In November 2018, the Port of Seattle Commission received a briefing on the proposed tax levy and five-year Capital Improvement Plan (CIP) financing for 2019–2023. Staff recommended increasing the property tax levy from $72 million to $74.16 million (a 3% rise) to cover funding gaps in Maritime, Economic Development, and Northwest Seaport Alliance projects, even after deferring certain capital projects. The Airport division was noted as a self-funding enterprise with its own separate financing plan.Open full document
Notes
This Commission agenda memorandum briefing covers the Port of Seattle’s proposed 2019 tax levy and the Draft Plan of Finance for 2019-2023. Staff recommends increasing the tax levy from $72 million to $74.16 million (a three percent increase) to fund the Capital Improvement Plan. The document explains that even with project deferrals, the preliminary budget levy amount is insufficient to cover non-Airport operations including Maritime, Economic Development, and the Northwest Seaport Alliance.