2020 Port of Seattle Annual Financial Report

As of December 31, 2020 and 2019, and for the years ended December 31, 2020, 2019, and 2018 www.portseattle.org WASHINGTON STATE Port of Seattle ⁄ 2020 Annual Financial Report 2 Annual Financial Report As of December 31, 2020 and 2019, and for the years ended December 31, 2020, 2019, and 2018 Washington State This report was prepared by the Accounting and Financial Reporting Department Port of Seattle ⁄ 2020 Annual Financial Report 3 Table of Contents Introductory Section (Unaudited) Letter from the Leadership 7–8 Letter of Transmittal 9–13 Certificate of Achievement for Excellence in Financial Reporting 14 Organizational Chart for 2021 15 List of Elected and Appointed Officials in 2021 16 Financial Section Independent Auditor’s Report 19–20 Management’s Discussion and Analysis (Unaudited) 21–31 Basic Financial Statements: Enterprise Fund: Statement of Net Position as of December 31, 2020 and 2019 32–33 Statement of Revenues, Expenses, and Changes in Net Position for the Years Ended December 31, 2020, 2019, and 2018 34 Statement of Cash Flows for the Years Ended December 31, 2020, 2019, and 2018 35–36 Warehousemen’s Pension Trust Fund: Statement of Fiduciary Net Position as of December 31, 2020 and 2019 37 Statement of Changes in Fiduciary Net Position for the Years Ended December 31, 2020, 2019, and 2018 38 Notes to Financial Statements 39–87 Required Supplementary Information (Unaudited) Enterprise Fund: Schedule of Port of Seattle’s Proportionate Share of Net Pension Asset/Liability (NPA/NPL) 90-91 Schedule of Port of Seattle’s Contributions 92-93 Schedule of Changes in Total OPEB Liability and Related…
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