10a Memo 2021 Budget Resolution
COMMISSION AGENDA MEMORANDUM Item No. 10a BRIEFING ITEM Date of Meeting November 10, 2020 DATE: October 28, 2020 TO: Stephen P. Metruck, Executive Director FROM: Dan Thomas, Chief Financial Officer Michael Tong, Director, Corporate Budget SUBJECT: Introduction and Public Hearing of Resolution No. 3779, Adopting the Final Budget of the Port of Seattle for the Year 2021 ACTION REQUESTED Request Introduction of, and hold a public hearing regarding, Resolution No. 3779: A resolution of the Port Commission of the Port of Seattle adopting the final budget of the Port of Seattle for the year 2021; 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 properties of the Port of Seattle District in the Year 2021. EXECUTIVE SUMMARY The 2021 business and budget planning process began in May. In the past few months, staff conducted budget work sessions, provided briefings to the Commission on budget process, key budget assumptions, SWOT analysis and budget development overview, preliminary operating budget, and preliminary capital budget. The preliminary 2021 Budget document was provided to the Commission and made available to the public on October 20, 2020. Staff also hosted two virtual open houses for community members to learn about the Port's preliminary 2021 budget and five-year capital development and investment plans one for the Aviation division on October 8, 2020, and the other for Maritime and Economic Development divisions on October 22, 2020. Staff shared information about investments at Sea-Tac Airport and in the Maritime and Economic Development divisions. Staff also shared how the Port's preliminary budget and five-year capital development plans respond to regional need by improving customer service, expanding economic activity across our region, and supporting healthy habitats and communities. Staff recommends the following final budget process: November 10, 2020 First Reading of Resolution No. 3779 and Public Hearing November 17, 2020 Second Reading and Final Passage of Resolution No. 3779 Template revised April 12, 2018. COMMISSION AGENDA Briefing Item No. 10a Page 2 of 2 Meeting Date: November 10, 2020 November 30, 2020 Submittal of the 2021 Final Statutory Budget to the King County Council and Assessor's Office. December 15, 2020 Release of the final 2021 Budget and Draft Plan of Finance document to the public. 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 Introduction and public hearing of the preliminary 2021 Budget on November 10, 2020, staff has provided 9 briefings to the Commission. The preliminary 2021 Budget was provided to the Port Commission and made available to the general public on October 20, 2020. An announcement of the preliminary budget and public hearing was made in the Daily Journal of Commerce newspaper on October 28, 2020 and November 4, 2020. 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 final 2021 Budget and Draft Plan of Finance will be released to the public by December 15, 2020. ATTACHMENTS TO THIS REQUEST (1) Draft Resolution No. 3779 (2) Presentation slides PREVIOUS COMMISSION ACTIONS OR BRIEFINGS October 27, 2020 2021 Tax Levy and Draft Plan of Finance Briefing October 13, 2020 2021 Maritime and EDD Budgets and Portwide Rollup Briefing October 13, 2020 Aviation Division CIP Follow-up and Operating Budgets Study Session September 22, 2020 2021 Central Services Preliminary Budget Briefing September 22, 2020 Aviation Division CIP Study Session August 6, 2020 Commission Budget Retreat: CIP and Levy Discussion July 29, 2020 Commission Budget Retreat: Industry Analysis and SWOT July 14, 2020 2021 Budget Development Briefing June 4, 2020 2021 Budget Discussion Template revised September 22, 2016.
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