Port of Tacoma 2021 Budget
Total Page:16
File Type:pdf, Size:1020Kb
Port of Tacoma 2021 Budget Weigh Anchor Statutory Budget and Tax Levy adopted: November 19, 2020 The Port of Tacoma has been a recipient of the Government Finance Officers Association (GFOA) award every year since 2005. It reflects the commitment of the Port and its staff to meeting the highest principles of governmental budgeting and is valid for a one-year period. To receive this award, the Port satisfied nationally recognized guidelines for effective budget presentation. Port of Tacoma 2021 Budget Table of Contents Memo from Eric Johnson, Executive Director ............................................................................................................ i Budget Document Overview ....................................................................................................................................... ii I. Port of Tacoma Overview ................................................................................................................................ I-1 II. Budget Message .............................................................................................................................................. II-1 III. Business Outlook ........................................................................................................................................... III-1 IV. Operating Budget ........................................................................................................................................... IV-1 V. Capital Investment Plan .................................................................................................................................. V-1 VI. Tax Levy .......................................................................................................................................................... VI-1 VII. Plan of Finance.............................................................................................................................................. VII-1 VIII. Environmental Stewardship ........................................................................................................................ VIII-1 IX. Summary of Significant Accounting Policies .............................................................................................. IX-1 X. Debt Guidelines ............................................................................................................................................... X-1 Appendix A Bond Indebtedness and Debt Service Requirements................................................................... A-1 Appendix B Port of Tacoma Statutory Budget ................................................................................................... A-2 Appendix C Port Memberships ........................................................................................................................... A-4 Appendix D Budget Calendar .............................................................................................................................. A-6 Appendix E Glossary of Terms ........................................................................................................................... A-7 Appendix F Acronyms and Abbreviations ........................................................................................................ A-13 Appendix G Cash Flow Forecast Assumptions ............................................................................................... A-15 Appendix H Minimum Amount of Cash and Investments on Hand ................................................................ A-16 Appendix I Demographic and Economic Information .................................................................................... A-17 Appendix J Full-Time Personnel Schedule...................................................................................................... A-19 Addendum 1 The Northwest Seaport Alliance Budget ....................................................................................... AD Figures Figure Page Number I-1 Port of Tacoma Map………………………………………………………………………………………….. I-6 I-2 Port of Tacoma Organizational Chart ................................................................................................. I-7 IV-1 Operating Revenue by Year ............................................................................................................. IV-5 IV-2 Operating Expense by Year .............................................................................................................. IV-5 V-1 Five-Year Planned Capital Budget by Business ................................................................................ V-4 VI-1 Actual Port Levy vs. Maximum Port Levy ......................................................................................... VI-1 VI-2 Port Tax Levy vs. Millage Rate ......................................................................................................... VI-2 VI-3 Historical and Projected Use of Port Tax Levy ................................................................................. VI-4 VI-4 Port Tax on a $300,000 Assessed Value Home ............................................................................... VI-4 VI-5 2019 Tax Levies by Taxing District ................................................................................................... VI-6 VI-6 2019 Preliminary Pierce County Assessed Values for 2020 Tax Levy ............................................. VI-7 VI-7 Preliminary Tax Levy Limit: 2019 for 2020 ........................................................................................ VI-8 VII-1 Projected Debt Outstanding at Year End ......................................................................................... VII-5 VII-2 Projected Annual Debt Service ........................................................................................................ VII-6 VII-3 Operating Margin (Return on Revenue) ........................................................................................... VII-8 VII-4 Net Income before Tax Levy (NIBTL) .............................................................................................. VII-8 VII-5 Net Income ...................................................................................................................................... VII-9 VII-6 Revenue Bond Coverage ................................................................................................................ VII-9 VII-7 Return on Assets ........................................................................................................................... VII-10 VII-8 Debt to Asset Ratio ........................................................................................................................ VII-10 VIII-1 Future Mitigation Opportunities ....................................................................................................... VIII-3 Tables Table Page Number III-1 Cargo Activity Five-Year Forecast .................................................................................................... III-2 IV-1 Statement of Revenue, Expenses and Change in Assets by Business ............................................ IV-4 IV-2 Operating Revenue and Expense Detail ........................................................................................... IV-6 IV-3 Allocation and Direct Charge Summary ............................................................................................ IV-6 IV-4 Non-Operating Revenue and Expense Detail ................................................................................... IV-7 IV-5 Statements of Revenues, Expenses and Changes in Net Position .................................................. IV-8 V-1 Historical and Planned Capitalized Spending .................................................................................... V-2 V-2 Five-Year Planned Capital Budget Spending .................................................................................... V-3 V-3 Five Year Planned Program Budget by Accounting Treatment ......................................................... V-3 V-4 Planned Major Capitalized Projects by Line of Business ................................................................... V-3 V-5 Depreciation Impact Due to Capital Investments ............................................................................... V-3 VI-1 Governmental Infrastructure Projects ............................................................................................... VI-3 VI-2 History of Port Tax Levies for General Port Purposes ...................................................................... VI-5 VI-3 Tax Levy Detail ................................................................................................................................. VI-6 VII-1 Historic and Planned Port Operating Revenue ................................................................................ VII-1 VII-2 Credit Ratings .................................................................................................................................. VII-3 VII-3 Plan of Finance Cash Flow Forecast ............................................................................................... VII-4 VII-4 Debt Outstanding at Year End ......................................................................................................... VII-5 VII-5 Summary of Financial Capacity ......................................................................................................