On Nov. 24, the Port of Seattle Commission approved its 2016
budget, which includes an estimated $583.4 million in operating revenues and
$335.4 million in operating expenses. The budgeted net operating income before
depreciation is $248.0 million.
Also, the total capital budget for 2016 is $408.4 million
and the five-year capital improvement program is $2.23 billion, which the port
said in a statement reflects its “continuing commitment to investing in the
development, expansion, and renewal of port facilities that support regional
economic activity.”
“This is not a status-quo budget,” Port CEO Ted Fick explained.
“This is a growth-oriented budget so we can spur the regional economy, expand
opportunities for small and disadvantaged businesses, increase family-wage
jobs, help people acquire skills to move up the career ladder, and protect our
environment.”
The 2016 budget includes funding major improvements to the
Pier 66 cruise terminal. Under a public-private partnership with Norwegian
Cruise Line, the cost to renovate the interior of the terminal to accommodate
more passengers and improve mobility along Alaskan Way is being shared.
In 2015, the port saw a nine percent increase in cruise
passengers this year over 2014, making it a record year with 898,032 passengers
sailing via Seattle. Estimates indicate that 2016 will see another 6.8 percent
increase.
Each homeported cruise ship that calls at one of the port’s
two cruise terminals generates about $2.5 million to the local economy.
The port’s 2016 budget also assumes a levy amount of $72
million, a reduction of $1 million from 2015; the port had held the levy amount
constant the past four years adjusting the levy rate downward as property
values increased. A typical King County single-family homeowner is expected to
pay $82 per year to fund the port in 2016.
An overview of the budget can be seen at
http://www.portseattle.org/About/Financial-Info/Budget/Pages/default.aspx
