Finance: Everett

The Port of Everett Commission on November 4 adopted a 2015 operating and capital budget with $76.7 million in expenditures. Click here for the full budget details.

The 2015 budget differs from previous port budgets in that it is specifically tailored to achieving the port commission’s five strategic initiatives. These include:

Planning, permitting and constructing a 1,000 foot-plus shipping berth to continue to meet customers’ needs.
Improving the budget process by developing a long-term financing plan for a multi-year capital budget organized by initiative.
Developing a strategy for recapitalizing and paying for the marina.
Developing an organizational structure that supports accomplishing these initiatives.
Developing a regulatory strategy for project implementation.

To accomplish these goals, the port has moved from an annual operating and capital budget to a one-year operating budget and a five-year capital plan based on the five strategic initiatives that are supported by a long-term funding strategy.

"The 2015 budget is built on a platform to set the stage for long-term growth," Executive Director John Mohr said. "The budget assumes strong growth in seaport activities and modest growth in the marina and real estate divisions. The 2015 budget contemplates $34 million in operating revenues, $5.75 million in non-operating revenue (includes a 2 percent growth in property taxes). These revenues, along with cash reserves and anticipated borrowings, will support $26 million in operating costs and a healthy $45.4 million in environmental cleanups and capital investments."

This year, staff took the first step to group all the capital projects by initiative. This effort resulted in 23 strategic initiative capital budget categories, 101 projects — 79 of which are proposed to have activity in 2015. These strategic capital initiatives total $133.2 million over the next five years, $45.4 million in 2015 alone. Next year’s capital program will support more than 1,100 construction jobs.

The proposed fund allocations are designed to support the port’s continued effort to remediate legacy contamination on its properties, reinvest in its facilities, maintain facilities and equipment and invest in growth opportunities.

"This new structure has allowed us to more directly tie the importance of the individual projects with our property development priorities," Mr. Mohr said. "This focused approach allows us to create economic opportunities that spur private sector investment in our community."

A year ago, the port produced its first-Citizen’s Budget Guide to help highlight the port finances, project priorities and tax investments. It has done so again this year. Click here to view the 2015 guide.