Item No. 10a reso
Date of Meeting: November 14, 2023

Introduced and Public Hearing: 11/14/23
Adopted:
PORT OF SEATTLE
RESOLUTION NO. 3814
A RESOLUTION of the Port Commission of the Port of Seattle
adopting the final budget of the Port of Seattle for
the year 2024; 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 properties of the Port of Seattle
District in the Year 2024.
WHEREAS, the Port of Seattle in the Century Agenda commits to create
economic opportunity for all, steward our environment responsibly, partner with
surrounding communities, promote social responsibility, conduct ourselves
transparently, and hold ourselves accountable; and
WHEREAS, the Port of Seattle's Century Agenda outlined goals of meeting
current demand as a business gateway and tourism hub for the region, and further
expressed the need to anticipate future growth of the region and to prepare for the ensuing
demand for cruise, maritime, and aviation all for the economic benefit of the region; and
WHEREAS, the Port of Seattle Commission is committed to the responsible
stewardship of public tax revenue, financial transparency, and an open budget process;
and
WHEREAS, the Port of Seattle and its Commission are committed to making
strategic investments necessary to promote a thriving maritime and industrial economy
and recognize that increasing pressure on industrial lands and freight corridors in the
region threatens the viability of this sector; and
WHEREAS, the long-term viability of the maritime and industrial sector is
dependent on a robust and well-trained workforce and the sector is facing both an aging
workforce and a limited influx of trained younger workers to replace those approaching
retirement and the need to strengthen training and pathways into the sector; and
WHEREAS, the Port of Seattle Commission is committed to reducing our carbon
footprint by investing in solutions to become the "greenest" and most efficient port in the
Resolution No. 3814, 2024 Budget

Page 1 of 3

nation and we are further committed to assisting and incentivizing those we do business in
order to reach these goals; and
WHEREAS, the Port of Seattle Commission has determined that the mission of
the Port is to create good jobs in the region by advancing trade and commerce, promoting
manufacturing and maritime growth, and stimulating economic development; and
WHEREAS, the Port of Seattle Commission, on the 24th day of October, 2023,
published the preliminary 2024 Budget of the Port of Seattle on the Port website and, on the
26th day of October, 2023, made hard copies available to the public; and for the publication
of Notice of Budget Hearing to consider adoption of a final budget, to be heard on the 14th
day of November, 2023, when taxpayers might appear and present objections to the
preliminary 2024 Budget; and
WHEREAS, a public hearing on the preliminary 2024 Budget was held remotely
and in-person in the Port Commission Chambers, pursuant to notice duly given, in the
City of Seattle, County of King, State of Washington, on the 14th of November, 2023, at
12 p.m.; and
WHEREAS, all parties present at said hearing were afforded a full opportunity to
present objections to the preliminary 2024 Budget, and the Port Commission being duly
advised in the premises; and
WHEREAS, the King County Assessor notified the Commissioners of the Port of
Seattle on the 28th day of September, 2023, that the preliminary regular levy assessed
value of the property lying within the boundaries of the Port of Seattle district ("Port
District") for the year 2023 is $818,180,224,035 (after omitted assessments); and
WHEREAS, the King County Assessor notified the Commissioners of the Port of Seattle
on the 28th day of September, 2023, that the preliminary maximum allowable levy is
$115,552,773, including $273,518 levy for prior year refunds, and the Port intends to retain
this levy capacity; and
WHEREAS, the Port has outstanding General Obligation bonds due in 2024 and
has a General Obligation line of credit, for the payment of the principal and interest on
such indebtedness in 2024 the entire amount of the levy is required to be available to the
Port.
NOW, THEREFORE, BE IT RESOLVED by the Port Commission of the Port of
Seattle that the preliminary 2024 Budget, as updated and amended at the November 14,
2023, Port Commission hearing, and as may have been further amended by the Port
Commission on this 21st of November, 2023, is hereby adopted as the final budget of the
Port of Seattle for the Year 2024. Said final budget includes the statutory budget required
under RCW 53.35.040. A copy of the final budget shall be made available to the public on
the Port of Seattle website.

Resolution No. 3814, 2024 Budget

Page 2 of 3

BE IT FURTHER RESOLVED that the amount of taxes to be levied by the Port
of Seattle on the current assessment rolls to provide for payment of bond redemption and
interest on the Port of Seattle General Obligation Bonds and line of credit and, as available,
for future expenditures for acquisitions and capital improvements and for such general
purposes allowed by law which the Port deems necessary be set and deposited is still
pending commission approval.
BE IT FURTHER RESOLVED that the King County Council, State of
Washington, be notified that the specific sum herein mentioned being a total of $86,664,580
is necessary to be raised by taxation to meet the payment of bond redemption and interest
on Port of Seattle General Obligation Bonds and line of credit, of future expenditures
for acquisitions and capital improvements, and of costs for such general purposes
allowed by law which the Port deems necessary, as set forth for the period January 1,
2024, and thereafter; that said King County Council be respectfully requested to make
a levy in said amount for the aforesaid purposes.
BE IT FURTHER RESOLVED that the above is a true and complete listing of levies
for the Port District for collection in the year 2024 and they are within the maximums
established by law.
ADOPTED by the Port Commission of the Port of Seattle at a duly noticed meeting held
this 21st day of November, 2023, and duly authenticated in open session by the signatures of
the Commissioners voting in favor thereof and the seal of the Commission.
________________________________
________________________________
________________________________
________________________________
________________________________
Port Commission

Resolution No. 3814, 2024 Budget

Page 3 of 3