PORT OF SEATTLE 
MEMORANDUM 
AUDIT COMMITTEE AGENDA              Item No. 
Date of Meeting       June 17, 2021 
DATE:      June 3, 2021 
TO:       Audit Committee Members  Commissioner Stephanie Bowman, 
Commissioner Sam Cho and Public Member Christina Gehrke, CPA 
FROM:     Lisa Lam, Assistant Director, Accounting & Financial Reporting 
Rudy Caluza, Director, Accounting & Financial Reporting 
CC:         Dan Thomas, Chief Financial Officer 
SUBJECT:   Solicitation of External Audit Services for the Port's 2022 to 2026 
Operating Periods 
Amount of This Request: Not-to-Exceed $3,000,000 
Source of Funds: AFR operating budget & Portwide non-operating budget 

ACTION REQUESTED: 
Review the solicitation for external audit services and recommend to the full Commission 
authorization for the Executive Director to initiate the procurement of external audit services. 
SYNOPSIS: 
Annual independent audits are required for the financial statements of the Port's Enterprise
Fund and the Warehousemen's Pension Trust Fund for purposes of obtaining an independent
auditors opinion as to the fairness in presentation of the financial results and position. 
Independent audits are also required for the Port's administration of Federal grants and
Passenger Facility Charge (PFC) revenues in accordance with applicable regulations. The 
audits covered under the existing external audit services contract (P-00318441) are expiring
in May 2022 once the audit services for the Port's 2021 Financial Period are completed.

June 3, 2021 
Page 2 of 2 
The annual external audit services include the following deliverables: 
Independent Audit and Opinion  Financial Statements of the Port's Enterprise Fund 
Independent Audit and Opinion  Financial Statements of the Port's Fiduciary Fund 
Independent Audit and Opinion  Net Revenues Available for Revenue Bond Debt
Service 
"Single Audit"(Federal grants regulatory compliance) and Report of Federal Grants
Awarded 
Passenger Facility Charge (PFC) Program Audit and Report 
Agreed Upon Procedures Report for Washington State Department of Ecology 
Agreed Upon Procedures Report for Environmental Protection Agency 
Per Port policy, staff intends to openly and competitively select the external auditor. The
solicitation process from drafting, advertising, to evaluation will be led by the Central
Procurement Office (CPO) with the guidance of a member of the Internal Audit Department,
who will also participate on the evaluation panel. The solicitation timeline is scheduled to
begin around mid July 2021 and have an external auditor selected by the end of 2021. As
outlined in the solicitation, the evaluation process will include the evaluation of proposing
firms' written proposals and interviews using pre-determined evaluation criteria. 
SOURCE OF FUNDS: 
The total audit fee estimated for all five years is expected to be under $3,000,000. The audit
services fee for the 2022 financial period, which is conducted during latter 2022 and the first
half of 2023, will be included in the AFR department's 2022 and 2023 proposed operating
budgets, and in non-operating budgets as appropriate. The funding sources are
approximately split 55% and 45% between operating and non-operating expense,
respectively. For audit services related to each of the financial periods following, 2023 
through 2026, the requirements will be similarly split and included in the Port's proposed
annual budgets. 
STRATEGIC OBJECTIVES: 
Be a highly effective public agency: To be transparent and accountable over the
stewardship of public funds/assets, to be in full compliance with prescribed industry
accounting & financial reporting standards and Federal regulations, and to timely and
accurately report on the Port's financial results and position. 
PREVIOUS AUDIT COMMITTEE ACTION: 
12/10/2020  External Audit Services Contract Extension for the Port's 2021 Financial
Period