2024-10-22 SM Packet Part 19 (draft Plan Of Finance Property Tax Levy 2025) 2

BRIEFING ITEM Date of Meeting October 22, 2024 DATE: October 4, 2024 TO: Stephen Metruck, Executive Director FROM: Elizabeth Morrison, Director Corporate Finance Scott Bertram, Manager, Corporate Finance SUBJECT: Briefing on the Tax Levy and Draft Plan of Finance for 2025-2029 EXECUTIVE SUMMARY This briefing is intended to inform the Commission’s decision on the amount of the tax levy for the 2025 budget year and to inform the Commission on the Port’s funding of its 2025-2029 Capital Investment 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 2025 tax levy amount and uses. For the 2024 budget, the Commission authorized a levy of $86.66 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 2025 tax levy to $88.39 million, a 2.0% increase from 2024. As part of the annual budget process, staff provides a Draft Plan of Finance that is updated each year for…

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PSCAA Advisory Council Meeting Agenda
Add to CalendarMWednesday Mar 11, 9:00am - 11:35am
1904 3rd Avenue, Suite 105, Seattle, WA 98101
Call to order – Roll Call – Quorum Established – Land Acknowledgement We would like to acknowledge that our Agency operates in four present-day counties, which are the traditional lands of the Coast Salish people, past and present. This acknowledgement does not take the place of authentic relationships with indigenous communities in our jurisdiction and [...]