Port of Seattle Budget Forecasts Record Revenues in 2007

The Port of Seattle expects record operating revenues of $443.2 million in 2007 - nearly $22 million more than forecast in the 2006 budget.

The increase in operating revenue reflects higher passenger fees and volumes at the Port's cruise terminals, increased grain exports, higher occupancy rates at various Seaport properties and more passengers at Sea-Tac Airport.

"This budget shows many of our key business indicators moving in the right direction," said Port of Seattle Commission President Patricia Davis. "Business is good, and there's every reason to think it will continue to improve. We're making investments that will increase our cargo and passenger volumes and create jobs and tax revenues that benefit the entire region."

The Port's tax levy rate will decrease by a small percentage from the rate in 2006. Taxes in 2006 were based on 23.33 cents per $1,000 of assessed valuation. In 2007, the rate will be 23.25 cents per $1,000 of assessed valuation. Port commissioners, who adopted the 2007 budget today, said they hope to make additional reductions in future years.

The total amount of the tax levy will be $68.8 million, an increase in dollar amount of $6.1 million over 2006. The increase in dollar amount is attributable to an increase in overall assessed valuation in King County, despite the decrease in the property tax rate.

"The decrease in the levy rate shows fiscal restraint while continuing to make the investments that help provide 195,000 jobs throughout the region, $6.7 billion in payroll, $12.1 billion in business revenue and $626 million in state and local tax revenue," Davis said. "The levy rate is about four cents per $1,000 lower than it was 10 years ago and is generating more economic benefit than ever before."

By Commission policy, the money raised by the Port's tax levy is used primarily for capital and environmental investments at the Seaport. A portion of the levy also pays for transportation infrastructure improvements, noise insulation projects in schools near the airport and a program that helps bring job opportunities to low income members of the community.

"This budget allows us to continue to make the investments that are at the very core of the Port's mission," said Port of Seattle CEO Mic Dinsmore. "They are a key factor in driving this region's economy and making the Pacific."