PORT OF SEATTLE 
MEMORANDUM 
COMMISSION AGENDA               Item No.       6b 
ACTION ITEM              Date of Meeting  November 11, 2014 

DATE:    October 22, 2014 
TO:     Ted Fick, Chief Executive Officer 
FROM:    Dan Thomas, Chief Financial & Administrative Officer 
Michael Tong, Corporate Budget Manager 
SUBJECT:  Resolution No. 3698, adopting the final budget of the Port of
Seattle for the Year 2015; making, determining, and deciding
the amount of taxes to be levied upon the current assessment 
roll; 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 2015. 

ACTION REQUESTED: 
Request for the First Reading and Public Hearing of Resolution No. 3698: A resolution of
the Port Commission of the Port of Seattle adopting the final budget of the Port of Seattle
for the year 2015; 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
2015. 
SYNOPSIS: 
The 2015 business and budget planning process began in April. In the past few months, staff
provided 9 briefings to the Commission on the 2015 business plan and budget process,
business plan, payroll budget assumptions, preliminary operating and capital budget, tax
levy and draft plan of finance. Based on the input and comments from the Commission in
the briefings, staff incorporated the suggested changes into the preliminary numbers. The
preliminary budget was prepared for the Commission on October 21, 2014, and made
available to the public on October 23, 2014. 
Staff recommends the following final budget process: 
November 11, 2014  First Reading of Resolution No. 3698 and Public Hearing 
November 25, 2014  Second Reading and Final Passage of Resolution No. 3698 
December 4, 2013  Submittal of the 2015 Final Statutory Budget to the King
County Council and Assessor's Office.

COMMISSION AGENDA 
Ted Fick, Chief Executive Officer 
October 22, 2014 
Page 2 of 2 
December 12, 2014  Release of the 2015 Final Budget and Draft Plan of Finance to
the Public 
BACKGROUND: 
The budget process includes planning, setting up and testing new budget modules in the
budget system, budget user training, department and division 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 11, 2014, staff have provided 9 
briefings to the Commission. The 2015 preliminary budget was prepared for and provided to
the Port Commission on October 21, 2014, and was made available to the general public on
October 23, 2014. An announcement of the preliminary budget and public hearing was 
made in the Daily Journal of Commerce newspaper on October 27 and November 3, 2014.
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
2015 Final Budget and Draft Plan of Finance will be released to the public on December 12,
2014. 
OTHER DOCUMENTS ASSOCIATED WITH THIS REQUEST: 
Resolution No. 3698. 
PowerPoint: 2015 Preliminary Budget First Reading and Public Hearing. 
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS: 
October 28  Briefing on the Preliminary Tax Levy and the Draft Plan of Finance
2015-2019. 
October 14, 2014  2015 Seaport and Real Estate Operating and Capital Budgets
Briefing. 
October 7, 2014  2015 Aviation Operating and Capital Budgets Briefing. 
September 30, 2014  2015 Corporate and CDD Budgets Briefing. 
September 11, 2014  2015 Payroll Budget Assumptions Briefing. 
August 19  2015 Tourism and OSR Strategies/Programs Discussion. 
August 5, 2014  2015 Seaport and Real Estate Business Plans Discussion. 
July 29, 2014  2015 Aviation Business Plan Discussion. 
June 10, 2014  2015 Business Plan and Budget Process Briefing.