Friday, November 16, 2012

Port of Seattle Commission Approves Preliminary 2013 Budget

The Port of Seattle Commission on Nov. 13 gave preliminary approval to a 2013 budget and finance plan that includes a $225.5 million capital budget for projects that the port says create nearterm jobs, promote environmental initiatives and fund congestion relief projects to ease the movement of freight throughout the region.

The budget includes forecasted revenues of $550.6 million, a 6.5 percent increase compared with 2012, driven in part, the port says, by increased air traffic at Sea-Tac Airport, the effect of the Terminal 18 special revenue bond refunding and revenues from concessions and a new rental car facility at the airport.

The operating expenses are budgeted to be $328.9 million, a 6.2 percent increase from 2012 and net income before depreciation is forecasted to be $ 221.7 million, an increase of 7.1 percent compared with 2012.

The budget is divided into three areas: the aviation, seaport and real estate divisions. The port estimates $110.3 million of the $550 million in operating revenues would come from the seaport division, which would be an increase of about 12 percent from the current fiscal year.

Seaport operating expenses are planned at $47 million, a 1.1 percent increase. If the projections hold up, the port’s $63.2 million net operating income increase would be a 21.5 percent rise 2012, according to port data.

Among the major capital projects outlined for 2013 are:
  • Improvements to the dock at Terminal 46 for container cargo activities; creation of a dedicated truck roadway from East Marginal Way to the Union Pacific Argo Yard.
  • Various street projects resulting from previous terminal expansions at Terminals 5, 18 and 30.
  • Upgrades to Piers 91 and 66 for cruise ship activities.
  • Improvements at Shilshole Bay Marina and Fishermen’s Terminal.

In addition to the capital projects, the budget includes $8.3 million for clean air, habitat restoration and lower Duwamish clean-up initiatives.

Although the preliminary approval has been given, the Commission still has the option of modifying the budget prior to final approval at its Nov. 27 public meeting.

A complete copy of the budget and draft finance plan can be seen at