10b. Memo

Introduction and Public Hearing Resolution 3815

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 
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. 
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
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. 
(1)   Draft Resolution No. 3815 
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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