11a. Memo - Briefing on the Tax Levy and Draft Plan of Finance for 2022 to
COMMISSION AGENDA MEMORANDUM Item No. 11a BRIEFING ITEM Date of Meeting October 26, 2021 DATE: October 9, 2021 TO: Stephen Metruck, Executive Director FROM: Elizabeth Morrison, Director Corporate Finance Scott Bertram, Manager, Corporate Financial Analysis SUBJECT: Briefing on the Tax Levy and Draft Plan of Finance for 2022-2026 EXECUTIVE SUMMARY This briefing is intended to inform the Commission's decision on the amount of the tax levy for the 2022 budget year and to inform the Commission on the Port's funding of its 2022-2026 Capital Investment Plan (CIP) - the Draft Plan of Finance. BACKGROUND Ports in Washington State have authority to levy taxes on property within the port district, within certain statutory limits; the Port may use this strategic resource for any allowable port purpose other than the payment of revenue bond debt service. 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 uses of the tax levy and will seek Commission guidance on the establishment of the 2022 tax levy amount and uses. For the 2021 budget, the Commission authorized a levy of $78.7 million as part of a five-year funding plan that included an inflationary increase of the tax levy of three percent each year from 2019-2023. The Draft Plan of Finance incorporates the continued three percent annual increase in the tax levy, bringing the 2022 tax levy to $81.0 million and the forecast assumption of an inflationary increases of two percent in future years. As part of the annual budget process, staff provides a Draft Plan of Finance that is updated each year for the subsequent five-year CIP and provides information on the funding sources available to fund the CIP. The Draft Plan of Finance is intended to illustrate the Port's capacity to fund investments based on projected available resources. These available resources have been adversely affected by the pandemic, with continuing uncertainty in several Port businesses. Staff has developed a Draft Plan of Finance for the Airport as a self-funding enterprise. The Port's non- Airport operations Maritime, Economic Development, and the Port's participation in the Northwest Seaport Alliance (NWSA) - share funding resources and the Draft Plan of Finance incorporates funding for both Port and NWSA CIPs. Template revised September 22, 2016. COMMISSION AGENDA Briefing Item No. 11a Page 2 of 2 Meeting Date: October 26, 2020 ATTACHMENTS TO THIS BRIEFING (1) Presentation slides Tax Levy and Draft Plan of Finance 2022-2026 PREVIOUS COMMISSION ACTIONS OR BRIEFINGS October 12, 2021 The Commission was briefed on the Operating Divisions' 2022 Operating Budgets and 2022-2026 CIPs. September 28, 2021 The Commission was briefed on the 2022 Central Services Preliminary Budget. July 29, 2021 The Commission held a Budget Planning Retreat. July 13, 2021 The Commission was briefed on 2022 Budget Development. June 3, 2021 The Commission held a Budget Retreat to discuss the 2022 Budget. Template revised September 22, 2016.
Limitations of Translatable Documents
PDF files are created with text and images are placed at an exact position on a page of a fixed size.
Web pages are fluid in nature, and the exact positioning of PDF text creates presentation problems.
PDFs that are full page graphics, or scanned pages are generally unable to be made accessible, In these cases, viewing whatever plain text could be extracted is the only alternative.