This is the Port of Seattle's Comprehensive Annual Financial Report covering the fiscal year ended December 31, 2005. Prepared by the Port's Department of Accounting & Procurement Services, the report provides a detailed account of the Port of Seattle's financial activities, which oversees major transportation infrastructure in Washington State, including Seattle-Tacoma International Airport and the seaport facilities. The document serves as an official public record of the Port's financial performance and stewardship for that year.

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This is the Comprehensive Annual Financial Report (CAFR) for the Port of Seattle, State of Washington, for the fiscal year ended December 31, 2005. The report was prepared by the Department of Accounting & Procurement Services. It covers the Port of Seattle’s financial activities including its airport and maritime operations.

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As the source for federal transportation grants, the Puget Sound Regional Council was charged with developing a system to meet the growing need for commercial aviation. When the search for a second airport failed, they authorized the Port of Seattle to build the Third Runway, with a mandate to develop a noise abatement and mitigation program. In their effort to stop the Third Runway, the ACC argued over every detail of the Port's efforts--including property buyouts and sound insulation. The dispute was meant to be settled by a three member Expert Arbitration Panel. This is their final report. It finds 2-1, that the Port's program was insufficient in several respects. Despite that, funding for the Third Runway was approved by the PSRC, and the 'Port Package' program, proceeded largely unchanged. Expert Arbitration Panel's final decision finding that the Port of Seattle had not shown sufficient reduction in real on-the-ground noise impacts to satisfy noise reduction conditions required for approval of a third runway at Sea-Tac International Airport. The majority decision concluded the Port's noise abatement programs were insufficient despite being impressive in scope.

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