 322.5 37 Maritime Division Draft 2027-31 Capital Improvement Plan (CIP) 2027 Draft Budget 38 CIP Timeline 2027-2031 CIP Planning and Development Continue to Refine CIP, Develop Operating Budgets, and Forecast Funding Capacity Commission Budget Briefings 2027 Tax Levy & Draft Plan of Finance Presented to Commission 2027 Budget May/June July-September October October November Approval of 39 Key Messages/Agenda: • Waterfront Capital Program continues to grow - Continued growth in Asset Preservation projects • Future need for Financial Sustainability projects • Preliminary Funding Gap - Incorporating cost-savings - Management Reserve below Target • Prospective & Potential Emergent Needs - Not included in CIP - Opportunities for project partnerships 40 Maritime CIP Priorities Financial Sustainability: Making new investments that support the Port's long term funding capacity Reserves: Capacity for future & emergent needs Economic Development: Real estate development to support maritime businesses and employment Community & Environment: Stewarding our environmental & social responsibilities *All projects incorporate Community & Environment priorities when possible Asset Stewardship: Maintaining the Port's capital assets, existing revenue and preserving Seattle's iconic working waterfront Asset Stewardship increasing from 49% to 65% (vs. 2023-2026 POF) 41 Asset Renewal & Modernization Electrification/IT $167M • P66/T91 shore power extensions and upgrades - Included DU 9202 Dock Rehab • Electrical system repair and rehabilitation - Over $100M is at Terminal 91 • Smart meters, LED lighting, EV infrastructure, preliminary on-dock work Dock Rehabilitation $115M Facility Modernization $250M+ • T91 Uplands Development • Marine Maintenance Fleet & Stormwater Facility • T91 A2 Cruise Terminal Roof Replacement • FT C15 Building Improvements *Only displaying largest projects • T91 P90/91 Dock Rehab • P69 Concrete Dock Rehab • FT NW Dock Improvements 42 Draft Maritime 2027-31 CIP: $632M * *Projects primary CIP Priority - projects aim to incorporate all priorities when possible 43 Preliminary Funding Preliminary 5yr Capacity Draft 5Y Reserves (Mgmt, TI, Art) Total Draft 5Y CIP $682M $630M $52M $682M Preliminary Capacity based on: • 10Y operating forecast • NWSA budget/CIP • Environmental liabilities 44 Additional New Projects • T91 Electrical Infrastructure Replacement - Phase I*: $90M+ - Substations, feeder line replacements • P69 Concrete Dock Rehab $56M • T91 Fiber Infrastructure $6M • FT C15 West Utility Access $5M • P69 North Fender Panel Rehab $4M • Additional project under evaluation - not currently included in capital plan - Desimone Oxbow Mitigation Bank Project $67M** *Included in 2026 Capital Plan ($32M) **Not yet included in draft 2027 Plan - evaluating project returns 45 Potential Emergent Needs • Not included in CIP - Salmon Bay Site - T91 Electrical Infrastructure Phase II - Waterfront Redevelopment - Real Estate Acquisition - Prospective backlog of asset preservation projects - Prospective energy and electrification projects • Regulatory Requirements - Seismic, Energy, Flood Plain - Examples: P69 Dock Rehab, P69 & P66 HVAC Improvements • Escalation 7% - Tracking above CPI, especially for mechanical, electrical, plumbing 46 Going Forward • Improve capital governance • Strengthen financial sustainability - Prioritize projects that increase and preserve revenues - Real estate optimization • Enhance project delivery - Explore strategic project partnerships - Bundle projects for greater efficiency - Expand use of alternative delivery methods • Strengthen lifecycle asset stewardship 47 Item Number: INSERT____ Meeting Date: INSERT Economic Development Division 2027 Proposed Budget - Commission Review | October 13 Economic Development Division Connecting businesses, organizations, people, places, and opportunity across the region. Economic Development Operations • Strategy & action • Partnerships • Innovation Diversity & Contracting Real Estate Development Tourism Development Workforce Development • Inclusive procurement • Small business support & acceleration • Creating access • Strategic real estate redevelopment • Public-private partnerships • Destination development • Visitor economy experiences • Job training & career navigation • Strategy, advocacy & convening ONE DIVISION → CREATING OPPORTUNITIES FOR BUSINESSES & PEOPLE → MORE JOBS → A STRONGER REGIONAL ECONOMY 49 EDD - 2026 and Core Work Activities Business Development & Small Business Support • • • • • • • Programs: Economic Development City Partnership Fund Maritime Innovation - Business Accelerator Greater Seattle Export Accelerator (GSP) PortGen Training & Accelerator Program Annual Goals for WMBE WMBE/DBE Adherence to Diversity in Contracting Policies Food Truck Pilot Program (2026) Business Support: • • Business Outreach + Webinars Community Outreach to WMBE, SBE, & Veteran Businesses Initiatives: • • • Real Estate Development King County MOU - FIFA Activation Maritime Industrial Base Coalition (New 2026) Cascadia Sustainable Aviation Accelerator (CSAA SAF) (New 2026) Projects: • • • • • MinC Construction (Completed) T91 Uplands, design authorization to construction documents Des Moines Creek West logistics final construction, lease up Real Estate Strategy Update Clean Energy Sandbox Plans: • • • • Real Estate Strategy Update SoDo and WOSCA Development Strategies STOC Business and Revenue Plan Pier 2/CEM Development Plan 50 EDD - 2026 and Core Work Activities Tourism Development Key Programs: • • • • Tourism Marketing Support Program (i.e. "tourism grants" "Guided by Good" responsible tourism campaign Visitor Info Chatbot Heritage Trail Signage Program Workforce Development Key Programs: • • • Core Activity: • Core Activity: • • • • • Global market development and travel trade partnerships Travel media relations and destination storytelling Trade shows, fam tour hosting, and sales missions Responsible tourism and destination stewardship engagement Local business support and expanding the visitor economy Airport Employment Center Maritime Career Launch Construction Pre-Apprenticeship • • • • Build out Maritime Industrial Base workforce strategy and execute Maritime Career Launch Procure, manage and monitor WFD investments to meet employer/community need Launch Aviation Security Bridge Class Engage more construction employers in training Hold job fairs 51 NEW INITIATIVES - 2027 and Beyond Business Development & Small Business Support • • • • • Implementation of EDD Action Plan Port Leadership Missions Statewide Maritime Strategy (Maritime Industrial Base Implementation) Port & Clean Fuels Roadmap to Implementation Small Business Contract Readiness Program • • • • • • • • • • Real Estate Development Updated real estate strategy T91 Construction authorization and prelease Assessment of WOSCA SEA new "non-aero" revenue STOC Business and Development planning Clean Energy Sandbox Upgrading land for "pad ready sites" Federal Center South T 91 Uplands - Phase 2 Fishermen's Terminal / Salmon Bay Uplands - Development Planning • • • • • • Tourism Development Responsible Tourism project inspired by Copenhagen's "DestinationPay" (possibly '28) Business Traveler Conversion Expansion of "Guided by Good" campaign Tourism literacy and community engagement Visitor data & research expansion Increased involvement at committee/board level w/ global and local tourism leadership orgs • • • • Workforce Development Expand Maritime Industrial Base workforce development efforts beyond welding Construction Leadership Development revamp Career navigation and job training partnerships in Duwamish & Suquamish Port & Clean Fuels Roadmap workforce development 52 2027 Commission Budget Priorities • Maritime Industrial Base Shipbuilding Readiness - $90k total - $40k for maritime workforce supply/demand analysis (included in baseline WFD budget) - $50k for State Maritime Action Plan (included in baseline EDD operations budget) • Advancing Sustainable Fuels - $50k (included in baseline EDD operations • Phase II: Small Business Contract Readiness - $50K (included in D&C baseline budget) • Core Plus Maritime Funding - $50k (included in WFD baseline budget) • Strengthening ESOL Pathways to Workforce Development - $200k (included in baseline budget with OEDI/WFD) budget) • Green Economy - $100k (included in baseline EDD operations budget) *All Commission Budget Priorities listed are included in baseline EDD budgets 53 Economic Development Division Overall 2025 Actuals 2026 Budget 2027 Budget Diversity & Contracting 1,924 2,463 2,388 (76) -3% EDD Operations 1,707 3,118 2,871 (247) -8% Real Estate Development 866 1,608 1,368 (240) -15% Tourism Development 1,908 2,134 2,124 (9) 0% Workforce Development 4,557 4,972 5,018 46 1% 10,962 14,296 13,769 (527) -4% In $000s Total Inc/(Dec) From 2026 Budget $ % Tables show operating expenses, depreciation, and legacy revenue from Community Hub lease • Largest Reductions in Outside Services • RE Development - lower property study needs • Workforce Dev - reduced feasibility studies • EDD Ops - reduced strategy support • Move of Duwamish Community Hub lease expenses to Maritime • Tourism - scope revisions for support contracts • Increase in staff: • Filled vacancies (RE Dev, Tourism) 54 Tourism Development Inc/(Dec) From 26 Bud $ Change % Change 2026 Bud 2027 Bud Staff 641 704 63 10% Outside Services 1,184 1,109 (75) (6%) Promo Expenses 113 115 2 2% Other Expenses 196 196 2 2% Total Expenses 2,135 2,124 (9) 0% In $000s Staff increase: • Position backfilled • Payroll assumptions updated Outside Services - Scope Revisions: • Travel Trade/Tourism Contract, ($30K) • Tourism Marketing Support, ($60K) 55 Real Estate Development Inc/(Dec) From 26 Bud $ Change % Change 2026 Bud 2027 Bud 673 762 89 12% Aviation 230 140 (90) (39%) Maritime 395 175 (220) (56%) Other Expenses 35 15 (20) (57%) Total 1,608 1,368 (240) (15%) In $000s Staff Outside Services Completed in 2026: Currently underway: • MInC and FT public improvements • R/E Strategic Plan update • T91 Phase I Design • Clean Energy Sandbox partnership kicked off • Des Moines Creek West • CEM feasibility study completed • USCG Base Expansion T46 negotiation Staff Increase: Development Associate position filled • In 2026, budgeted to start mid-year Outside Services - Revisions: Aviation, ($140K) • Updated Real Estate Strategy • STOC Business & Operations Strategy • STOC Garage and Pedestrian improvements • NERA 1 RFP & Developer selection Maritime, ($175K) • WOSCA Development feasibility • Updated Real Estate Strategy • SODO/Industrial Lands Strategy (& Fed Center S) • Duwamish Hub architectural study • Clean Energy Sandbox Planning • T46 and CEM Feasibility and Planning Efforts Other Expenses: • Travel & Other Expenses decrease, ($20K) 56 Diversity & Contracting Inc/(Dec) From 26 Bud $ Change % Change 2026 Bud 2027 Bud Staff 1,749 1,836 87 5% Outside Services 476 411 (65) (14%) Promo Expenses 104 70 (34) (49%) Other Expenses 134 121 (13) (11%) Total Expenses 2,463 2,388 (76) (3%) In $000s Outside Services revision: • Feasibility studies for Owner Controlled Insurance Program, ($15K) • Feasibility studies for Non-Airport Concession/Training Program, ($50K) • OMWBE Political Subdivision Fee, contract paid Biannually, ($55K) Promotional Expense revision: • Industry Partner Training Classes, ($25K) • Port Industry Day Venue Rental, ($20K) Other Expense revision: • Miscellaneous expense, ($5K) • Other expenses, ($8K) 57 Workforce Development 2026 Bud 2027 Bud Staff 982 1,044 62 6%  Outside Service Revision ($65K)  Maritime High School ($100K) Outside Services 3,920 3,855 (65) (2%)  Multi-Sector WFD Sponsored Events, $40K Promo Expenses 38 73 35 48% Other Expenses 32 46 14 30% Total Expenses 4,972 5,018 46 1% In $000s Inc/(Dec) From 26 Bud $ Change % Change  Gulf Benchmarking & Study Mission Trip, $16K All expenses are covered by the Tax Levy, with one exception: • Port Jobs Program funded by Airport Workforce Development, with a budget of $1.145M 58 Economic Development Operations Inc/(Dec) From 26 Bud $ Change % Change 2026 Bud 2027 Bud Staff 726 797 70 10% Outside Services 1,687 1,347 (340) (20%) Promo Expenses 60 55 (5) (8%) Memberships 143 365 222 155% Other Expenses 501 307 (194) (39%) Total Expenses 3,118 2,871 (247) (8%) In $000s Staff increase: • Comp project adjustments Outside Services revised: • Maritime Innovation, $180K --> $100k • Green Economy/Industrial Lands $50K --> $100K • EDD Strategy & Implementation, $150K --> $65K Promotional Expense revised: • Sponsorships, ($5K) Memberships • Greater Seattle Partners, $200K • Previously budgeted in Outside Services • $250K in 2026 • WPPA, $50K • Seattle Climate Hub, $25K • Clean Tech Alliance, $10K Other Expenses • Moved Lower Duwamish Community Hub lease to Maritime Portfolio Management 59 EDD FTE Changes 2027 Economic Development Division FTEs Description 2026 Approved Budget Changes in 2026: Mid-Year Approvals Eliminated Transfer 2026 Baseline 2027 Budget Changes: Transfer Eliminated New FTEs Approved Net Change FTEs Notes 18.0 2027 Proposed FTEs 23.0 0.0 0.0 5.0 Workforce Development move from Central Services 23.0 0.0 0.0 0.0 0.0 60 Tax Levy Funded Items 61 Maritime Appendix 2026 Preliminary Budget Oct 14, 2025 62 SWOT Analysis - Maritime Division Harmful STRENGTHS WEAKNESSES External Internal Helpful OPPORTUNITIES THREATS • • • Community & Industry Leadership Strategic well positioned infrastructure Commitment to Excellence & Sustainability • • • Financial Constraints Structural & Process Inefficiencies Communication & Collaboration Challenges • • • Revenue Growth & Business Expansion Technology & Process Improvements Local & Regional partners with similar values • • • Economic & Regulatory Uncertainty Workforce & Knowledge Retention Risks Infrastructure & Operational Constraints 63 Total Maritime Excluding GASB 2022 2023 2024 2025 2026 2026 2027 Budget Variance $ % (125) -3% 86 1% 1,091 6% 7,333 13% 696 16% 1,942 21% 173 1% 18 11,213 8.95% $ in 000's Actual Ship Canal Fishing & Operations 4,592 Elliott Bay Fishing & Commercial Operations 5,975 Recreational Boating 13,978 Cruise 30,469 Grain 5,792 Conference & Event Centers 8,914 Leasing Portfolio 19,367 Other / DW Hub 10 Total Revenue 89,095 Expenses Maritime Direct 33,602 Business Related ERL 79 Total Direct 33,680 Actual 5,076 6,564 15,505 41,726 3,356 6,738 20,764 10 99,738 Actual 5,169 6,602 16,555 43,145 5,920 7,490 21,920 8 106,809 Actual 5,562 6,963 18,058 48,853 6,442 8,654 22,432 10 116,973 Forecast 4,504 6,574 19,094 58,292 4,665 9,430 24,029 0 126,589 Budget 4,684 6,374 19,094 57,292 4,440 9,430 24,029 0 125,344 Budget 4,559 6,459 20,185 64,625 5,136 11,372 24,202 18 136,557 34,086 2,975 37,061 36,953 (358) 36,595 46,469 1,206 47,675 43,119 1,500 44,619 43,119 0 43,119 47,186 7,800 54,986 4,067 7,800 11,867 28% Maintenance Expenses Economic Development Env & Sustainability Seaport Finance & Cost Recovery CDO/WPM Total Support Services 17,021 1,830 3,356 1,506 1,235 24,948 19,317 2,543 4,028 1,738 2,313 29,939 20,832 2,202 4,992 2,222 2,945 33,193 20,302 1,937 6,751 2,390 4,975 36,354 21,164 3,157 8,852 2,380 9,710 45,264 21,164 3,157 8,152 2,380 15,710 50,564 19,827 1,436 7,457 2,425 18,593 49,738 (1,337) (1,721) (695) 45 2,883 (825) -6% -55% -9% 2% 18% -2% IT Police Expenses External Relations Other Central Services Aviation Division / Other Total Central Services / Other 4,296 3,902 2,729 11,530 514 22,972 4,731 5,620 3,005 12,769 471 26,596 5,250 6,044 3,620 16,852 436 32,202 5,757 5,546 4,278 11,582 452 27,614 5,827 5,688 3,818 14,738 521 30,591 5,733 5,697 3,957 15,138 521 31,045 6,146 5,655 4,011 17,977 549 34,338 414 (42) 54 2,839 28 3,293 7% -1% 1% 19% 5% 10.61% Total Expense 81,600 93,596 101,991 111,643 120,474 124,728 139,062 14,335 11.5% NOI Before Depreciation Depreciation NOI After Depreciation 7,495 21,974 (14,479) 6,142 22,421 (16,279) 4,818 23,850 (19,032) 5,331 24,727 (19,396) 6,115 27,033 (20,917) 616 27,033 (26,416) (2,505) 31,917 (34,423) (3,122) 4,885 (7,384) -506% 18% -28% 9% 64 Total Maritime Including GASB 2022 2023 2024 2025 2026 Actual 4,592 5,975 13,978 30,469 5,792 8,914 19,367 10 89,095 Actual 5,076 6,564 15,505 41,726 3,356 6,738 20,764 10 99,738 Actual 5,169 6,602 16,555 43,145 5,920 7,490 21,920 8 106,809 Actual 5,562 6,963 18,058 48,853 6,442 8,654 22,432 10 116,973 33,680 24,948 22,972 37,061 29,939 26,596 36,595 33,193 32,202 Total Expense NOI Before Depreciation Depreciation NOI After Depreciation 81,600 7,495 21,974 (14,479) 93,596 6,142 22,421 (16,279) GASB/Pension Credit Impacts Total Revenue Total Op Expenses, Pension Adj Total Depreciation 170 (2,561) NOI After Depreciation with GASB (11,748) $ in 000's Ship Canal Fishing & Operations Elliott Bay Fishing & Commercial Operations Recreational Boating Cruise Grain Conference & Event Centers Leasing Portfolio Other Total Revenue 2027 Revised Budget 4,559 6,459 20,185 64,625 5,136 11,372 24,202 18 136,557 Change from 2026 Forecast 4,504 6,574 19,094 58,292 4,665 9,430 24,029 0 126,589 2026 Revised Budget 4,684 6,374 19,094 57,292 4,440 9,430 24,029 0 125,344 $ (1,058) (389) 1,036 9,440 (1,777) 776 1,597 (10) 9,616 % -19% -6% 6% 19% -28% 9% 7% 100% 8% 47,675 36,354 27,614 44,619 45,264 30,591 43,119 50,564 31,045 54,986 49,738 34,338 (3,056) 8,910 2,977 -6% 25% 11% 101,991 4,818 23,850 (19,032) 111,643 5,331 24,727 (19,396) 120,474 6,115 27,033 (20,917) 124,728 616 27,033 (26,416) 139,062 (2,505) 31,917 (34,423) 8,831 785 2,306 (1,521) 8% 15% 9% -8% (90) (3,850) (18) (3,145) (15,889) (4,092) 284 (14,828) 15,180 128 (14,828) 15,900 128 (13,933) 3,336 176 1,061 19,272 (156) 7% 471% -55% (12,519) (15,905) (31,476) (51,053) (57,272) (51,867) (19,577) 62% Expenses Total Direct Total Support Services Total Central Services / Other 65 Cruise Sailings & Passengers 2,500,000 In 2027: • 329 sailings 350 329 329 300 295 2,000,000 298 291 275 2M estimated passengers • Number of sailings is flat but more large ships 250 200 211 Calls Passengers 1,500,000 • 150 1,000,000 100 500,000 82 50 Sailings 0 2019 0 2020 0 2021 2022 2023 2024 2025 2026 2027 Budget Forecast Passengers 66 Elliott Bay Fishing & Commercial Operations - Revenue Elliott Bay Fishing & Commercial Operations - Revenue ($ in Thousands) 14% $7,000 $6,854 $6,427 $6,000 $5,000 $5,602 $6,457 $6,301 $6,434 9% $5,870 5% 6% 9% 2% $4,000 $3,000 0% 4% -1% 2027 Revenue  Dockage/moorage rates are proposed to be increased by 5% unless indicated otherwise by the Consumer Price Index (CPI) in each lease agreement  Less revenue at T-91 due operational impacts during construction in 2027 $2,000 -6% $1,000 -8% $2021 ACTUAL 2022 ACTUAL 2023 ACTUAL 2024 ACTUAL Revenue 2025 ACTUAL 2026 BUDGETS -11% 2027 BUDGETS Change *Utility sales revenue not included 67 Elliott Bay Fishing & Commercial Operations - Expenses Expenses  Payroll: $45K lower due to recent staffing changes  Other Expenses: • B&O taxes - $25K lower • Travel expenses - $16K reduction in $000s Payroll Outside Service Other Expenses Utilities Total Expenses 2025 2026 2027 Inc/(Dec) from 26 Budget % Change Actuals Budget Budget $ Change 727 844 798 (45) -5% 21 24 26 1 5% 295 225 187 (38) -17% 1,096 1,161 1,118 (43) -4% 2,118 2,230 2,103 (126) -6%  Utilities: $43K lower based on current actuals New Requests: • None 68 Ship Canal Fishing & Operations Rate Increases FT & MIC FT Rec SalBM Location Commercial & Fishing Charter Transient Daily Services & Storage Small Forklift & Crane /Hosit Rental Monthly Daily/Guest Monthly Daily/Guest Slip Size All All All All Rate Change 3% Increase from $1.55 to $1.77 Increase from $1.75 to $1.90 3% All 0% Up to 30' 31' to 50' Over 50' all all all 0% 6% 10% 3% 0% 0% 69 Recreational Boating Rate Changes Location SBM HIM BHM Slip Size Up to 38' 40' 42' 46' to 60' 62' 65' to 67' 70' 75' 90' 100' and over Up to 46' 46' to 50' 61' to 65' 26' to 30' 36' to 60' 66' to 70' Rate Change Slip Size Rate Change 5.0% EOP 50' to 64' 6.5% 4.0% EOP 65' to 74' 7.0% 7.0% EOP 75' to 100' 6.0% 4.5% EOP 111' and over 7.0% 5.0% Live-aboard 5.0% 4.0% Guess Moorage 5.0% 4.5% Charter vessels 5.0% 5.5% Dry Moorage 5.0% 6.5% Laundry 14.0% 7.0% All other 5.0% 5.0% Live-aboard 5.0% 5.0% Commercial 5.0% 10.0% Services & Other 5.0% 5.0% Guest Moorage 5.0% 5.0% Commercial 5.0% 5.0% Services & Other 5.0% 70 Portfolio Management - Excluding CEC In $000's 2027 Support Services: • $8M building demolition • $7.8M ERL building demo 71 Portfolio Management Trend In $000's 72 Portfolio Management - Expenses Expense Growth  Outside Services: • Brokerage fees at WTCW • Janitorial services*  Other Expenses: • Property Rental for DRC Hub** (previously booked under EDD) • P69 SDOT permit cost (pass-through cost) In $000's 2025 2026 2027 Actuals Budget Budget Inc/(Dec) from 26 Budget $ Change % Change 2,270 2,392 2,517 125 5% Outside Services 506 639 663 24 4% Other Expenses 1,611 1,445 1,601 156 11% Utilities 3,918 4,109 4,145 36 1% Total Expenses 8,305 8,585 8,925 340 4% Payroll * Partially charged to or allocated across other LOB subclasses ** Charged to Tax Levy and MD Habitat subclasses 73 Maritime Division Draft 2026-30 Capital Improvement Plan (CIP) - Appendix 74 Waterfront 10Y Delivery History/Forecast* 500 450 400 350 $millions 300 250 200 150 100 50 - 2017 2018 2019 2020 2021 2022 2023 2024 Maritime 2025 2026 NWSA 2027 2028 2029 SWU 2030 2031 2032 2033 2034 2035 2036 ERL *Assumptions: 2026+ Draft MD CIP, 2028+ NWSA NH avg historical spend, and future ERL ROM ** Historical actual spend not inflation adjusted 75 Prospective Projects Large ($10M+) T46 Replace N Pier Structure T91 A2 Smith Cove Cruise Facility Buildout P69 HVAC System Modernization HIM ABCD Dock Rehab & Electrical Upgrade FT S Wall Cl Fndr Rp & Cor Prt MIC (Central, West) Fender System FT W Wall N Fender Replacement T5 - Harbor Mooring Dolphins T5 N Reuse Dredged Material T46 N Berth Vessel Charging FT Pedestal & Electrical Upgrade P2 Dolphin Replacement SBM Seawall & Bulkhead Refurbishment T91 Seawall Rehab T91 Substation/Feeder - Phase 2 Waterfront EV Fleet Charging - Phase 2 Mid-Cap ($300k-$10M) 26 42,220 65,000 37,800 31,228 25,000 22,980 20,897 19,240 18,973 10,000 TBD TBD TBD TBD TBD TBD TBD 63,233 • Estimates very preliminary - Many still in early project/scope development • Nearly all Asset Preservation - Waterside infrastructure - Electrical renewal/upgrades • Needed for MCAAP, WCES • Planning & Facilities continue to build a better forecast of future needs Not Yet Funded 76 Economic Development Appendix 2027 Preliminary Budget October 13, 2026 77 SWOT Analysis - EDD Strengths Weaknesses • • • • • • • Opportunities • • • • • Threats • • • • Strong Port leadership support for ED departments and their work Strategic investments and partnerships advance regional equitable economic development Meaningful impact and influence through EDD programs and relationships Talented, connected, trusted, and visible team within the broader economic development community Local, State, and Federal regulations and policies impact Port efficiency and competitiveness Legacy Port properties expensive to develop due to environmental remediation, labor, and access to capital etc. Fractured regional efforts in workforce development, small business assistance, and WMBE support Staff reaching maximum capacity Strategic direction: EDD Strategic Plan will guide project and division priorities Cross-Port collaboration: Partner across departments on complex, multidisciplinary initiatives Maritime investment: Use MINC and T-91 Uplands as models for sustainable, high-impact industrial land investments Responsible tourism: Advance Port values through ecotourism and responsible tourism campaigns Regional ecosystem leadership: Influence, invest in, and convene workforce development and small business partners High cost of living, economic uncertainty, and geopolitics Difficulty aligning priorities through federal, state, city, and the Port Lack of regional and statewide collaboration prevents us from creating and attracting jobs & investments 78 Climate Change MZBB Review Revisions & New Additions 79