The Port of Seattle recently passed a $3.7 billion capital improvement budget for 2021 that includes funding to build a new International Arrivals Facility at Seattle-Tacoma International Airport (SEA) next year.
The budget will also enable work to be completed in 2021 on the North Satellite project at the airport, as well as Main Terminal improvements in ticketing, bag check and security checkpoint areas; a multi-story expansion with amenities and tenant space on the C concourse; and accelerated installation of noise insulation for residential neighbors.
The overall Port budget reduces expenses, including freezing pay for all non-represented employees and freezing or eliminating 167 full time positions in 2021, equal to approximately eight percent of the Port’s workforce. The Port’s operating expenses are forecasted to be down 10 percent to $422.7 million, while net operating income is forecasted to be down 24.5 percent to $258.2 million.
“Even as we manage the uncertainty of COVID, we are steering our way towards a positive and transformative year,” said Steve Metruck, executive director for the Port of Seattle. “Tough economic times forced us to focus our investments to deliver the greatest impact. We will come out of this pandemic stronger, more resilient, and more aware of how we can address inequity in our region.”