COMMISSION
AGENDA MEMORANDUM
ACTION ITEM

Item No.
Date of Meeting

DATE:

October 30, 2026

TO:

Stephen P. Metruck, Executive Director

FROM:

Chris Wimsatt, Chief Financial Officer
Michael Tong, Director, Corporate Budget
Tam Dang, Corporate Budget Manager

10a.1
November 17, 2026

SUBJECT: Introduction of Resolution No. 3854, 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 a budgeted $90,182,069 to $97,587,934
ACTION REQUESTED
Request Introduction of Resolution No. 3854: 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 an 8.2 percent increase of the levy from
$90,182,069 to $97,587,934.
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 2027 budget, Resolution No. 3854 authorizes an increase
of $7,405,865 (an estimated 8.2 percent increase from 2026). Excluding the new construction,
any Tax Increment Finance Area, State Utilities Value, and refund amount, the increase is
$6,516,884 (an estimated 7.2 percent from 2026) for tax filing purposes. The Port's estimated
levy rate is $0.1112 per thousand of assessed value for 2027.
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.

Template revised April 12, 2018.

COMMISSION AGENDA - Action Item No. 10a.1
Meeting Date: November 17, 2026

Page 2 of 2

Prior to the Introduction of Resolution No. 3854 on November 17, 2026, staff has provided 7
briefings to the Commission. The preliminary 2027 Budget was provided to the Port Commission
and made available to the general public on October 20, 2026. An announcement of the
preliminary budget and public hearing was made in the Daily Journal of Commerce newspaper
on October 30, 2026 and November 6, 2026.
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 2027
Budget and Draft Plan of Finance will be released to the public by December 4, 2026.
ATTACHMENTS TO THIS REQUEST
(1)

Draft Resolution No. 3854

PREVIOUS COMMISSION ACTIONS OR BRIEFINGS
October 27, 2026 - 2027 Tax Levy and Draft Plan of Finance for 2027-2031 Briefing
October 13, 2026 - 2027 Aviation Division Operating and CIP Budgets Briefing
October 13, 2026 - 2027 Maritime and Economic Development Divisions Operating and CIP
Budgets Briefing
September 22, 2026 - Central Services 2027 Preliminary Budget and Port-wide Rollup Briefing
July 14, 2026 - 2027 Budget Development Briefing
June 23, 2026 - Commission Budget Study Session on Commission Priorities
March 12, 2026 - Commission Retreat on Resource Conscious & Levy Scenario

Template revised September 22, 2016.