Port of Everett Commission Adopts $61 Million 2021 Budget

Date: Nov 10, 2020

Everett, Wash. – Today (November 10), the Port of Everett Commission adopted a $61 million 2021 operating and capital budget that continues to implement the Port’s Strategic Plan and overall vision of a vibrant and balanced working waterfront.

The 2021 budget and financing plan take into account anticipated financial impacts resulting from the on-going COVID-19 pandemic, most significantly the anticipated loss of revenues as a result of the reduction in aerospace production and associated cargo movements at the Seaport. It does so while positioning the Port to undertake key capital initiatives to help with economy recovery and avoid layoffs or staff reductions at the Port.

CLICK HERE FOR THE PORT’S CITIZEN BUDGET GUIDE WITH FULL BUDGET DETAILS

The Port of Everett’s 2021 budget includes a one year operating and capital budget, and a five-year capital budget forecast with a three-year funding plan. It sets the financial framework for the Port to continue delivering on the vision of a balanced Everett waterfront that supports maritime use at the urban deep-water Seaport, and mixed-use at the destination waterfront.

The plan includes 74 projects that advance the Port’s Strategic Initiatives, placing a high emphasis on continued Seaport modernization efforts, maritime industrial expansion to put the former Kimberly-Clark mill site back into job producing use with development of a new marine cargo terminal, and furthering the creation of a new mixed-use waterfront community at Waterfront Place. These initiatives have been established by the Port Commission and direct the long-term financing, as well as allocation of staff resources.

The 2021 budget plan assumes nearly $24 million in operating/non-operating expenses, combined with $28.5 million in capital investment. The Port anticipates spending approximately $8.8 million toward environmental remediation and public access projects. In addition to these amounts, the Port will pay $8.4 million in principal and interest on its long-term debt. This budget operates and manages a full-service international Seaport, the largest public marina on the West Coast and management of nearly 3,300 acres of waterfront property.

The Port Commission held numerous regular Port Commission meetings on the budget and opened a formal public hearing at the November 3 Port Commission meeting. The public hearing included a weeklong public comment period, prior to budget adoption on November 10. No public comments were received.

About the Port of Everett’s Capital Improvement Plan
The 2021 – 2025 Capital Improvement Plan continues to develop the Everett waterfront as a place of commerce, as well as a place for citizens and guests to recreate. The plan includes 74 projects that advance the Port’s Strategic Plan by:

Beginning construction of Norton Terminal at the former Kimberly-Clark mill site
Continuing to develop Fisherman’s Harbor, the first phase of the Port’s 65-acre Waterfront Place Central mixed-use development, with an expected ground breaking of two new buildings
Shoreline restoration at the Bay Wood site (Preston Point) and dike breaching at Blue Heron Slough
A new restroom adjacent to the boat launch, and
Continuing cleanup of legacy contamination

Each of these efforts will require significant investment from the Port. The Plan proposes $93.6 million through 2025.

About the 2021 Port Property Tax Levy
The Port’s 2021 budget assumes a levy amount of $5.1 million, which equates to about 8.4-percent of the Port’s budget. Total estimated annual Port tax for a $450,000 home in 2021 is $102.15, reduced from $106 in 2020. Port taxes are ONLY used to fund environmental remediation, public access and debt service. This budget assumes a 1-percent increase in the amount of tax collected. Because the valuation of the Port District has increased, we expect the levy rate to fall slightly to approximately .23 cents per assessed $1,000 home value.

For more information, contact Catherine Soper, Public Affairs Manager at catherines@portofeverett.com or by phone at 425.388.0680.

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About the Port of Everett
The Port of Everett is a special purpose district tasked with economic development. Through its international seaport, public marina and real estate development, the Port of Everett brings jobs, tax base, business and tourism to our community and region. The Port is committed stewards of the environment and waterfront. Port activities support more than 40,000 jobs in the surrounding community and contributes $433 million in state and local taxes.