Port of Seattle Passes Final 2001 Budget

Plan Includes Record $504 Million Capital Budget, and a Significant Tax Rate Cut

The Port of Seattle Commission today passed a 2001 budget plan with more than $500 million in capital spending and an 11 percent drop in the tax rate for King County property owners.

The Port is expecting a record $324 million in total operating revenues next year, which is a 7.6 percent increase over the 2000 budget. Net operating income after depreciation is forecast to be $44.4 million, an increase of 8.2 percent over the 2000 budget numbers.

The approved budget includes an 11 percent drop in the Port's tax rate for King County property owners. The $35.6 million levy is the same amount collected in each of the previous eight years. By holding the levy amount flat, the levy rate is expected to drop from $.22 per $1,000 in assessed value in 2000 to $.19 in assessed value in 2001. The analysis does not consider potential impacts from Initiative 722.

"This budget will provide us with the capital funding necessary to improve our region's transportation and commerce infrastructures," said Port Executive Director Mic Dinsmore. "The budget also provides for important initiatives, like our eBusiness strategy, which will transform the way we do business in the future."

Major capital improvement projects in 2001 include more than $435 million for construction of the third runway, building a new concourse, and replacing the subway train system at Seattle-Tacoma International Airport. On the Seaport side, major projects at the Seaport include redevelopment and expansion at Terminal 18 to speed cargo handling, completing an electrical system upgrade at Fishermen's Terminal and expanding the Bell Street Pier Cruise Terminal at Pier 66.

"The Port plays a vital role in the Puget Sound economy, providing tens of thousands of family-wage jobs and generating hundreds of millions of dollars in tax revenues," Commission President Jack Block said. "Our budget, with its flat levy amount, keeps money in the taxpayer's pocket yet allows us to make these needed investments."