Port of Seattle Commission Passes 2025 Budget

Continued revenue growth driving strategic investments of $5B on airport capital projects and $600M on maritime work 2025–2029

Port of Seattle Commissioners adopted the 2025 budget and 2025–2029 Capital Improvement Plan today. The budget, proposed plan of finance, and Port tax levy were presented to Commissioners in multiple Commission meetings this fall and through a public hearing at its November 12 meeting.

With annual operating expenses of $678 million and a five-year capital plan of $5.6 billion, the budget and capital plan is focused on creating a Port for the future. The plan is grounded in the Port’s values and its mission to promote economic opportunities and quality of life in the region by advancing trade, travel, commerce, and job creation in an equitable, accountable, and environmentally responsible manner.

“The Port of Seattle’s 2025 budget and capital plan is strategically focused on investments in facilities and people to position the Port for the complex challenges our gateways will face in the future,” said Port of Seattle Executive Director Steve Metruck. “We are committed to stronger systems and a safer tomorrow, ensuring our infrastructure is more resilient and secure than ever as we rebuild back from the recent cyberattack. We will continue to invest boldly in our facilities and our people to ensure we can accommodate the increasing demand. We are also continuing to work to create a port that is resilient in the face of the world’s complex challenges like decarbonization, both in aviation and maritime sectors.”

As predicted, 2024 is on track to be the strongest year in the history of Seattle-Tacoma International Airport (SEA). SEA experienced multiple record-breaking months for passenger travel and international arrivals in 2024, all while celebrating the airport’s 75th anniversary. The Port’s cruise terminals also saw close to record demand during the 25th season of sailing from Seattle to Alaska. Maritime industrial occupancies remain at all-time highs, and maritime businesses returned higher revenue than ever before. Despite this favorable outlook, however, economic factors — global and geopolitical uncertainty — pose risks to progress.

This high demand demonstrates the enduring need for the Port’s services and drives reinvestment. More than half of the Port’s funds come through operating revenues from its aviation, maritime, and real estate lines of business, and the Port’s share of earnings from the Northwest Seaport Alliance (NWSA). SEA Airport is self-funded and is supported by fees, federal grants, and operating revenues, rather than tax dollars.

“Through its actions in 2024 and this 2025 budget, the Port of Seattle has signaled that a port for the future is built on investments in economic development while centering community and sustainability in our work,” said Port of Seattle Commission President Hamdi Mohamed. “The Port supports 46,800 maritime-related jobs and contributes to a total of 198,200 jobs linked to its overall economic activity. The investments in this budget represent our focus on being a global leader in ways that benefit both the community and the economy by investing in equity-focused solutions to benefit people, job creation, and long-term sustainability, all while making our business lines more competitive and resilient.”

“The 2025 budget demonstrates the Port’s triple bottom line of advancing the economy, environment, and equity, as the Port continues to be at work for the people,” said Port of Seattle Commission Vice President Toshiko Hasegawa. “We’ve expanded the South King County Community Impact Fund to $14 million over five years, distributable to communities countywide. Additionally, we’re putting $550,000 toward our next phase in establishing childcare for SEA employees. From Orca passes to apprenticeships and job training opportunities, the Port is leading the way in creating opportunities to achieve and maintain employment for community members.”

“The 2025 budget continues our commitment to Maritime High School and to expanding access for youth and adults to maritime, aviation, construction, and green jobs essential to Port operations.” said Port of Seattle Commissioner Ryan Calkins. “Combined with the urgent need to decarbonize and fight climate change, these workforce investments mean we can meet the growing needs of the green economy and climate technologies while increasing access to living wage careers for local residents.”

"The strategic and forward-thinking investments outlined in the 2025–2029 capital plan positions the Port of Seattle to effectively address current demands on our gateways, while also ensuring that our facilities are resilient and future-ready," said Port of Seattle Commissioner Sam Cho. "Developing a port for the future involves not only maintaining competitive global gateways, but also expanding economic opportunities across our region. The capital investments in this plan will support SEA Airport's efforts to achieve 5-star service standards. On the waterfront, these investments will increase facility capacity, enhance waterfront access and infrastructure, and advance our sustainability initiatives."

"The Port's 2025 budget prioritizes programs and infrastructure that will strengthen our resilience amid global political shifts and climate change while creating future-focused jobs to support our region's prosperity," said Port of Seattle Commissioner Fred Felleman . "These investments include furthering efforts to electrify the waterfront and introduce alternative fuels for our maritime and aviation operations. This work will reduce our emissions while enhancing our competitiveness by helping industries achieve their carbon emission reduction targets. Promoting the unique cultural and environmental assets of our region is also central to the Port's economic mission, but we are equally committed to minimizing the negative impacts on our communities and the environment."

More information on the Port of Seattle’s 2025 budget, including budget presentations and the budget in brief, can be found on the Port’s temporary website.

2025 Operating Budget Summary

• Total operating revenues: $1.1 billion; $96.5 million or 9.4% above the 2024 budget
• Total operating expenses: $678.3 million; $60.9 million or 9.9% above the 2024 budget
• Net operating income before depreciation and non-operating expenses: $441.3 million; $35.6 million or 8.8% above the 2024 budget

2025–2029 Capital Improvement Plan Summary

Capital spending continues to be the largest spending category for the Port, and it is expected to continue to reach historic highs as the Port makes strategic capital investments to position its gateways for the future. For more information on capital plans, review the 2025 Aviation and 2025 Maritime operating and CIP budget briefing presentations.

• The total five-year Capital Improvement Program is $5.6 billion; total capital budget for 2025 is $1.2 billion.
• Aviation Division 2025–2029 capital plan is $4.9 billion, an average of close to $1 billion a year to improve existing facilities.
• Maritime Division 2025–2029 capital plan is $605.6 million, an average of over $120 million per year on maritime and economic development projects.

Property Tax Levy

Each year the Commission reviews and approves the amount of and expected uses of the tax levy. In 2024, the median King County homeowner paid approximately $79 to the Port in property tax levy. Just 1.1% of the King County homeowner assessment goes to the Port of Seattle.

In 2024, the Port Commission passed an Order creating a new Environmental Legacy Fund, a dedicated account into which the Port will deposit property tax dollars for use in addressing historic industrial pollution on its properties. The Environmental Legacy Fund ensures that the Port can achieve its mission, vision, and Century Agenda goals for a sustainable, equitable region, while predictably and responsibly allocating its resources.

In 2025, the Port will continue to add to this fund through tax levy dollars. The Environmental Legacy Fund will invest in research, investigation, design, and cleanup actions that could cost more than $100 million over the next decade. Ultimately, some of the costs may be covered by polluters and responsible parties, state grants, and insurance.

For 2025 the preliminary levy is $88.4 million, a 2.0% increase from the $86.7 million levy in 2024. This proposed increase will help fund:

• Capital investments in Seattle’s working waterfront and maritime industries
• Sound insulation repair and replacement for near-airport communities
• Workforce development initiatives and community business assistance
• Economic development partnership grants and support for local and regional tourism
• The South King County Community Impact Fund, Duwamish Valley Community Equity Program, support for Friends of the Waterfront, support for the Office of Equity, Diversity and Inclusion, and the Port’s high school internship program