7b supp
ITEM NO: ___7b_________ DATE OF MEETING: August 14, 2012 Port of Seattle 2013 Budget Assumptions Briefing August 14, 2012 Agenda Overview Preliminary Payroll Assumptions New Initiatives/Costs in 2013 2013 Budget Calendar 2 Overview Economic uncertainty continues to drive conservative budgeting for 2013 Revenue assumptions yet to be finalized Continue to focus on managing O&M costs 3 Preliminary Payroll Assumptions* Average pay for performance increases by 3.0% (may be revised based on market data and overall budget considerations) Market based salary range increases by 2.0% (minimal cost impact) Medical and dental costs increase is 2.2% Employer's PERS contribution increases from 7.21% to 9.1% (the blended rate is 8.16% for 2013). * Only for non-represented employees 4 New Initiatives/Costs in 2013 Full year impact of RCF and busing expenses Full year impact of new hires in 2012 Century Agenda support Economic Impact Study Division new initiatives 5 2013 Budget Calendar August Commission briefing on budget assumptions on 8/14 Commission briefing on division business and capital plans on 8/14 Formal budget entries on 8/20 6 2013 Budget Calendar - Con't. September Prepare preliminary operating & capital budgets Internal budget reviews by each department & division Executive preliminary budget reviews (9/19 9/21) 7 2013 Budget Calendar - Con't October Commission capital budgets briefing on 10/2 Commission operating budget briefing on 10/9 Commission Draft Plan of Finance briefing on 10/23 Preliminary budget document available to the Commission on 10/23 Release 2013 Preliminary Budget to the public on 10/25 8 2013 Budget Calendar - Con't. November First reading and public hearing of the 2013 budget resolution on 11/13 Second reading and final passage of the 2013 budget resolution on 11/27 December File statutory budget by 12/5 Release the 2013 Final Budget and Draft Plan of Finance to the public by 12/14 9 Port of Seattle 2013 Budget Assumptions Briefing August 14, 2012
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