Port Of Everett Sets 2019 Budget At $102 Million

Word in that the Port of Everett Commission has adopted a budget of $102 million for 2019. Here are the details as released by the Port today.

There is a lot going on at the Port of Everett.

On November 13, 2018, the Port of Everett Commission adopted a $102 million 2019 operating and capital budget. Click here for the full budget details. The budget assumes a robust capital investment portfolio, with slow growth in all three business lines.

The Port of Everett’s 2019 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 2019 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 2019 budget plan assumes $25.1 million in operating/non-operating expenses, combined with a $58.7 million in new capital investment in addition to $9.8 million in capital investment carrying forward from 2018.  The Port also anticipates spending $2.1 million for work to remediate legacy pollution on Port properties.  In addition to these amounts, the Port will pay $6.3 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, 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 2019 Capital Initiatives:

The Port of Everett’s long-range Strategic Initiatives include more than 145 capital projects, totaling $392 million, $282 million of which are classified as opportunity. For 2019, the Port’s capital budget proposes work on 53 of the capital projects, the largest being the construction of the South Terminal Wharf and Electrical Upgrade, Fisherman’s Harbor construction and the Central Marina Improvements. 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 2019 Port Property Tax Levy

The Port’s 2019 budget assumes a levy amount of $4.9 million, which equates to about 4.8-percent of the Port’s total sources of funds. Total estimated annual Port tax for a $400,000 home in 2019 is $100. In 2018, it was $108. 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 25 cents per assessed $1,000 home value.