Port Schedules Review of Proposed 2020 Budget and Five-Year Plan

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Header showing a pathfinder at SEA showing a passenger where to go

October 15, 2019

Contact
Peter McGraw | Corporate and Maritime Media Officer
(206) 787-3446 | mcgraw.p@portseattle.org

Port Schedules Review of Proposed 2020 Budget and Five-Year Plan, Continues Major Investments for the Region’s Future

SEATTLE – The Port of Seattle will host two community open houses to review its 2020 budget and five-year capital development plans for Seattle-Tacoma International Airport (SEA) and the Maritime and Economic Development divisions. The plans outline the Port’s blueprint to further invest in infrastructure, maximizing efficiency and service to benefit the economic and environmental vitality of our region.

Port Commissioners will receive a briefing on the preliminary plan to fund the Maritime and Economic Development division five-year capital plan at their October 22 public meeting. Seattle-Tacoma International Airport is primarily supported by funds generated by airport operations and passenger fees. Taxpayer dollars are not used for airport operations and projects, however, tax funds have been used for transportation and environmental projects near the airport. Maritime capital development is funded primarily by operating revenues and bonds purchased with a portion of local property taxes.

Construction worker on the Terminal 5 renewal project to make it "ship ready", September 11, 2019

 

WHAT:

Community members are invited to learn about the Port’s preliminary 2020 budget and five-year capital development and investment plans at two upcoming open houses. Port staff will share information about investments at Seattle-Tacoma International Airport (SEA) and in the Maritime and Economic Development divisions. Staff will also share how the Port’s preliminary budget and five-year capital development plans respond to regional need by improving customer service, expanding economic activity across our region, and supporting healthy habitats and communities.

WHEN:             October 22, 2019, 5:30 to 7:30
WHERE:           Pier 69 Atrium (sign in at the front desk)

WHEN:             October 28, 2019, 5:30 to 7:30
WHERE:           Sea-Tac Airport Conference Center

Capital development projects make up the largest share of the Port’s spending. The preliminary 2020 budget includes capital spending of $644 million, with $570 million going to Sea-Tac International Airport, and $74 million going to Maritime and other divisions. In addition to the Port’s capital spending, the Port will contribute 50 percent to capital investments in the Northwest Seaport Alliance for marine cargo projects, including the current construction transforming Terminal 5 into one of the nation’s premier international container terminals.

The Port’s preliminary 2020 operating budget forecasts revenues of $812 million and expenses of $472 million. The 2020 operating budget allows the Port to respond to needs of business and community stakeholders with stronger organizational capability, advanced sustainability, and an improved customer experience at Port facilities.

The Port of Seattle is in the second year of a five-year investment plan designed to make our region a competitive maritime hub. The investments focus on asset preservation and prioritize economic development where our natural advantages align to economic growth opportunities.


About the Port of Seattle

Founded in 1911 by a vote of the people as a special purpose government, the Port of Seattle’s mission is to promote economic opportunities and quality of life in the region by advancing trade, travel, commerce, and job creation in an equitable, accountable, and environmentally responsible manner. The Port owns and operates Seattle-Tacoma International Airport, Fishermen’s Terminal, and public marinas. The Port also owns two cruise ship terminals, a grain terminal, real estate assets, and marine cargo terminals through its partnership in the Northwest Seaport Alliance. Learn more: www.portseattle.org.