COMMISSION 
AGENDA MEMORANDUM                Item No.       6d 
ACTION ITEM                   Date of Meeting    November 8, 2016 
DATE:    October 20, 2016 
TO:     Ted Fick, Chief Executive Officer 
FROM:   Dan Thomas, Chief Financial Officer 
Elizabeth Morrison, Director, Corporate Finance 
Michael Tong, Asst. Finance Director - Budget 
SUBJECT:  First Reading and Public Hearing of Resolution No. 3726, adopting the final budget of
the Port of Seattle for the Year 2017 
ACTION REQUESTED 
Request Commission authorization for the First Reading and Public Hearing of Resolution No.
3726: A resolution of the Port Commission of the Port of Seattle adopting the final budget of
the Port of Seattle for the year 2017; 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 2017. 
EXECUTIVE SUMMARY 
The 2017 business and budget planning process began in April. In the past few months, staff
provided 7 briefings to the Commission on the Strategic Positioning for Growth (SPG) budgeting
initiative process and outcomes, key budget assumptions, budget overview, preliminary
operating and capital budget. Based on the input and comments from the Commission in the
briefings, staff incorporated the suggested changes into the preliminary numbers. The
preliminary budget document was provided to the Commission on October 18, 2016, and made
available to the public on October 20, 2016. In conjunction with this authorization, staff will
also brief the Commission on the tax levy and draft plan of finance. 
Staff recommends the following final budget process: 
(1)   November 8, 2016  First Reading of Resolution No. 3726 and Public Hearing 
(2)   November 22, 2016  Second Reading and Final Passage of Resolution No. 3726 
(3)   December 2, 2016  Submittal of the 2017 Final Statutory Budget to the King County
Council and Assessor's Office. 
(4)   December 15, 2016  Release of the 2017 Final Budget and Draft Plan of Finance
document to the Public. 

Template revised September 22, 2016.

COMMISSION AGENDA  Action Item No. 6d                       Page 2 of 3 
Meeting Date: November 8, 2016 

ADDITIONAL BACKGROUND 
The budget process includes planning, setting up and testing new budget modules in the
budget system, budget user training, department 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 8, 2016, staff have provided 7
briefings to the Commission. The 2017 preliminary budget was provided to the Port
Commission on October 18, 2016, and was made available to the general public on October 20,
2016. An announcement of the preliminary budget and public hearing was made in the Daily
Journal of Commerce newspaper on October 24 and October 31, 2016.
In order to better inform the Commission prior to the First Reading action, staff will present an
update on the tax levy and draft plan of finance 2017-2021. Ports in Washington State have
authority to levy taxes on property within the port district and within certain statutory limits;
the Port may use this strategic resource for any allowable port purpose (other than the
payment of revenue bonds). As part of the Port's budget process, the Commission establishes
the amount of taxes to be levied within the Port district for the budget year. Staff will provide
information on the forecasted uses of the tax levy and will seek Commission guidance on the
establishment of the 2017 tax levy amount and modifications to forecasting assumptions. Staff 
will also provide a funding plan for the Port's capital budget. This funding plan  The Draft Plan
of Finance  is updated each year for the subsequent five-year capital budget and provides
information on the funding sources available to support capital investments. The Draft Plan of
Finance is intended to illustrate the Port's capacity to fund projects based on the projected
available resources and may result in a recommendation to adjust project spending and/or
adjust the tax levy.
After the public hearing and Commission adoption of a final plan, the statutory budget will be
filed with the King County Council and King County Assessor as required by law. The 2017 Final
Budget and Draft Plan of Finance will be released to the public on December 15, 2016. 
ATTACHMENTS TO THIS REQUEST 
(1)   Presentation slides: Tax Levy and Draft Plan of Finance 2017-2021 
(2)   Draft Resolution No. 3726 
(3)   Presentation slides: 2017 Preliminary Budget First Reading and Public Hearing 


Template revised September 22, 2016; format updates October 19, 2016.

COMMISSION AGENDA  Action Item No. 6d                       Page 3 of 3 
Meeting Date: November 8, 2016 
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS 
October 10, 2016  The Commission was briefed on the 2017 Division Operating and Capital
Budgets 
September 27, 2016  The Commission was briefed on the 2017 Corporate Budget 
September 13, 2016  The Commission was briefed on the 2017 Budget Overview and Key
Assumptions 
August 19, 2016  The Commission was provided a briefing document regarding key budget
assumptions for 2017 
August 9, 2016  The Commission approved the Long Range Plan 
July 26, 2016  The Commission was briefed on the Long-Range Plan, Century Agenda
Dashboard Overview, and Budget Considerations beyond the Long-Range Plan 
June 14, 2016  The Commission was briefed on the Strategic Positioning for Growth
Budgeting Initiative 













Template revised September 22, 2016; format updates October 19, 2016.