PORT OF SEATTLE 
MEMORANDUM 
COMMISSION AGENDA               Item No.      6b 
ACTION ITEM 
Date of Meeting    November 25, 2014 
DATE:    November 7, 2014 
TO:      Ted Fick, Chief Executive Officer 
FROM:   Dan Thomas, Chief Financial & Administrative Officer 
Michael Tong, Corporate Budget Manager 
SUBJECT:  Resolution No. 3698, as amended, adopting the final budget of the Port of Seattle
for the Year 2015 
ACTION REQUESTED 
Request Second Reading and Final Passage of Resolution No. 3698, as amended: A resolution of
the Port Commission of the Port of Seattle adopting the final budget of the Port of Seattle for the
year 2015; 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 property of the Port of Seattle District in the Year 2015. 
SYNOPSIS 
The 2015 business and budget planning process began in April. In the past few months, staff
provided 10 briefings to the Commission on the 2015 business plan and budget process, business
plan, payroll budget assumptions, preliminary operating and capital budget, tax levy and draft
plan of finance. Based on the input and comments from the Commission in the briefings, staff
incorporated the suggested changes into the preliminary numbers. The preliminary budget was
prepared for the Commission on October 21, 2014, and made available to the public on October
23, 2014. 
Staff recommends the following final budget process: 
November 25, 2014  Second Reading and Final Passage of Resolution No. 3698, as
amended. 
December 4, 2013  Submittal of the 2015 Final Statutory Budget to the King County
Council and Assessor's Office. 
December 12, 2014  Release of the 2015 Final Budget and Draft Plan of Finance to the
Public 
BACKGROUND 
The budget process includes planning, setting up and testing new budget modules in the budget
system, budget user training, department and division strategic and business planning, publishing

Template revised May 30, 2013.

COMMISSION AGENDA 
Ted Fick, Chief Executive Officer 
November 7, 2014 
Page 2 of 2 
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.
Prior to the second reading and adoption of the 2015 Budget on November 25, 2014, staff have 
provided 10 briefings to the Commission. The 2015 preliminary budget was prepared for and
provided to the Port Commission on October 21, 2014, and was made available to the general
public on October 23, 2014. An announcement of the preliminary budget and public hearing was
made in the Daily Journal of Commerce newspaper on October 27 and November 3, 2014.
After the 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 2015 Final Budget and Draft
Plan of Finance will be released to the public on December 12, 2014. 
ATTACHMENTS TO THIS REQUEST 
Resolution No. 3698, as amended. 
PowerPoint: 2015 Preliminary Budget for the Second Reading and Final Passage 
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS 
November 11, 2014  2015 Preliminary Budget First Reading and Public Hearing. 
October 28, 2014  Briefing on the Preliminary Tax Levy and the Draft Plan of Finance
2015-2019. 
October 14, 2014  2015 Seaport and Real Estate Operating and Capital Budgets
Briefing. 
October 7, 2014  2015 Aviation Operating and Capital Budgets Briefing. 
September 30, 2014  2015 Corporate and CDD Budgets Briefing. 
September 11, 2014  2015 Payroll Budget Assumptions Briefing. 
August 19, 2014  2015 Tourism and OSR Strategies/Programs Discussion. 
August 5, 2014  2015 Seaport and Real Estate Business Plans Discussion. 
July 29, 2014  2015 Aviation Business Plan Discussion. 
June 10, 2014  2015 Business Plan and Budget Process Briefing.