AAPA Seaports Advisory

Budgets: Everett, Longview

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Everett: Port Commission Adopts $85.7 Million 2018 Budget 

The Port of Everett Commission earlier this month approved an $85.7 million operating and capital budget for 2018. The budget assumes a robust capital investment portfolio, a decline in seaport activity and modest growth in the marina and real estate divisions compared to the 2017 budget. 
The port says the 2018 will support its strategic initiative portfolio, specifically preparing for modernization at the seaport and creation a new waterfront community with the Waterfront Place Central Development. These initiatives established by the Port Commission direct 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 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.  The port will also pay $6.2 million in principal and interest on long-term debt. This budget provides for 100 employees to operate and manage a full service international seaport, marina and the development of nearly 3,000 acres of waterfront property.  
Everett’s long-range Strategic Initiatives include more than 115 capital projects totaling $407 million, with $289 million 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 construction. Capital initiatives would be funding from operating revenues, tax collections, third party payments, revenue and general obligation bonds and cash reserves.
The 2018 budget assumes a tax levy of $4.9 million, or about 5.7-percent of all the port’s funding. The estimated port tax for a $350,000 home in 2018 is $95, down from $104 in 2017.  Port tax revenues are used solely for environmental remediation and public access. 
This budget assumes an increase of 1.0 percent, plus a levy for new construction within the port district. Because valuation of the port district has grown, the port is expecting the levy rate to fall slightly to 27cents per assessed $1,000 home value.

Longview: 2018 Budget Approval Brings Tax Reductions for Port District Residents 

Port of Longview’s board of commissioners on November 14 approved a budget for 2018 that slashes the port’s tax levy by 20 percent for the second consecutive year.
"The port is in a healthy financial position that allows us to cut taxes again this year," said Commission President Doug Averett. "Strong cargo operations and business partnerships have situated the port in a very favorable position. My fellow Commissioners and I want to share this success with our community."
Overall, the port’s 2018 general fund operating budget is $31.1 million and the capital projects budget $5.1 million.  That includes $952,000 to continue expanding the Industrial Rail Corridor.  Other earmarks include $300,000 for Barlow Point infrastructure development and approximately $152,000 for a walking path at the Willow Grove recreational park.


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