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EVERETT — On November 3, the Port of Everett Commission adopted a $72.5 million 2027 operating and capital budget that continues to implement the Port’s Strategic Plan and overall vision of a vibrant and balanced working waterfront. 

The 2027 budget and financing plan reflect ongoing and anticipated financial implications resulting from current economic factors, including tariffs and economic uncertainty. The budget positions the Port to support economic development and jobs, aligned to present conditions, while being mindful of the needs of ongoing operations.  

CLICK HERE TO READ THE 2027 CITIZEN BUDGET GUIDE 

The Port is budgeting total expenditures in 2027 of $72.5 million, consisting of:  

• Capital investments of $20.1 million  
• Operating expenses of $38.3 million  
• Debt service and other obligations of $11.8 million  
• Non-operating expense for public access and other costs of $1.5 million  
• Contribution to cash and reserves of $0.8 million  

About the Port of Everett’s Capital Improvement Plan  

The 2027 – 2031 Capital Improvement Plan continues to develop the waterfront as a place of commerce, as well as a recreational destination for citizens and guests to recreate. The plan includes 42 projects that advance the Port’s Strategic Plan by:  

• Investing in maritime infrastructure to support the efficient movement of commerce, while also greening the supply chain;  
• Building out public infrastructure and mixed-use elements at Waterfront Place, including new destination retail and restaurants at Fisherman’s Harbor, and moving into development for the second phase at the Millwright District;  
• Continuing to recapitalize and upgrade Marina infrastructure, including dock upgrades and more;  
• Exploring new economic development opportunities, such as waterfront redevelopment planning efforts in Mukilteo, and;  
• Cleanup of legacy contamination along the waterfront as part of the Puget Sound Initiative. 

Each of these efforts will require significant investment from the Port. The 2027 – 2031 Capital Improvement Plan proposes $141 million through 2031. In 2027, the Port is implementing a capital budget totaling $20.1 million, consisting of 35 individual projects, and seven broader umbrella projects. 

Port operating revenues are budgeted at $47.9 million, a decrease of 2.7% from the 2026 budget. These revenues will be used to pay for the Port’s direct operational expenses, including administrative overhead, of $38.3 million, an increase of 0.5% from the 2026 budget.  

The operating budget reflects moderate activity at the Seaport, strong moorage occupancy, full-year tenancy for several restaurants which opened in late 2025 and mid-2026, and increased employment and labor costs, including benefits. The budget assumes non-operating revenue of $15.5 million, primarily from property taxes.  

About the 2027 Port Property Tax Collection

The Port’s 2027 budget assumes a total tax levy amount of $14.8 million, comprised of the regular property tax levy and an Industrial Development District (IDD) levy.  The Port of Everett’s regular property tax assessment is one of the lowest in Snohomish County, representing just over 0.3 percent of the county tax bill. 

Port taxes are  ONLY used to fund capital projects, public access, and environmental remediation (including any associated debt service). They are not used for any operating costs, including staff salaries or benefits.  

For 2027 Port tax for a $594,000 home is projected to be $109.24 (or .1848 cents) for regular property tax and $172.32 (or .2901 cents) for IDD. In 2026, the Port Commission authorized its second IDD financing tool. Projects funded with the IDD will be identified each budget year for the duration of the authority under RCW 56.36.160.

Click here to read more about the IDD in the Citizen Budget Guide.