Port of Seattle approves $895m 2018 capital budget

The Pacific Northwest port’s operating revenues for next year are projected at $670.5 million, which is $50.2 million (8.1 percent) higher than in the 2017 budget.    The Port of Seattle has adopted a 2018 capital budget of $895 million and a five-year capital spending plan of $3 billion, the port announced Nov. 28.
   The port’s operating revenues for next year are projected at $670.5 million, which is $50.2 million (8.1 percent) higher than in the 2017 budget. Operating expenses are budgeted at $422.9 million, a $38.2 million (9.9 percent) increase over the current budget.
   The budget also projects net operating income of $247.6 million, which would constitute a $12 million (5.1 percent) increase from 2017 levels, according to the port.
   Just over 84 percent of the port’s 2018 funding will come from operating revenues and bond issues, while more than half of its funds will be spent on capital projects in 2018, the budget states.
   “This budget puts the port’s operating income to work addressing persistent public service challenges including: modernizing and expanding travel, trade and industrial infrastructure to better serve this growing region,” Port of Seattle Commission President Tom Albro explained in a statement.
   The Port of Seattle is a major driver of regional economic activity. In addition to a variety of maritime facilities, it operates Seattle-Tacoma (Sea-Tac) International Airport, the ninth busiest airport in the United States. More than 150 employers operate at Sea-Tac, and dozens more operate at port-owned cruise, commercial fishing, recreational marina and industrial facilities.
   In 2017, the port served nearly 50 million passengers at Sea-Tac Airport, and for the first time served more than 1 million passengers through its cruise terminals.
   The port is forecasting a five percent increase in airport passengers during 2018, as well as a three percent increase in cruise passengers, and 11 percent growth in grain volumes.
   The port is currently engaging in over $2 billion in capital improvement projects at Sea-Tac Airport, with major capital projects including the International Arrivals Facility, North Satellite Renovation and Expansion, Baggage Recapitalization/Optimization, South Satellite Renovation, and Highline School insulation.