9a. Budget Process Presentation
Item No: 9a_supp . Meeting Date: May 22, 2018 Port of Seattle 2019 Budget Process and Development Briefing 1 Century Agenda 25 year Goals Long Range Plan 5 year Strategic Plans Identify/Refine Objectives, Priority Actions and Milestones for LRP 2019 Business Planning (Including 2019 Priorities) New Capital Projects and 2019 Operating Budget 5-Year Capital Plan 2019 Budget: Key Focus Areas Manage operating expenses to increase Net Operating Income in a sustainable way Seek new revenue and efficiency opportunities where possible Obtain Commission input early in process regarding priorities and desired outcomes Prioritize capital projects to align with projected funding resources Refine funding plans for major programs, e.g. SAMP, NWSA (including T5), Waterfront Vision Ensure alignment of budgets with Long Range Plan objectives Aligning the budget with the Port's strategic objectives and priorities 3 2019 Budget Process Overview Strategic Initial Budget Planning: Assess business environment and industry conditions Update five-year division business operating and capital forecasts Update Long Range Plan Budget Preparation: Develop key budget assumptions, drivers and targets Issue budget calendar and departmental guidelines Prepare 2019 operating and capital budgets Budget Reviews and Approvals: Conduct department and division budget reviews Publish the preliminary budget document to the public Commission review and approve budgets/capital plans Final Steps: File the Statutory Budget with King county Publish the final budget document to the public Many steps in budget development process 4 2019 Budget Calendar Strategic Initial Budget Planning: 05/22 2019 Commission budget process briefing; seek guidance and input on budget development and Commission priorities 06/26 Aviation division Commission briefing on 2019 key initiatives/budget drivers 07/10 Maritime division Commission briefing on key initiatives/budget drivers 07/24 Economic Development division Commission briefing on key initiatives and budget drivers 08/14 Long Range Plan Commission Briefing 08/14 Commission budget priorities discussion Early engagement with Commission for budget input and development 5 2019 Budget Calendar - Con't. Budget Preparation: 08/01 2019 Budget Guidelines available to budget support staff (formal budget entries begin in early August). 08/20 to 09/13 Executive team reviews of department/division budgets 08/28 2019 key budget assumptions memo to the Commission 09/11 Second Quarter Financial Performance Commission briefing Executives examine, scrutinize and evaluate proposed budgets 6 2019 Budget Calendar - Con't. Commission Budget Reviews and Approvals: 09/25 Central Services budget Commission briefing 10/04 Last day for changes to be incorporated into the 2019 Preliminary Budget document 10/09 Operating division budgets Commission briefing 10/18 Last day for changes to be incorporated into the first reading of the 2019 Budget on 11/13 10/23 Tax Levy & Draft Plan of Finance Commission briefing 10/23 2019 Preliminary Budget document available to Commission 10/25 2019 Preliminary Budget document available to the public Commissioners review and provide input on preliminary budget 7 2019 Budget Calendar - Con't. Commission Budget Reviews and Approvals (Con't): 10/30 NWSA Budget study session by Managing Members 11/13 NWSA Budget adoption by Managing Members 11/13 First reading of budget resolution and public hearing 11/15 Last day for changes to be incorporated into the second reading of the 2019 Budget 11/27 - Second reading and final passage of 2019 Budget Commissioners review and provide input on preliminary budget 8 2019 Budget Calendar - Con't. Final Steps: 12/03 - File the 2019 statutory budget with King county 12/14 - Publish the 2019 Final Budget to the public Port required to file a statutory budget with the County under state law 9
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