9a. 2019 Budget Process
COMMISSION AGENDA MEMORANDUM Item No. 9a BRIEFING ITEM Date of Meeting May 22, 2018 DATE: May 4, 2018 TO: Steve Metruck, Executive Director FROM: Dan Thomas, Chief Financial Officer Michael Tong, Assistant Finance Director, Budget SUBJECT: 2019 Budget Process and Development Briefing EXECUTIVE SUMMARY The purpose of this briefing is to provide the Commission an overview of the Port's 2019 budget process and to seek input on priorities and outcomes. ADDITIONAL BACKGROUND Port staff is planning for the 2019 budget and will brief the Commission on the process and schedule and will seek input from the Commission regarding the process and strategic priorities. The following areas will be particularly in focus in developing the budget: Managing operating expenses to increase Net Operating Income in a sustainable way Seeking new revenue and efficiency opportunities where possible Obtaining Commission input early in the process regarding priorities and desired outcomes Prioritizing capital projects to align with projected funding resources Refining funding plans for major programs, e.g. SAMP, NWSA (including T5), Waterfront Vision Ensuring alignment of budgets with Long Range Plan objectives This is the first session in a series of planned 2019 Budget Commission briefings. Below are the remaining significant dates and topics for the 2019 budget schedule: May 22, 2018 2019 Budget Process and Development Commission Briefing. June 26, 2018 2019 Budget Development Commission Briefing (Aviation Division Business Forecast). July 10, 2018 2019 Budget Development Commission Briefing (Maritime Businesses Forecast). July 24, 2018 2019 Budget Development Commission Briefing (EDD Businesses Forecast). August 14, 2018 LRP Commission Briefing. Template revised September 22, 2016. COMMISSION AGENDA Briefing Item No. 9a Page 2 of 2 Meeting Date: May 22, 2018 August 14, 2018 Commission budget priorities discussion. August 28, 2018 2019 key budget assumptions memo to the Commission. September 11, 2018 Q2 Financial Performance Briefing to the Commission. September 11, 2018 LRP presented to the Commission for approval. September 25, 2018 Central Services budget Commission briefing. October 9, 2018 Operating division budgets Commission briefing. October 23, 2018 Tax Levy & Draft Plan of Finance Commission briefing. October 23, 2018 2019 preliminary budget document available to the Commission. October 25, 2018 2019 preliminary budget document available to the public. October 30, 2018 NWSA budget study session by Managing Members. November 13, 2018 NWSA budget adoption by Managing Members. November 13, 2018 First reading of budget resolution and public hearing. November 13, 2018 Commission Approval of the 2019 ILA/Service Directives between POS and the NWSA. November 27, 2018 Second reading and final passage. December 3, 2018 Filing of 2019 Statutory Budget with King County Council & Assessor. December 14, 2018 Release of 2019 Budget to the Public. ATTACHMENTS TO THIS BRIEFING (1) Presentation slides PREVIOUS COMMISSION ACTIONS OR BRIEFINGS None Template revised September 22, 2016.
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