Port of Everett Commission Adopts $66.2 Million 2020 Budget
Date: Nov 14, 2019
Everett, Wash. – On November 12, the Port of Everett Commission adopted a $66.2 million 2020 operating and capital budget that maintains pace of the Port’s robust capital investment portfolio, while assuming modest growth in the Seaport, Marina and Real Estate divisions.CLICK HERE FOR BUDGET DETAILS
The Port of Everett’s 2020 budget includes a one year operating and capital budget, and a five-year capital budget forecast with a three-year funding plan. It sets the financial framework for the Port to continue delivering on the vision of a balanced Everett waterfront that supports maritime use at the urban deep-water Seaport, and mixed-use at the destination waterfront.
The plan includes work on 45 projects that advance the Port’s Strategic Initiatives, placing a high emphasis on continued Seaport modernization efforts, maritime industrial expansion to put the former Kimberly-Clark mill site back into job producing use, and creation of a new waterfront community at Waterfront Place. These initiatives have been established by the Port Commission and direct the long-term financing, as well as allocation of staff resources.
The 2020 budget plan assumes $24.7 million in operating/non-operating expenses, combined with $24.3 million in capital investment. The Port anticipates spending approximately $6.5 million toward environmental remediation and public access projects. In addition to these amounts, the Port will pay $9.2 million in principal and interest on its long-term debt. This budget employs just under 100 employees who operate and manage a full-service international Seaport, the largest public marina on the West Coast and development of nearly 3,000 acres of waterfront property.
The Port Commission held numerous regular Port Commission meetings on the budget and opened a formal public hearing at the November 5 Port Commission meeting, which included a week-long public comment period.
About the Port of Everett’s Capital Improvement Plan
The Port’s 2020 – 2024 Capital Improvement Plan continues to develop the Everett waterfront as a place of commerce, as well as a place for the community to recreate.
The plan includes 45 projects that advance the Port’s Strategic Plan by:
- Continuing to modernize the Port’s Seaport facilities
- Beginning development of the former Kimberly-Clark mill site
- Completion of Fisherman’s Harbor, the first phase of the Port’s 65-acre mixed-use development at Waterfront Place
- Investing in replacement and upgrades of infrastructure at the Seaport and Marina
- Continuing efforts to enhance the Marina by upgrading facilities
- Continuing cleanup of legacy contamination, and
- Developing additional public access facilities for visitors to enjoy
Each of these efforts require significant investment from the Port. The Plan proposes $24.3 million during 2020 and $103.1 million through 2024. The Port’s capital initiatives are proposed to be funded through operating revenues, tax collections, third party payments, as well as through the issuance of revenue and general obligation bonds and supplemented by the use of cash reserves.
About the 2020 Port Property Tax Levy
The Port’s 2020 budget assumes a levy amount of $5 million, which equates to about 7.5-percent of the Port’s total sources of funds. Total estimated annual Port tax for a $450,000 home in 2020 is $106, reduced from $113 in 2019. Port taxes are ONLY used to fund environmental remediation, public access and debt service. This budget assumes a 1-percent increase in the amount of tax collected. Because the valuation of the Port District has increased, we expect the levy rate to fall slightly to approximately 24 cents per assessed $1,000 home value.
For more information, contact Catherine Soper, Public Affairs Manager at catherines@portofeverett.com or by phone at 425.388.0680.
About the Port of Everett
The Port of Everett is a special purpose district tasked with economic development. Through its international seaport, public marina and real estate development, the Port of Everett brings jobs, tax base, business and tourism to our community and region. The Port is committed stewards of the environment and waterfront. Port activities support nearly 35,000 jobs in the surrounding community and supports $373 million in state and local taxes.