The Port of Everett is a self-sustaining, special purpose district tasked with economic development. Differently than general purpose governments, ports do the accounting and financial reporting for their activities very much like a business. They collect revenues by performing services for customers and pay for expenses related to those services.
As a municipal government, ports are authorized to collect property tax revenues from property owners within it’s Port District. Ports will often use tax revenues to pay for debt incurred to construct facilities that are used to support port functions. Ports may issue General Obligation Bonds or Revenue Bonds as a means to borrow money to finance projects. Most commonly, tax-exempt interest is paid to the purchasers of the bonds.
The Port manages its finances based on Commission approved financial guidelines.
Click here to view the Port’s Financial Guidelines.