Port commission approves 2016 budget to support regional economy

The Port of Seattle Commission recently approved the 2016 budget to support the dramatic growth at Seattle-Tacoma International Airport, as well as record-setting growth in the cruise business.

In 2015, the port forecasts 12.5% growth in airport passengers over 2014, expecting to see over 42 million passengers pass through Sea-Tac by year's end. Once again, the airport is likely to be the fastest-growing top 20 airports in the country. All indications are that passenger growth will continue in 2016 while the port continues its work on the Sea-Tac Airport Master Plan (SAMP) as part of its commitment to economic vitality for the region.

The port also saw a 9% increase in cruise passengers this year over 2014, making it another record year with 898,032 passengers sailing via Seattle. Estimates indicate that 2016 will see another 6.8% increase.

The 2016 budget includes funding major improvements to the Pier 66 cruise terminal. The public-private partnership with Norwegian Cruise Line will share the cost to renovate the interior of the terminal to accommodate more passengers and improve mobility along Alaskan Way.

The total capital budget for 2016 is $408.4 million and the five-year capital improvement program is $2.23 billion, which reflects the port's continuing commitment to investing in the development, expansion, and renewal of port facilities that support regional economic activity.

The port's 2016 budget assumes a levy amount of $72 million, a reduction of $1 million from 2015. The port had held the levy amount constant for the past four years adjusting the levy rate downward as property values have increased. A typical King County single-family homeowner will pay $82 per year to fund the port in 2016.

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