Minutes
P.O. Box 1209 Seattle, Washington 98111 www.portseattle.org 206.787.3000 APPROVED MINUTES COMMISSION SPECIAL MEETING OCTOBER 12, 2021 The Port of Seattle Commission met in a special meeting Tuesday, October 12, 2021. The meeting was held remotely in accordance with Senate Concurrent Resolution 8402 and the Governor's Proclamation 20-28. Commissioners Bowman, Calkins, Cho, Felleman, and Steinbrueck were present. 1. CALL TO ORDER Pursuant to RCW 42.30 and Article IV, Section 8, of the commission bylaws, the meeting convened at 8:30 a.m. to conduct a study session regarding the 2022 Aviation Division Operating and Capital Budgets. 2. PRESENTATIONS AND DISCUSSION Presenters Steve Metruck, Executive Director Lance Lyttle, Managing Director, Aviation Borgan Anderson, Director, AV Finance & Budget Keri Stephens, Manager, AV Capital Programs Jeffrey Brown, Chief Operating Officer, Aviation Presentation Materials 2022 Aviation Division Operating and Capital Budgets Presentation Members of the Commission received a presentation from Executive Director Metruck and staff. The presentation addressed: strategy to budget; status on Century Agenda Objectives; SWOT; strategic priorities; operating budget; capital budget 2022 2026; and financial forecast 2022 2026. Members of the Commission, Executive Director Metruck, and staff discussed: federal funding allocations; no contingency built into the Sustainable Airport Master Plan; a Sustainable Airport Master Plan goal built into the sustainable aviation goal; Digital recordings of the meeting proceedings and meeting materials are available online www.portseattle.org. PORT COMMISSION SPECIAL MEETING MINUTES Page 2 of 2 TUESDAY, OCTOBER 12, 2021 how the 2014 noise goal was selected; passenger forecast assumptions; the projected increase in budget in 2022; a projected continued high level of spending in the next several years due to planned projects; indication of what growth of employees in the next few years is expected to be; the need to conduct an updated staffing study; how snow events are funded; how parking rates are determined and if the budget contemplates increases in rates rate increases are envisioned sometime in the future; 'payroll vacancy factor;' costs associated with onboarding new employees Executive Director Metruck stated that he could provide more information and forecasts on moving forward, including costs, with respect to the overall view of the workforce; debt service coverage ratio and how debt service is paid; capital program growth and how we are accounting for that growth; areas of planned development that necessitate additional resources; air service incentives; cost center allocations and categories; having additional definitions of what categories mean; project driven reductions in the environmental liability category; a budget line item for electrical tugs; what a regional solution means for on-site industrial waste treatment; how the Port compares with other ports around the country with respect to cost per enplanement; the average term for bonds and how cost overruns are accounted for; and funding in 2022 to complete environmental review for sustainable airport master planning. 3. ADJOURNMENT There being no further business, the meeting adjourned at 10:15 a.m. Prepared: Attest: Michelle M. Hart, Commission Clerk Sam H. Cho, Commission Secretary Minutes approved: October 26, 2021. Minutes of November 17, 2020, submitted for review on December 3, 2020, and proposed for approval on December 8, 2020. Minutes of October 27, 2020, submitted for review on November 5, 2020, and proposed for approval on November 10, 2020.
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