10b. Memo
Introduction and Public Hearing Resolution 3815
COMMISSION AGENDA MEMORANDUM Item No. 10b ACTION ITEM Date of Meeting November 14, 2023 DATE: October 20, 2023 TO: Stephen P. Metruck, Executive Director FROM: Dan Thomas, Chief Financial Officer Michael Tong, Director, Corporate Budget SUBJECT: Introduction and Public Hearing of Resolution No. 3815, Specifying the Dollar and Percentage Change in the Regular Property Levy from the Previous Year per RCW 84.55.120; Providing for an Increase of the Levy from $82,657,367 to $86,664,580. ACTION REQUESTED Request Introduction of, and hold a public hearing regarding, Resolution No. 3815: A resolution of the Port Commission of the Port of Seattle specifying the dollar and percentage change in the regular property levy from the previous year per RCW 84.55.120; providing for a 4.8 percent increase of the levy from $82,657,367 to $86,664,580. EXECUTIVE SUMMARY RCW 84.55.120 requires Washington State taxing districts to adopt a separate ordinance or resolution specifically authorizing any increase in property tax levies. The resolution must also specifically state the dollar increase and percentage change in the levy from the previous year. In connection with the Port’s proposed 2024 budget, Resolution No. 3815 authorizes an increase of $4,007,213, a 4.8 percent increase in the Port tax levy from 2023. Excluding the new construction and refund amount, the increase is $2,699,680 or 3.3 percent from 2023 for tax filing purposes. The Port’s estimated levy rate is $0.1059 per thousand of assessed value for 2024. ADDITIONAL BACKGROUND The budget process includes planning, setting up and testing new budget modules in the budget system, budget user training, department 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. Template revised April 12, 2018. COMMISSION AGENDA – Action Item No. 10b Page 2 of 2 Meeting Date: November 14, 2023 Prior to the Introduction and public hearing of the preliminary 2024 Budget on November 14, 2023, staff has provided 7 briefings to the Commission. The preliminary 2024 Budget was provided to the Port Commission on October 24, 2023 and made available to the general public on October 26, 2023. An announcement of the preliminary budget and public hearing was made in the Daily Journal of Commerce newspaper on November 2, 2023 and November 9, 2023. 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 final 2024 Budget and Draft Plan of Finance will be released to the public by December 8, 2023. ATTACHMENTS TO THIS REQUEST (1) Draft Resolution No. 3815 PREVIOUS COMMISSION ACTIONS OR BRIEFINGS October 24, 2023 – 2024 Tax Levy and Draft Plan of Finance for 2024-2028 Briefing October 10, 2023(PM) – Maritime and EDD CIP and Operating Budgets Briefing October 10, 2023 (AM) – Aviation Division CIP and Operating Budgets Briefing September 26, 2023 – 2024 Central Services Preliminary Budget and Portwide Rollup Briefing July 25, 2023 – 2024 Budget Development Briefing July 24, 2023 – Commission Budget Retreat – Part II June 29, 2023 – Commission Budget Retreat – Part I Template revised September 22, 2016.
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