10f. Tax Levy Memo
COMMISSION AGENDA MEMORANDUM Item No. 10f ACTION ITEM Date of Meeting November 16, 2021 DATE: November 28, 2021 TO: Stephen P. Metruck, Executive Director FROM: Dan Thomas, Chief Financial Officer Michael Tong, Director, Corporate Budget SUBJECT: Adoption of Resolution No. 3794, Specifying the Dollar and Percentage Change in the Regular Property Levy from the Previous Year per RCW 84.55.120; Providing for an Increase of the Levy from $78,676,344 to $81,036,634 ACTION REQUESTED Request Adoption of Resolution No. 3794: A resolution of the Port Commission of the Port of Seattle specifying the dollar and percentage change in the regular property levy from the previous year per RCW 84.55.120; providing for a 3 percent increase of the levy from $78,676,344 to $81,036,634. EXECUTIVE SUMMARY RCW 84.55.120 requires Washington State taxing districts to adopt a separate ordinance or resolution specifically authorizing any increase in property tax levies. The resolution must also specifically state the dollar increase and percentage change in the levy from the previous year. In connection with the Port's proposed 2022 budget, Resolution No. 3794 authorizes an increase of $2,360,290, a 3.0 percent increase in the Port tax levy from 2021. Excluding the new construction and refund amount, the increase is $966,907 or 1.2 percent from 2021 for tax filing purposes. The Port's estimated levy rate is $0.112 per thousand of assessed value for 2022. 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 2022 Budget on November 9, 2021, staff has provided 8 briefings to the Commission. The preliminary 2022 Budget was provided to the Port Commission on October 18, 2021 and made available to the general public Template revised April 12, 2018. COMMISSION AGENDA Briefing Item No. 10f Page 2 of 2 Meeting Date: November 16, 2021 on October 20, 2021. An announcement of the preliminary budget and public hearing was made in the Daily Journal of Commerce newspaper on October 27, 2021 and November 3, 2021. 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 2022 Budget and Draft Plan of Finance will be released to the public by December 15, 2021. ATTACHMENTS TO THIS REQUEST (1) Draft Resolution No. 3794 PREVIOUS COMMISSION ACTIONS OR BRIEFINGS November 9, 2021 Introduction and Public Hearing of 2022 Budget November 9, 2021 Introduction and Public Hearing of 2022 Tax Levy Increase October 26, 2021 2022 Tax Levy and Draft Plan of Finance Briefing October 12, 2021 2022 Maritime and EDD Operating and CIP Budgets Briefing October 12, 2021 Aviation Division CIP and Operating Budgets Study Session September 28, 2021 2022 Central Services Preliminary Budget and Portwide Rollup Briefing July 29, 2021 Commission Budget Planning Retreat July 13, 2021 2022 Budget Development Briefing June 3, 2021 Commission Budget Planning Retreat Template revised September 22, 2016.
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