11a. Memo

2024 2028 Tax Levy Draft Plan Briefing

AGENDA MEMORANDUM                        Item No.          11a 
BRIEFING ITEM                            Date of Meeting    October 24, 2023 
DATE:     October 6, 2023 
TO:        Stephen Metruck, Executive Director 
FROM:    Elizabeth Morrison, Director Corporate Finance 
Scott Bertram, Manager, Corporate Financial Analysis 
SUBJECT:  Briefing on the Tax Levy Draft Plan of Finance for 2024-2028 
This briefing is intended to inform the Commission’s decision on the amount of the tax levy for
the 2024 budget year and to inform the Commission on the Port’s funding of its 2024-2028 
Capital Investment Plan (CIP) - the Draft Plan of Finance. 
Ports in Washington State have authority to levy taxes on property within the port district, within
certain statutory limits; the Port may use this strategic resource for any allowable port purpose
other than the payment of revenue bond debt service. As part of the Port’s budget process, the
Commission establishes the amount of taxes to be levied within the Port district for the budget
year. Staff will provide information on the uses of the tax levy and will seek Commission guidance
on the establishment of the 2024 tax levy amount and uses.  For the 2023 budget, the
Commission authorized a levy of $82.66 million. The Draft Plan of Finance incorporates a levy
amount that is 75% of the maximum amount the Port is allowed to levy within statutory limits;
this brings the 2024 tax levy to $86.7 million a 4.8% increase from 2023.
As part of the annual budget process, staff provides a Draft Plan of Finance that is updated each
year for the subsequent five-year CIP and provides information on the funding sources available
to support the CIP. The Draft Plan of Finance is intended to illustrate the Port’s capacity to fund
investments based on the projected available resources.  Because it incorporates the 2024 
operating budgets and forecasts and the tax levy, decisions made as part of the budget process
affect funding resources.  Staff has developed a Draft Plan of Finance for the Airport as a selffunding
enterprise. The Port’s non-Airport operations – Maritime, Economic Development and
the Port’s participation in the Northwest Seaport Alliance (NWSA) - share funding resources and
the Draft Plan of Finance incorporates funding for both Port and NWSA CIPs. 

Template revised September 22, 2016.

             COMMISSION AGENDA – Briefing Item No.   11a                              Page 2 of 2 
Meeting Date: October 24, 2023 
(1)   Presentation slides –Tax Levy and Draft Plan of Finance 2024-2028 
October 10, 2023 – Maritime and EDD CIP and Operating Budgets Briefing 
October 10, 2023 – Aviation Division CIP and Operating Budgets Briefing 
September 26, 2022 – 2023 Central Services Preliminary Budget and Portwide Rollup Briefing 
July 27, 2023 – Commission Budget Retreat 
June 24, 2023 – Commission Budget Retreat 

Template revised September 22, 2016.


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