Port of Olympia proposes non-operating budget and use of tax levy revenues for 2024

The Port of Olympia is currently developing its 2024 non-operating budget and tax levy, with Port staff presenting to the Port Commission an initial proposal for the use of tax levy revenues next year Monday, October 16.

The Port is looking to collect a total of $7,778,906 in taxes for next year, up from $7,587,578 in 2023.

The largest use of the taxes, around $4.6 million, would be to pay off debts and interests from the bonds the Port had issued to finance several capital projects.

Environmental cleanup is the second most significant use for the taxes. Around $2.1 million would be used for this category, $729,000 of which is for the cleanup of the former Cascade Pole Company site, while $500,000 would be used for the remediation of Budd Inlet. Another $876,000 would be allocated for environmental administrative purposes.

Around $939,000 would also be used to cover the expenses of the Port Commission. Under the category, the salaries and benefits of the commissioners are the biggest expense at $438,093.

Other uses include funding public amenities at $65,000, community events at $57,000, the Small Cities grant program at $40,000, and the Olympia Harbor Patrol at $33,000, as well as contributing $13,000 in taxes to the proposed Olympia Downtown Improvement District.

The increased tax amount of $7.8 million includes a state-sanctioned limit of 1% increase and considers the taxable value of new construction in the county.

Interim Executive Services Director Rudy Rudolph asked the commissioners whether they agreed with the 1% increase, which all three commissioners concurred with.

“I think that given the current rates of inflation and given what we're undertaking, it would be imprudent not to take the 1%,” Commission Chair Amy Evans Harding said.

“At this point, 1% doesn't even keep up with inflation so I am in support of taking 1%,” Evans Harding added.