Port of Seattle Commission Passes 2012 Budget

“During this recession the port commission has worked hard to reduce spending wherever possible, while continuing to make job generating investments” said Port Commission President Bill Bryant. “This stewardship enabled us to pass a 2012 budget that slightly cut the port tax and that keeps the port in strong financial shape.” 



Under this budget, the port forecasts a slight increase in operating revenues, driven in part by increased air traffic at Sea-Tac Airport and an expected 11% increase in cruise passengers visiting Seattle. Other budget highlights include: 

• Over $391 million will be spent in capital projects that improve port facilities, generate near-term jobs, and maintain the port’s competitiveness. 



• The port’s successful clean air program will continue in 2012, providing incentives to shippers who use cleaner fuels and investing in newer equipment that is more environmentally-friendly. 



• The agency’s tax levy will be reduced to $73 million. Levy dollars are invested in capital projects for the real estate division; facilities that support jobs, such as Fishermen’s Terminal; environmental programs; and transportation infrastructure. 



• As planned, the 2012 Draft Plan of Finance includes more information about how the port will fund its investment in the Alaskan Way Viaduct Replacement Program. Per the agreement with WSDOT, the port has already invested $19 million in projects complementary to the program, and remaining funds will be provided in the later years of the project – 2016 – 2019. By 2016, the port expects to have set aside $55 million toward that commitment in cash reserves, and will issue general obligation bonds for the remainder of the investment