11a. Presentation - Briefing on the Tax Levy and Draft Plan of Finance for
Item No. 11a_supp
Meeting Date: October 26, 2021
Draft Plan of Finance 2022-2026
and Tax Levy Briefing
October 26, 2021
1
Topics
Draft Plan of Finance
Capital Planning and Funding: Airport
Capital Planning and Funding: Non-Airport
Tax Levy Background and Update
Appendix
2
Draft Plan of Finance 2022-2026
2022 Preliminary Budget
October 26, 2021
The Draft Plan of Finance
Provided annually to the Commission to inform the budget
process and long-term capital investment decisions
Developed based on a sustainable financial model
Detailed five-year business forecasts
Financial targets that allow the Port to withstand downside risk
and maintain strong access to financial markets
4
Approach for 2022
Recognizes both on-going uncertainty along with improvements from
business adaptation to the on-going pandemic
Financial targets provide resiliency
Revenue Bond Coverage Minimum Fund Balance
Airport 1.25x debt service (1) 18 months(2)
Non-Airport 1.80x debt service 12 months
(1) Under review
(2) By 2024
5
Airport and Non-Airport Capital Are Funded Separately
Airport Non-Airport
Relies on its own operating cash Includes Northwest Seaport
flow from airline cost recovery Alliance (NWSA), Maritime and
and non-aeronautical Economic Development (EDD)
businesses
Relies on a combination of:
Unique funding sources: Operating cash flow and revenue
Airport capital grants bonds paid from operating cash flow
Passenger Facility Charge (PFC) Tax levy after payment of other tax
Customer Facility Charge (CFC) levy uses and general obligation
(G.O.) bonds paid from the tax levy
Funds can only be used for Grants and Harbor Maintenance Tax
Airport purposes (HMT)
6
Capital Improvement Plan (CIP) and Funding
Airport
2022 Preliminary Budget
October 26, 2021
Airport CIP 2022-2026
CIP includes:
Baggage Optimization
N. Main Terminal
Redevelopment
S. Satellite Renovation
C1 expansion
SAMP design
North Satellite and IAF to be
completed in 2022
8
Airport Funding 2022-2026
96% funded from operating
cash flow and revenue
bonds
$125M capital grants
TSA & AIP
Other funding includes:
Passenger Facility and Customer
Facility Charges after the payment
of debt service
9
Capital Improvement Plan (CIP) and Funding
Non-Airport
2022 Preliminary Budget
October 26, 2021
Non-Airport CIP 2022-2026
Maritime and EDD total $378
million
NWSA CIP will be reviewed on
Oct. 28
Port is responsible for certain
legacy projects related to
NWSA facilities, e.g. channel
deepening
11
Non-Airport Capital Funding 2022-2026
39% of funding from operating
sources:
Includes cash funding and revenue
bonds paid from operating cash
Improved revenue forecast compared
to last year
56% is from tax levy related
sources:
Tax levy cash
Harbor Development (for T5)
G.O. bonds paid by the tax levy
5% from other sources including
grants and Harbor Maintenance
Tax (HMT)
12
Plan of Finance Sensitivities
Potential Improvements Potential Risks
Better than expected Worse than expected operating
operating revenues revenues
Harbor Maintenance Tax Higher costs
funds(1) Cost escalations
New initiatives
Reduced grant funding ($15
(1) Post 2022, not included in Plan of Finance due to uncertainty million of funding not yet
of amount and use secured)
13
Port-wide Revenue Bond Debt Service Coverage Forecast
Represents net income from Airport and Non - Airport businesses divided by all revenue bond debt service
Provides a measure of financial sustainability and is critical to investors and rating agencies
Port-wide funding plan su pports the Port's strong credit ratings and access to credit markets 14
Finance Initiatives
G.O. Bonds Introduction November 9, 2021
Refund 2011 bonds for savings and refund outstanding commercial paper
Issue new bonds to fund non-Airport capital spending (T5 and P66 Shorepower)
Revenue bonds
Issue new debt as needed to fund a portion of the Airport CIP
Refund bonds for debt service savings (2012 Revenue Bonds are callable next year)
Monitor other potential candidates
Early redemption of 2013 G.O. bonds for interest savings
$10.9 million due in 2023 can be called in 2022 to save $436,600 interest
Amend line of credit to reduce costs and better align with current liquidity needs
Reduce fee immediately, reduce amount in late 2022, extend one year
Manage variable rate debt credit agreements and renewals
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Tax Levy Background and Update
2022 Preliminary Budget
October 26, 2021
Tax Levy
Washington State ports are permitted to levy a tax on property within the port's
district
The levy dollar amount must be approved annually by the Commission and is part of the
budget process
The Port may approve a levy amount up to the maximum allowable within statutory limits
("maximum levy")
Proposed 2022 levy is $81 million
3% increase consistent with the prior three years
Below maximum ("banked" capacity) - maximum increases approximately 2% per year
Maximum Levy Actual/Proposed Levy
($ million) ($ million)
2021 108.5 78.7
2022 111.3 81.0
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Approach to Levy Use Plan
Key policies and practices Recommended Planning Approach
Capital investment criteria 3% Levy increase in 2022 to manage
Manage G.O. debt service to current high inflation and continued
no more than 75% of the uncertain recovery
annual tax levy 2% levy increase post 2022
Retain "banked capacity" Retains banked capacity for future
flexibility
The difference between the
actual levy and the maximum Retains most of purchasing power based on
long term average inflation between 2-3%
Provides resilience
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Commission Established Levy Use Criteria for
Capital Investments
Uses: Established in 2015, updated in 2018
Operating Cash Tax Levy
Asset Renewal Business income sufficient to Economic benefit
support investments
Strategic Initiatives Short payback/ No or long payback
Self funding
Location South Harbor North Harbor
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Tax levy Uses
Investments in maritime infrastructure
Environmental sustainability
Regional transportation mobility
Community: workforce development, partnership grants,
tourism, equity and sustainability initiatives
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Taxpayer Impact - Update
2021 2022
preliminary
Tax Levy ($ million) 78.7 81.0
Estimated millage rate ($/1000) 0.119 0.112
Median home value ($) (1) 600,000 640,000
Estimated median home Port tax ($) (2) 72 72
(1) 2022 estimate based on growth of assessed value of existing properties (excludes new
construction)
(2) Rounded to the nearest dollar
The Port's levy increases by 3% in 2022, but assessed valuation
increases by 9%, thus the millage rate declines.
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Overall Taxpayer Impact 2021
Only 1.2% of King County taxes go to the
Of the $6.6 billion of Port
property taxes paid in 30.4%
King County, 1.2% goes 26.8%
to the Port
In 2021, the median 15.2%
13.8%
homeowner paid $6,566 12.4%
in total property tax with
$72 going to the Port
1.2%
Port County All Other Municipal Local State
Schools Schools
22
2021 Tax Levy Update
($ million)
In addition to the tax levy,
SOURCES OF TAX LEVY FUNDS 2021
2021 Beginning Levy Fund Balance $ 24.1 Commission established:
Annual Tax Levy 78.7 Harbor Development fund
Reimbursements 6.4 (HDF) for T - 5 redevelopment
Investment Income 0.3
Total Sources $ 109.4 Transportation
Infrastructure fund (TIF) for
USES OF TAX LEVY FUNDS regional mobility
G.O. bond debt service (Existing) $ 38.5 participation
Environmental Remediation Expense 9.8
Community Programs 15.3 Further details on TIF and
NWSA Membership Interest Contribution - net 5.5 HDF and 2021 levy uses
Non-Airport Capital Investments 21.6
Total Uses $ 90.7 can be found in Appendix
Projected Ending 2021 Levy Fund Balance $ 18.7
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Tax Levy Fund Sources and Uses 2022-2026
($ million)
Tax Levy Fund - Assumptions
SOURCES OF TAX LEVY FUNDS 2022-2026
Beginning Balance $ 18.7 3% increase in 2022; 2% annual
Tax Levy Collection 421.7 increase 2023-2026
Environmental Receipts 48.4
Total Sources $ 488.7 Inflationary adjustment
USES OF TAX LEVY FUNDS Maximum levy increases approximately
G.O. Bond Debt Service $ 242.7 2% per year
Capital Investments 86.8 Future insurance recoveries for
Environmental Expense 101.2
Community Programs 47.9 environmental remediation
Other (1) 9.5 New G.O. bonds to pay $292 million
Total Uses $ 488.1 of investments in addition to the $87
2026 Projected Ending Balance $ 0.7 million paid by tax levy cash
(1) Includes NWSA membership interest and bridge mitigation, Pier 86
public expense, and Community Program FTE support Additional Tax Levy details can be found in the Appendix
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Tax Levy Discretionary Spending
Most levy spending is
not discretionary
Discretionary spending
includes program and
capital investments
35% in 2022
42% 2022-2026
Spending becomes more
discretionary over time
(1) Includes 2022 bonds that will fund remaining obligations for T5
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Appendix
2022 Preliminary Budget
October 26, 2021
Contents
Pages
CIP and Funding tables
Additional Tax Levy Information
Industrial Development District Levy Information
Credit Ratings
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Airport CIP and Funding
2022-2026 2022-2026
Airport CIP ($ million) Aviation Funding Sources ($ million)
Baggage Optimization $ 555.8 Operating Cash (1) $ 391.6
North Main Terminal Redevelopment 343.4 Grants 125.1
SSAT Renovation/Renewal 324.1 Passenger Facility Charge (PFC) 1.4
C1 Building Floor Expansion 276.3 Customer Facility Charge (CFC) 17.7
NSAT 27.3 Existing revenue bond proceeds 380.7
International Arrivals Facility 20.5 Future bond proceeds 3,100.6
Other Existing Projects 1,343.8 Total Airport Funding $ 4,016.9
Proposed New Projects 775.8
SAMP Planning/Design (1) 202.6 Airport CIP $ 3,980.7
CIP Reserves 111.0 Allocated Central Services CIP 36.2
TOTAL $ 3,980.7 Total Airport Funded CIP $ 4,016.9
Allocated Central Services CIP 36.2 (1) Includes airport income available after payment of revenue bond debt service.
Total Airport Funded CIP $ 4,016.9 Note: totals may not add due to rounding
(1) Sustainable Airport Master Plan
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Non-Airport CIP and Funding
2022-2026 2022-2026
Non-Airport CIP ($ million) Non-Airport Funding Sources ($ million)
Maritime & Economic Development CIP $ 378.4 Operating Cash (1) $ 159.8
NWSA - 50% Share (North & South Harbor) 275.7 Grants 33.3
NWSA - Reserve & Port Projects (1) 39.5 Harbor Development Fund 14.0
TOTAL $ 693.6 Harbor Maintenance Tax (HMT) 2.8
Allocated Central Services CIP 8.4 Tax levy (2) 86.8
Total Non-Airport Funded CIP $ 702.0 Future revenue bond proceeds 113.3
(1) Includes North Harbor channel deepening and other 100% Port legacy costs in North Harbor. Future G.O. bond proceeds 292.0
Note: totals may not add due to rounding Total Non-Airport Funding $ 702.0
(1) Includes non-airport income available after payment of revenue bond debt service.
(2) Assumes 3% annual levy increase in 2022 and 2% annual increase from 2023-2026.
Note: totals may not add due to rounding
29
Port's Taxing Authority
Port taxing limitations: Port is limited by the most restrictive currently the 1%
limit
1% limit
The maximum levy is increased each year by the 1% limit factor
Prior year's maximum is increased by the lessor of 1% or inflation
New construction is added
The maximum levy for 2022 is estimated to be ~$111.3 million
45 cent limit
The amount of the tax levy in any given year is limited to 45 cents per $1000
of assessed value
For 2022, this limit would translate to ~$324.2 million
Excludes the amount needed to pay G.O. bond debt service of $39.4 million
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2021 Levy Status
SOURCES AND USES OF TAX LEVY ($ million)
2021 2021 Budget
SOURCES Budget Est./Act Variance
2021 Beginning Fund Balance $ 8.1 $ 24.1 $ 16.0
Annual Tax Levy 78.7 78.7 -
Environmental Grants & Other Reimbursements 4.4 4.4 -
General Fund Reserve transfer for OYI (WFD) - 2.0 2.0
Investment Income - 0.3 0.3
Total Sources $ 91.1 $ 109.4 $ 18.3
USES
G.O. bond debt service (Existing) $ 38.5 $ 38.5 $ -
Environmental Remediation Expense 11.4 9.8 1.6
Capital Expenditures - Maritime 16.5 9.9 6.6
Capital Expenditures - EDD 2.1 2.5 (0.3)
NWSA North Harbor Spending 7.7 8.9 (1.2)
Miscellaneous Capital - 0.3 (0.3)
NWSA Membership Interest Contribution 5.5 5.5 -
Airport Community Ecology (ACE) Fund 0.2 0.2 -
Energy and Sustainability Policy Directives 0.4 0.4 -
Workforce Development 1.4 3.4 (2.0)
Economic Development Partnership Program 0.9 0.9 -
Tourism Grants 1.4 1.4 -
Local Community Advertising Program 0.4 0.3 0.1
Maritime Blue - 0.2 (0.2)
Duwamish Valley Community Equity Program 0.3 0.3 -
South King County Fund 2.0 2.0 -
Sustainable Aviation Fuels and Air Emissions Programs 0.3 0.3 -
City of SeaTac Safety Enhancements 1.4 1.4 -
Highline Schools Noise Projects - 4.6 (4.6)
Total Uses $ 90.5 $ 90.7 $ (0.2)
Estimated Ending 2021 Tax Levy Fund Balance $ 0.6 $ 18.7
Totals may not foot due to rounding
31
2009-2021 Tax Levy & Millage Rate (1)
(1) Millage rate represents the amount per every $1,000 of assessed valuation
32
Actual vs. Maximum Allowable Levy
33
Transportation and Infrastructure Fund (TIF)
TIF ($ million) 2022-2026 Post 2026
Beginning Balance $ 67.9 $ 31.7
Transportation Investments (36.2) (26.6)
Ending Balance 31.7 5.1
Transportation Investments ($ million) 2022 2023 2024 2025 2026 2022-2026 Post 2026
Seattle Heavy Haul Network $ 0.1 $ 2.1 $ 2.0 $ 2.0 $ 2.0 $ 8.1 $ 11.6
Fast Corridor I 0.1 - - - - 0.1 -
Fast Corridor II - - - 0.8 - 0.8 -
West Seattle Bridge 6.0 3.0 - - - 9.0 -
Safe and Swift 3.2 - - - - 3.2 -
Puget Sound Gateway (SR 509) - - 15.0 - - 15.0 15.0
TOTAL $ 9.3 $ 5.1 $ 17.0 $ 2.8 $ 2.0 $ 36.2 $ 26.6
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Harbor Development Fund (HDF)
HDF created in 2017 in anticipation of
HISTORY of HARBOR DEVELOPMENT FUND
($ million) investment in Terminal 5
2017-2020 2021 2022 $14 million projected balance available to
Beginning HDF Balance - $ 57.8 $ 14.0 continue Terminal 5 funding in 2022.
SOURCES Port's share of 2022-2026 T-5 modernization
Deposits from Tax Levy $ 115.0 $ - $ - costs is ~$74 million
Investment Earnings 5.2 0.3 -
Additional amounts not funded with HDF will
Total Sources $ 120.2 $ 0.3 $ -
be paid from other sources including:
USES Tax levy cash or G.O. Bonds
T-5 Modernization (Port 50% share) $ (62.5) $ (44.0) $ (14.0)
Capital Grants
Ending HDF Balance $ 57.8 $ 14.0 $ (0.0) Harbor Maintenance Tax/ Water Resources
Development Act
35
Tax Levy Cash Flows for Non-Capital Uses
($ million) 2022 2023 2024 2025 2026 TOTAL
G.O Bond Debt Service $ 55.7 $ 48.5 $ 48.5 $ 48.6 $ 41.3 $ 242.7
Environmental Remediation Expense 9.7 9.3 20.0 35.8 26.4 101.2
NWSA membership interest (net) and bridge mitigation 2.0 5.0 - - - 7.0
Other (1) 1.5 0.5 0.5 - - 2.5
Subtotal $ 68.9 $ 63.3 $ 69.0 $ 84.3 $ 67.7 $ 353.3
Energy and Sustainability Fund $ 0.2 $ - $ - $ - $ - $ 0.2
Airport Community Ecology Fund 0.1 - - - - 0.1
Economic Development Programs 1.2 1.2 1.2 1.2 1.2 6.0
Workforce Development 2.6 2.6 2.6 2.6 2.6 13.1
Diversity in Contracting 0.0 0.0 0.0 0.0 0.0 0.1
Sustainable Eco-Tourism Conference 0.1 - - - - 0.1
Regional Small Business Partnerships 0.2 0.2 0.2 0.2 0.2 0.8
Maritime Blue 0.2 0.2 0.2 0.2 0.2 0.8
Tourism Marketing Support Program 0.6 0.6 0.6 0.6 0.6 2.8
Duwamish Valley Community Equity Program 0.4 0.4 0.4 0.4 0.4 1.9
Local Community Advertising Program 0.5 0.5 0.5 0.5 0.5 2.4
South King County Fund 2.2 2.9 2.9 - - 7.9
Sustainable Aviation Fuels and Air Emissions Programs 0.2 2.3 2.3 - - 4.8
City of SeaTac Safety Enhancements 1.4 1.4 1.4 1.4 1.4 7.0
Subtotal - Community Programs $ 9.7 $ 12.1 $ 12.1 $ 7.0 $ 7.0 $ 47.9
Total Non-Capital Tax Levy Uses $ 78.6 $ 75.4 $ 81.1 $ 91.3 $ 74.8 $ 401.2
(1) Includes Pier 86 public expense and Community Program FTE support
Note: Certain programs have multiple funding sources, this table shows tax levy funding only
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Levy & G.O. Bond Funded Capital Investments
($ million)
Status CIP Description 2022 2023 2024 2025 2026 Total
Maritime and Economic Development Projects
5 Terminal 117 Restoration 2.5 0.3 0.3 0.3 0.3 3.6
5 CW Bridge and Elevator Modernization 2.0 0.0 - - - 2.0
5 Terminal 91 Northwest Fender 0.0 - - - - 0.0 Includes:
5 P66 BHICC Interior Modernization 0.0 - - - - 0.0
4 Terminal 91 Berth 6 & 8 Redevelopment 1.3 20.7 39.0 0.8 - 61.8 $87 million tax levy cash
4 Terminal 91 Uplands Development Phase I 1.5 2.1 23.1 22.4 - 49.1
4 FT Maritime Innovation Center (1) 1.3 2.6 11.1 - - 15.0 $292 million G.O. Bonds
4 Pier 66 Shore Power (1) 5.2 8.8 0.0 - - 14.0
4 WTC HVAC Replacement 2.7 - - - - 2.7
4 FT Site Improvements 0.4 0.5 1.5 - - 2.4
4 FT Gateway Building - - - - 1.9 1.9 $27 million in spending can be
4 FT ADA Compliance Project 1.4 0.0 - - - 1.4
4 Pier 69 Underdock Utility Replacement (2) 1.2 0.2 - - - 1.4 shifted to revenue resources in
3 Terminal 46 Replace N. Pier Structure - 2.5 2.5 30.0 25.0 60.0 2025/2026
3 JBP Pier Replacement 0.3 0.7 3.5 3.5 - 8.0
3 FT C-14 Downey Building Improvement 0.8 2.3 0.1 - - 3.2
3 WTCW Roof Replacement 1.6 0.1 - - - 1.7
2 FT NW Dock West Improvements - 0.5 1.5 10.0 15.0 27.0
2 FT C15 Building Misc. Improvments - - 0.1 1.4 1.2 2.7 New projects appropriate for tax
Maritime/Economic Development CIP Reserve 1.5 2.0 - - - 3.5 levy/G.O. bonds include:
Subtotal - Levy Funding MD & EDD CIP 23.8 43.2 82.7 68.3 43.4 261.4
P69 Underdock Utility
NWSA North Harbor and POS-related (JV) Projects
Terminal 5 Modernization (3)
Replacement
20.9 21.4 4.5 - - 46.8
Other North Harbor Projects (4) 2.9 10.9 33.1 13.2 10.3 70.3 World Trade Center Roof and
Channel Deepening and other POS-related Projects (JV) 0.6 0.6 13.3 13.0 - 27.5 HVAC replacements
Subtotal - NWSA North Harbor and POS-related (JV) CIP 24.4 32.9 50.8 26.2 10.3 144.6
Shift from Levy & G.O. Bond Funding to Revenue Bond Funding (5) - 18.2 2.7 (10.0) (38.0) (27.1)
Total Levy & G.O. Bond Funding of Non-Airport CIP (5) 48.2 94.3 136.2 84.5 15.7 378.8
(1) Net of capital grant funding
(2) Net of Airport-funded portion
(3) Net of funding from Harbor Development Fund, Harbor Maintence Tax, and NWSA capital grants (Port share)
(4) Net of NWSA capital grants (Port share)
(5) Spending that is currently levy funded but may be general funded or revenue bonds.
37
Non-Airport Operating Cash Flow Available for Capital
Cash Flow From Non-Airport Operations Available for Capital
($ million) 2022 2023 2024 2025 2026 TOTAL
Distributable Cash (adjusted) from NWSA (1) $ 49.1 $ 40.5 $ 57.0 $ 59.9 $ 63.6 $ 270.1
Maritime net income 1.7 9.7 13.7 19.2 22.7 67.0
EDD net income (9.5) (9.5) (8.8) (8.2) (8.4) (44.4)
Revenue bond debt service and adjustments (2) (30.0) (30.1) (29.8) (29.8) (35.0) (154.7)
TOTAL $ 11.2 $ 10.6 $ 32.1 $ 41.1 $ 42.9 $ 138.0
(1) Excludes NWSA capital grants, which are reflected separately as a funding source of NWSA capital
(2) Adjustments include certain non-operating revenues and expenses and reimbursements for tax levy & other funded EDD and
Corporate expenses
38
IDD Levy - Background
Port can levy property tax within an Industrial Development District (IDD)
In addition to regular property tax
A port can form multiple districts
Coextensive with port district, or
Smaller area within the Port district
The Port already has two Industrial Development Districts
Port can implement the levy twice - Port of Seattle implemented first round in 1963
Purpose is to provide for harbor improvements or industrial development of marginal lands
Broadly defined
Includes areas of poor planning or declining tax receipts
39
IDD Levy Implementation
Port may implement a second round based on a new formula
Maximum of $2.0 billion over a period of up to 20 years
Average amount = $98 million (for 20 years)
Port can establish a smaller IDD or collect a lesser amount, but cannot bank the
unused capacity
Process to implement
Publish notice by April 1 to begin collecting the next year
If within 90 days a petition of 8% of voters (voting in the most recent gubernatorial
election) opposes, the Port must hold a special election to approve the levy
40
IDD Levy Information: "Marginal lands" are defined to include property
subject to the following (RCW 53.25.030) conditions:
1. An economic dislocation, deterioration, or disuse resulting from faulty planning.
2. The subdividing and sale of lots of irregular form and shape and inadequate size for proper usefulness and development.
3. The laying out of lots in disregard of the contours and other physical characteristics of the ground and surrounding
conditions.
4. The existence of inadequate streets, open spaces and utilities.
5. The existence of lots or other areas which are subject to being submerged by water.
6. By a prevalence of depreciated values, impaired investments, and social and economic maladjustment to such an extent
that the capacity to pay taxes is reduced and tax receipts are inadequate for the cost of public services rendered.
7. In some parts of marginal lands, a growing or total lack of proper utilization of areas, resulting in a stagnant and
unproductive condition of land potentially useful and valuable for contributing to the public health, safety and welfare.
8. In other parts of marginal lands, a loss of population and reduction of proper utilization of the area, resulting in its
further deterioration and added costs to the taxpayer for the creation of new public facilities and services elsewhere.
9. Property of an assessed valuation of insufficient amount to permit the establishment of a local improvement district for
the construction and installation of streets, walks, sewers, water and other utilities.
10. Lands within an industrial area which are not devoted to industrial use but which are necessary to industrial
development within the industrial area.
41
Current Credit Ratings
Noted Credit Strengths:
Diverse asset and revenue base
Fitch Moody's S&P Airport's market position and
General Obligation Bonds AA- Aaa AA- enplanement levels
First Lien Revenue Bonds AA Aa2 AA- Strong balance-sheet liquidity levels
Intermediate Lien Revenue Bonds AA- A1 A+
Subordinate Lien Revenue Bonds AA- A2 A+ Conservative debt structure and healthy
Fuel Hydrant Special Facility Bonds A1 A- debt service coverage ratios
Strong governance and management
Long-range strategic and sustainability
plans
Vibrant and resilient area economy
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