Port of Everett Commission Adopts $83 Million 2024 Budget

The Port of Everett Commission has adopted an $83 million 2024 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 2024 budget and financing plan considers anticipated financial implications resulting from current economic factors, including historic inflation. It also positions the Port to address the significant opportunities that are before it to support economic development and jobs.

CLICK HERE TO VIEW THE PORT’S 2024 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 to deliver a balanced waterfront and economic portfolio that supports and enhances regional maritime assets at the urban deep-water Seaport and bring new mixed-use amenities to the destination waterfront.

The plan includes work on 46 individual projects in 2024 that advance the Port’s Strategic Initiatives, placing a high emphasis on modernizing and greening the Seaport, continuing to build out destination retail and restaurants at Waterfront Place, recapitalizing and upgrading Marina facilities, exploring economic development opportunities in the Port District, including redevelopment efforts at the Mukilteo waterfront, and continuing to address legacy contamination at the waterfront through environmental cleanups. 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 $46 million in operating/non-operating expenditures, combined with $37 million in capital investment, which includes spending about $4.9 million toward environmental remediation and public access costs.

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 Port Commission meetings to discuss the budget and opened a formal public hearing at the Nov. 7, 2023 Port Commission meeting. The public hearing included a week-long public comment period, prior to budget adoption at the Nov. 14, 2023 Port Commission meeting. No public comments were received during the public hearing.

About the Port of Everett’s Capital Improvement Plan 
The 2024 – 2028 Capital Improvement Plan continues to develop the waterfront as a place of commerce, as well as a place for citizens and guests to recreate. The plan in 2024 includes work on 46 projects that advance the Port’s Strategic Plan by:

• Investing in maritime infrastructure to modernize the Seaport while also greening the supply chain, including efforts toward electrification of Pier 3
• Building out public infrastructure and mixed-use elements at Waterfront Place, including two new destination retail and restaurant pads at Fisherman’s Harbor, the construction of Millwright Loop Road to make way for the LPC West Development, completing the south trail section of the Central Marina and installing public art, dedicated marina parking, etc.
• Continuing to recapitalize and upgrade Marina infrastructure, including fuel dock replacement and reconfiguration, bulkhead rebuild and new public plaza space near Grand Avenue Bridge and more
• Exploring new economic development opportunities, such as waterfront redevelopment planning efforts in Mukilteo and boundary expansion, and
• Systematic cleanup of legacy contamination along the waterfront as part of the Puget Sound Initiative, including the former Weyerhaeuser Mill A site.

Each of these efforts will require significant investment from the Port, proposing $105.3 million in capital investment through 2028. This follows the $32.7 million budgeted for capital investments by the Port in 2023, which funded key development projects including Seaport Modernization at Norton Terminal, the opening of eight new restaurants and retailers at Waterfront Place and fire damage repair surrounding the Waterfront Place Apartments.

Other accomplishments included breaking ground on the second public/private development phase of Waterfront Place at the 10-acre Millwright District, the award-winning restoration and reopening of the historic Weyerhaeuser Building in its centennial year, Marina Fuel Tank relocation, new Marina access controls, kick off of construction of the new Marina Maintenance shop and opening a playground at Jetty Landing Park.

About the 2024 Port Property Tax Levy
The Port’s 2024 budget assumes a property tax levy amount of $5.4 million, which equates to about 6.5% of the Port’s total budget. Port taxes are ONLY used to fund capital projects, public access and environmental remediation. They are not used for any operating costs, including staff salaries or benefits. Ports represent the lowest taxing entity in Snohomish County representing 0.3 percent of the tax bill. The Port will assess a millage rate of approximately 18.8 cents per assessed $1,000 home/property value in 2024.

For more information, contact Catherine Soper, Port of Everett Communications & Marketing Director, at catherines@portofeverett.com.

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About the Port of Everett
The Port of Everett is a special purpose district tasked with economic development. Through operation of international shipping terminals, the largest public marina on the West Coast and real estate development ventures, the Port of Everett supports nearly 40,000 jobs in the region and contributes $433 million to state and local taxes. The Port strives to bring quality jobs, business, and tourism opportunities to its local and surrounding communities, and is committed to enhancing, restoring and preserving the overall environmental health of the waterfront. Port properties provide numerous public access and recreational opportunities for area residents and visitors to enjoy, supporting a vibrant, livable and balanced waterfront.