The Port of Seattle Commissioners has adopted a 2018 budget that returns income from Port operations to benefit businesses and travelers, expands opportunities for local communities, and protects the quality of life for people and the environment. The budget specifically builds on ongoing investments to meet the long-term travel and trade needs of our region, supports jobs and business opportunities on the working waterfront, funds new regional transportation infrastructure to benefit commuters and businesses, and expands internship, apprenticeship, workforce training and small business opportunities for underserved communities.
“This budget puts the Port’s operating income to work addressing persistent public service challenges including: modernizing and expanding travel, trade and industrial infrastructure to better serve this growing region, working with intention to ensure that every community benefits from Port services and opportunities, and protecting the environment amid greater density and increased operations,” said Port of Seattle Commission President Tom Albro.
A major driver of regional economic activity, the Port of Seattle operates Seattle-Tacoma International Airport, the ninth busiest airport in the United States, as well as a variety of maritime facilities. More than 150 employers operate at Sea-Tac Airport, and dozens more operate at Port-owned cruise, commercial fishing, recreational marina and industrial facilities. In 2017 the Port served nearly 50 million passengers at Sea-Tac Airport, and for the first time served more than 1 million passengers through its cruise terminals. For 2018, the Port forecasts a 5 percent increase in airport passengers, 3 percent increase in cruise passengers, and 11 percent growth in grain volumes.
The 2018 budget will increase economic and community development opportunities across Washington State:
* Continues improvements at Terminal 91 to improve services for commercial fishing and cruise industries
* Dedicates more resources for the Port to acquire maritime industrial property
* Directs $200,000 to study the feasibility of an Eastside Remote Bag Check-In and Mass Transit program
* Expands the Port’s marketing support for statewide tourism by dedicating an additional $50,000 to promote local eco-tourism and an additional $50,000 to market the region to international visitors
* Expands the Port’s paid-summer internship program, primarily aimed to offer opportunities to underserved high schools, from 82 to 90
* Hires new experts to implement Port policies to expand opportunities for women and minority owned small businesses and to increase apprenticeship opportunities for women and minorities.
* Contributes $90,000 in Port of Seattle funds to a Washington Department of Transportation statewide disparity study on FAA funded projects at 64 Washington State airports.
2018 Budget Financial Details:
* The 2018 capital budget is $895.1M and the 5-year capital spending plan is approximately $3.1 billion
* Operating revenues are budgeted at $670.5M, $50.2M or 8.1% higher than 2017 budget
* Operating expenses are budgeted at $422.9M, $38.2M or 9.9% increase from 2017 budget
* Net Operating Income is budgeted at $247.6M, $12.0M or 5.1% above 2017 budget
* The proposed tax levy for 2018 is $72.0M
Just over 84 percent of the Port’s $1.6 billion of the Port’s 2018 funding source will come from operating revenues and bond issues. The Port will spend more than half of its funds on capital projects in 2018. The property tax levy collection of $72 million makes up less than five percent of funding sources for 2018 and will remain unchanged for the third year in a row. Just $0.14 per $1,000 assessed value in King County property tax goes to the Port of Seattle. The Port is currently underway with more than $2 billion in capital improvement projects at Sea-Tac Airport.
– Port of Seattle
