Port of Everett Commission Adopts $85.7 million 2018 Budget
Date: Nov 15, 2017
Everett, Wash. – On November 14, 2017, the Port of Everett Commission adopted a $85.7 million 2018 operating and capital budget. Click here for the full budget details. The budget assumes a robust capital investment portfolio, with a decline in seaport activity and modest growth in the marina and real estate divisions over the 2017 budget. The Port of Everett’s 2018 budget is designed to position the Port to implement its Strategic initiative portfolio, specifically preparing for modernization at the Seaport and creating a new waterfront community with the Waterfront Place Central Development. These initiatives have been established by the Port Commission and are directing both the long term financing as well as the allocation of staff resources. The 2018 budget includes a one year operating and capital budget as well as a five-year capital budget forecast with a three-year funding plan.
The 2018 budget plans assumes $25.8 million in operating/non-operating expenses, combined with a $43.7 million in new capital investment in addition to $10 million in capital investment carrying forward from 2017 In addition to these amounts, the Port will pay $6.2 million in principal and interest on its long term debt – for a total Port budget for 2018 of $85.7 million. This budget employs just over 100 employees who operate and manage a full service international seaport, marina and the development of nearly 3,000 acres of waterfront property.
The Port of Everett Commission held a formal public hearings, along with numerous regular Port Commission meetings on the budget, along with a formal comment period. No public comments were received.
About the Port’s 2018 Capital Initiatives:
The Port of Everett’s long-range Strategic Initiatives include more than 115 capital projects, totaling $407 million, $289 million of which are classified as opportunity. For 2018, the Port’s capital budget proposes work on 56 of the capital projects, the two largest being the construction of the South Terminal Wharf and Electrical Upgrade and Fisherman’s Harbor consruction. The Port of Everett’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 2018 Port Property Tax Levy
The Port’s 2018 budget assumes a levy amount of $4.9 million, which equates to about 5.7-percent of the Port’s total sources of funds. Total estimated annual Port tax for a $350,000 home in 2018 is $95. In 2017, it was $104. Port taxes are ONLY used for environmental remediation and public access. This budget assumes an increase of 1-percent, plus receiving a levy for new construction within the Port District. Because the valuation of the Port District has increased, we expect the levy rate to fall slightly to 27cents per assessed $1,000 home value.
For more information, contact Lisa Lefeber, Chief of Policy and Communication, at lisam@portofeverett.com or by phone at 425.388.0617.
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About the Port of Everett
The Port of Everett is a special purpose district tasked with economic development. Through its international shipping terminals, public marina and real estate development, the Port of Everett brings jobs, business and tourism to our community and region. The Port is committed stewards of the environment and the waterfront. Port activities support nearly 35,000 jobs in the surrounding community and supports $276 million in state and local taxes.