20 years of consecutive clean financial audits!
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.
Note: The Port has retained Northwest Municipal Advisors among other things, to assist us in evaluating advice received in connection with the issuance of municipal securities and municipal financial products (as such terms are defined in the Municipal Advisor Rule (SEC Rule 15Ba1-1(d)(3)(vi)(B)) and the Securities Exchange Act of 1934, as amended (the Act)). We will rely on the advice of Northwest Municipal Advisors with respect to any advice you may provide relating to such matters. For purposes of this certificate, “reliance” means that we will seek and consider the advice, analysis and perspective of the Northwest Municipal Advisors but does not mean that we are assuming an obligation to follow that advice.
The Port of Everett adopts a budget each fall to guide its spending for the following year. This budget serves as a blueprint for spending and helps the directors determine which activities will be completed each year. The budget process includes the operating budget for the year, the Capital Improvement Projects planned at the Port and the Strategic Plan, which provides goals and objectives for a three-year period.
2nd Quarter, 2017
1st Quarter, 2017
1st Quarter, 2016
2nd Quarter, 2016
3rd Quarter, 2016
4th Quarter, 2016
20 Consecutive Years of Clean Audits
The Port issues an annual financial report following the end of each year. This report is audited by the State Auditor’s Office. The report includes a summary of the year and the financial report. The Port of Everett has been recognized by the Washington State Auditor for having an exemplary audit track record. The State Auditor’s office has not issued an audit finding in 18 years to the Port of Everett and has stated that the Port is a financial model for other agencies in the state.
Audit reports for prior years can be found at the Washington State Auditor's Office website, click here.
Port Districts, pursuant to Washington State statutory authority, may impose a tax level up to 45-cents per $1,000 of assessed value of taxable property within the Port district, subject to statutory tax limitations.
The Port of Everett currently has a tax levy rate of nearly 29-cents per $1,000 of assessed value. In turn, the Port collects approximately $4.7 million in taxes annually, and it is the Commission’s policy to use tax dollars for environmental and public access projects.
In Everett’s case, its Port District has a population of approximately 110,000 residents that encompasses substantially all of the city of Everett and about half of the city of Mukilteo. The Port’s total budget is $79 million for 2017.
Jobs & Taxes: Economic Benefits of Port Operations
Public ports are thriving gateways to international trade and economic prosperity. The impact ports have on job growth, generation of business revenues and overall quality of life is extraordinary. In fact, America's seaports are responsible for $2 trillion in annual trade revenue, providing nearly 5 million people with family-wage jobs. That makes ports an invaluable force in spurring local, state and national economic growth.
Click here for the 2014 Economic Impact Report conducted by Martin Associates
Port of Everett Economic Benefits
- 35,130 total direct, induced and indirect jobs are supported by activity at the Port of Everett
- 13,813 Direct Jobs: Jobs directly attributed to Port activity
- 17,770 Induced Jobs: Industries providing services attributed to Port activity
- 3,546 Indirect Jobs: The businesses that provide services and supplies for the Port’s direct work
- 20,000 supported aerospace jobs (not accounted for in 35,130 total)
- Port activity contributes nearly $373.2 million to state and local taxes annually
Marine Cargo & Industrial Properties
- 33,376 total direct, induced and indirect jobs are supported as a result of the Port’s marine cargo and industrial property operations
- $4.2 billion in annual revenue
- $362 million contributed to state and local taxes annually
Marina & Waterfront Place
- 1,753 total direct, induced and indirect jobs are supported as a result of the Port’s Marina and Waterfront Place operations
- $80.3 million in annual revenue (excluding the sale of boats)
- $11.2 million contributed to state and local taxes annually