Port Of Seattle 2019 Tax Levy Memo

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Port of Seattle

BRIEFING ITEM Date of Meeting November 13, 2018 DATE: October 5, 2018 TO: Stephen Metruck, Executive Director FROM: Elizabeth Morrison, Director Corporate Finance SUBJECT: Briefing on the Tax Levy and Draft Plan of Finance for 2019-2023 EXECUTIVE SUMMARY This briefing is intended to inform the Commission’s decision on the amount of the tax levy for the 2019 budget year and to inform the Commission on the Port’s funding of its 2019-2023 Capital Improvement Plan (CIP) - the Draft Plan of Finance. BACKGROUND 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 2019 tax levy amount. The Preliminary Budget referenced a 2019 tax levy of $72 million, the same as the 2018 levy. Staff recommends that the 2019 levy be set at $74.16 million, a three percent increase. 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…

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