This week the Port of Everett Commissioners approved their budget for 2022. Here are the details.
Photo Credit: Port of Everett.
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On November 16, 2021, the Port of Everett Commission adopted an $89 million 2022 operating and capital budget that continues to implement the Port’s Strategic Plan and overall vision of a vibrant and balanced working waterfront.
The Port’s 2022 budget and financing plan takes into account the financial impacts resulting from the on-going COVID-19 pandemic on the Port’s aerospace business. It does so while positioning the Port to address significant opportunities to support economic recovery and new jobs, including continued investment in the Port Commission’s top capital priorities of modernizing and expanding the Seaport and building out Waterfront Place.
CLICK HERE TO VIEW THE PORT’S 2022 CITIZEN BUDGET GUIDE FOR FULL DETAILS
The 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 81 individual projects that advance the Port’s Strategic Initiatives, placing a high emphasis on continued Seaport investments 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 with construction starting on new restaurant buildings as well as public infrastructure to support future phases.
It also enhances public access and environmental stewardship initiatives by completing the Blue Heron Slough salmon habitat restoration project and opening new waterfront trails at the new Baywood business park. These initiatives have been established by the Port Commission and direct the long-term financing, as well as allocation of staff resources.
The budget plan assumes nearly $35 million in operating/non-operating expenditures, combined with $53.7 million in capital investment, which includes spending about $16.8 million toward environmental remediation and public access projects.
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The Port’s budget provides funds to operate and manage a full-service international Seaport, the largest public marina on the West Coast and nearly 3,300 acres of waterfront property.
The Port Commission held numerous regular Port Commission meetings to discuss the budget and opened a formal public hearing at the Nov. 9 Port Commission meeting. The public hearing included a week-long public comment period, prior to budget adoption on Nov. 16. No public comments were received.
About the Port of Everett’s Capital Improvement Plan The 2022 – 2026 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 111 projects that advance the Port’s Strategic Plan by:
- Completing construction of the new Norton Terminal at the former Kimberly-Clark mill site
- Continuing to build public infrastructure and mixed-use developments at Waterfront Place, including building out new commercial retail pads at Fisherman’s Harbor and moving into planning and development of the second phase, known as the Millwright District
- Finishing earth work and breaching the dike to complete the Blue Heron Slough mitigation bank
- Completing maintenance dredging and adding a new restroom at Jetty Landing & Boat Launch
- Reconfiguration of the fuel dock
- Continuing cleanup of legacy contamination, and
- Investing in clean equipment at the Seaport and Marina
Each of these efforts will require significant investment from the Port, proposing $103 million in investment through 2026.
About the 2022 Port Property Tax LevyThe Port’s 2022 budget assumes a property tax levy amount of $5.2 million, which equates to about 5.8% of the Port’s total budget and is a 1% increase from 2021. Total estimated annual Port tax for a $450,000 home in 2022 is $98.10, reduced from $102.15 in 2021. Port taxes are ONLY used to fund environmental remediation, public access and debt service. Because the valuation of the Port District has increased, we expect the levy rate to fall slightly to just less than 22 cents per assessed $1,000 home value. The Port is not a countywide Port, although its impact and benefits reach throughout Snohomish County.