(The Center Square) – The Port of Seattle’s newly adopted budget is projected to reach $1 billion in revenue as property tax levies increase by 4.8%.

The $1 billion in revenue is a $77 million [8.1%] increase over the port’s 2023 budget. Total operating expenses for 2024 is set at a total of $623.5 million, which is $50.1 million more than the 2023 budget.

Port of Seattle Executive Director Stephen Metruck’s preliminary 2024 budget states that forecasts show 2024 “should be the strongest year ever in the history of airport and cruise passenger volumes.”

On top of strong forecasts, the Port of Seattle Commission approved a 4.8% increase in property tax levy dollars, with revenue going toward capital projects, local programs and environmental improvements.

Metruck’s budget sets anticipated property tax revenue at $86.7 million for next year. Out of the $86.7 million, $62 million will go toward the port’s capital projects in maritime industries and Seattle’s waterfront.

Median King County homeowners paid approximately $80 to the Seattle Port in 2023 for a collective $82.7 million.

For next year, the estimated levy rate is set at 10.6 cents per $1,000 in assessed value. According to Redfin’s median home sale of $800,000 for King County, the average homeowner is expected to pay about $85 next year.

“Despite the 2024 budget reaching $1 billion in revenue, Port of Seattle Commission President Sam Cho said the port must prepare for even larger transformations in the future.

“Our vision for the port of the future requires bold investments to maintain a competitive global gateway, reach for that ‘5 Star’ status for our airport, and become the cleanest and greenest port in North America,” Cho said in a statement.

Seattle Port officials signaled concerns for persistent inflation, workforce recruitment and retention challenges, and global tensions as potential challenges to an otherwise favorable outlook on 2024.