PORT OF SEATTLE 
MEMORANDUM 
COMMISSION AGENDA               Item No.       7b 
STAFF BRIEFING             Date of Meeting    April 2, 2013 

DATE:    March 22, 2013 
TO:     Tay Yoshitani, Chief Executive Officer 
FROM:    Dan Thomas, Chief Financial and Administrative Officer 
Elizabeth Morrison, Director, Corporate Finance 
Michael Tong, Corporate Budget Manager 
SUBJECT:  2013 Operating Budget Forecast, revised 2013 Capital Budget and 2013
Draft Plan of Finance Briefing 
SYNOPSIS: 
The purpose of this briefing is to discuss the 2013 operating budget forecast, the revised
2013 capital budget, and 2013 draft plan of finance. 
BACKGROUND: 
Since the Commission approved the 2013 budget on November 27, 2012, there have been
several subsequent business events that are expected to reduce Port revenues compared to
the 2013 Approved Budget. First, the previous lease agreement with the airlines at Sea-Tac
Airport expired at the end of 2012 and new airline rates and charges will be implemented in
2013, reducing Airport revenues. Second, the new terminal lease agreement at Terminal 46
will result in a reduction in Seaport revenues for 2013 and in future years, which will also
reduce Seaport capital funding capacity. 
On April 2, staff will provide an update on the 2013 operating budget forecast, the
revised 2013 capital plan, and the 2013 Draft Plan of Finance for the Port's Capital
Improvement Program (CIP), which is updated each year for the subsequent five-year
CIP and provides information on the funding sources available to support the CIP. The
presentation will also include a report on 2012 full year tax levy spending. 
OTHER DOCUMENTS ASSOCIATED WITH THIS BRIEFING: 
2013 Budget Update Power Point Presentation 
2013 Plan of Finance Power Point Presentation

COMMISSION AGENDA 
Tay Yoshitani, Chief Executive Officer 
March 22, 2013 
Page 2 of 2 
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS: 
July 10, 2012  2013 Budget Process Briefing 
August 14, 2012  2013 Budget Assumptions Briefing 
August 14, 2012  Century Agenda Milestones and 2013 Business and Capital Plans
Briefing 
October 2, 2012  2013 Capital Budget Briefing 
October 9, 2012  2013 Operating Budget Briefing 
October 23, 2012  Tax Levy and the Draft Plan of Finance Briefing 
November 6, 2012  Follow up on the Tax Levy briefing 
November 13, 2012  First Reading of Resolution No. 3670 and Public Hearing 
November 27, 2012  Second Reading and Final Passage of Resolution No. 3670