6b
PORT OF SEATTLE MEMORANDUM COMMISSION AGENDA Item No. 6b ACTION ITEM Date of Meeting November 13, 2012 DATE: November 2, 2012 TO: Tay Yoshitani, Chief Executive Officer FROM: Dan Thomas, Chief Financial and Administrative Officer Michael Tong, Corporate Budget Manager SUBJECT: Resolution No. 3670, adopting the final budget of the Port of Seattle for the Year 2013; making, determining, and deciding the amount of taxes to be levied upon the current assessment roll; 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 2013. ACTION REQUESTED: Request for the First Reading and Public Hearing of Resolution No. 3670: A resolution of the Port Commission of the Port of Seattle adopting the final budget of the Port of Seattle for the year 2013; 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 2013. SYNOPSIS: The 2013 business and budget planning process began in April. In the past few months, staff provided 7 briefings to the Commission on the 2013 budget process, budget assumptions, business plan and capital plan, preliminary capital budget, preliminary operating 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 23, 2012, and made available to the public on October 25, 2012. Staff recommends the following final budget process: November 13, 2012 First Reading of Resolution No. 3670 and Public Hearing November 27, 2012 Second Reading and Final Passage of Resolution No. 3670 November 29, 2012 Submittal of the 2013 Final Budget to the King County Council December 14, 2012 Release of the 2013 Final Budget and Draft Plan of Finance to the Public COMMISSION AGENDA Tay Yoshitani, Chief Executive Officer November 2, 2012 Page 2 of 2 BACKGROUND: The budget process includes setting up and testing new budget modules in the budget system, budget user training, department and division strategic and business planning, publishing 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 First Reading and Public Hearing on November 13, 2012, staff have provided 7 briefings to the Commission. The 2013 preliminary budget was prepared for and provided to the Port Commission on October 23, 2012, and was available to the general public on October 25, 2012. An announcement of the preliminary budget and public hearing was made in the Daily Journal of Commerce newspaper on October 29 and November 5, 2012. After the public hearing and Commission adoption of a final plan, the statutory budget and resolution will be filed with the King County Council and King County Assessor as required by law. The 2013 Final Budget and Draft Plan of Finance will be released to the public on December 14, 2012. OTHER DOCUMENTS ASSOCIATED WITH THIS REQUEST: Resolution No. 3670 PowerPoint: 2013 Preliminary Budget First Reading and Public Hearing 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
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