7a supp
ITEM NO. 7a Supp Revised 7/10/12 DATE OF MEETING: July10, 2012 Port of Seattle 2013 Budget Process Briefing July 10, 2012 Agenda 2013 Budget Process Overview 2013 Budget Calendar Total Rewards 2 2013 Budget Process Overview Assess business environment and industry conditions Develop key assumptions, drivers and targets Issue budget calendar and guidelines Update business plans, incorporating Century Agenda Prepare operating and capital budgets Develop funding plans Review and approve budgets File Statutory Budget 3 2013 Budget Calendar August Commission briefing on Q2 performance on 8/7 Commission briefing on budget assumptions on 8/7 Approve Century Agenda on 8/14 Commission workshops on division business and capital plans on 8/14 Formal budget entries on 8/20 4 2013 Budget Calendar - Con't. September Prepare preliminary operating & capital budgets Internal budget reviews by each department & division Executive preliminary budget reviews (9/19 9/21) 5 2013 Budget Calendar - Con't October Commission capital budgets briefing on 10/2 Commission operating budget briefing on 10/9 Commission Draft Plan of Finance briefing on 10/23 Preliminary budget document available to the Commission on 10/23 Release 2013 Preliminary Budget to the public on 10/25 6 2013 Budget Calendar - Con't. November First reading of budget resolution(s) on 11/6 Second reading of budget resolution(s) on 11/27 December File statutory budget by 12/5 Release the 2013 Final Budget and Draft Plan of Finance to the public by 12/14 7 Payroll Assumptions Preliminary assumptions will be developed in late summer, refinements may occur during budget development in the fall Includes merit pay adjustments, health benefit costs, retirement contributions, wage rates, etc. Will be consistent with Total Rewards Philosophy 8 Total Rewards Total Rewards Philosophy specifies the ideal relationship between the Port's pay and benefits programs and the market Survey data is necessary to assess the market Market comparisons, as well as the Port's financial situation inform the direction and budget for pay and benefits on an annual basis Total Rewards Con't Total Rewards Philosophy includes two sets of principles All principles guide management of Total Rewards as well as decisions about the plans and programs that comprise Total Rewards at the port Overarching Principles Apply to the entire Total Rewards Package Core Principles Guide each of the Total Rewards Categories Total Rewards Con't Overarching Principles include Purpose, Values, Strategy : reflect the Port's mission, values, business strategies and nurture our culture Sustainability: design and manage programs in a fiscally responsibly way that is sustainable overtime 11 Total Rewards Con't Core Principles include Pay at market average Pay increases should be market competitive Overall benefits package slightly better than average Health care benefits between the 50th and 75th percentile Employees should share in the cost of their health care 12 Total Rewards Con't Next Steps Communicate Total Rewards Complete and summarize Gap Analysis Develop Health Care Strategy to establish future direction of health plans Incorporate Gap Analysis and Health Care Strategy into work plans 13 Port of Seattle 2013 Budget Process Briefing July 10, 2012
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