11b. Presentation

2024 Budget Development Briefing

Item No.      11b supp
Date of Meeting    July 25, 2023
Port of Seattle
2024 Budget Development Briefing
July 25, 2023


• Environmental Scan
• 2024 Budget Principles and Strategies
• 2024 Budget Calendar


               Environmental Scan
•  Tracking towards full recovery in Port businesses and operations
•  Public health emergency ended—transitioning towards a “new
•  Inflation has moderated but still well above historical average
•  Slowing economic growth/potential recession
•  Competitive job market
•  Anticipated large environmental remediation liabilities emerging on
planning horizon
•  Climate change impacts on businesses and operations
•  Continued focus on community/equity issues


          Passenger Recovery Forecast

•  Near 2019 passenger
level by 2024

         Cruise Operations 1999-20232023 Estimate
1,430,000 PAX | 287 Ship Calls


           2024 Budget Guiding Principles
•  Take a cautious and strategic approach in budgeting due to
economic uncertainties
•  Ensure the continued efficient operation of Port business gateways
•  Support regional equitable economic growth through a balanced
approach of advancing the Port’s capital improvement plan and
continued investments in equity and community programs
•  Continue to invest in employee recruitment, retention and
•  Continue to make strategic investments focused on sustainability


               2024 Budget Strategies
•  Incorporate sustainable expense growth assumptions into budgets and
business plans
•  Carefully evaluate the need for additional FTEs to manage expense growth
and mitigate HR recruiting backlog
•  Incorporate expectations for continued high inflation into operating and
capital plans
•  Utilize realistic assumptions regarding the ability to execute the five-year CIP
when estimating project completion dates and the timing of projected cash
•  Advance the use of an equity lens in developing and reviewing budgets and
operational plans
•  Continue to focus on resiliency in spending and business plans—identify
specific initiatives in 2024 budget


                 2024 Budget Calendar
(Commission Items in Blue)
6/09 – 2024 Budget Planning Discussion with ELT
6/29 – Commission Budget Retreat (Part I)
7/07 – 2024 Budget Guidelines available
7/24 – Commission Budget Retreat (Part II)
7/25 – 2024 Budget Development Commission Briefing
8/04 – Central Services Department new budget requests due to F&B; Commission Priorities due to ED
8/14 – 08/23: Executive review of Central Services Department Budgets/New Requests
9/08 – Executive review of combined Central Services Budget
9/13 – Executive review of Maritime and EDD Operating & Capital Budgets
9/14 – Executive review of Aviation Operating & Capital Budgets
9/15 – 2024 North Harbor Budget to the NWSA
9/26 – Central Services Budget and Port wide Budget Overview Commission briefing
10/10 – Operating Divisions Commission Budget Study Session

                 2024 Budget Calendar
(Commission Items in Blue)
10/11 – Aviation Budget Public Open House (Tentative)
10/12 – Maritime & EDD Budgets Public Open House (Tentative)
10/13 – POS/NWSA ILA Service Directives due to the NWSA
10/24 – Tax Levy & Draft Plan of Finance Commission briefing
10/24 – 2024 Preliminary Budget Document available to Commission
10/26 – 2024 Preliminary Budget Document available to the public
10/26 – NWSA Budget study session with Managing Members
11/14 – NWSA Budget adoption by Managing Members
11/14 – Introduction of preliminary 2024 Budget and public hearing
11/21 – Adoption of 2024 Budget
11/30 – File the 2024 Statutory Budget with King county
12/08 – Publish the 2024 Final Budget to the public



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