Port of Seattle claims its shrinking, but taxes grow 11%

Based on this editorial by Port Commissioner John Creighton and Port CEO Tay Yoshitani, taxpayers in King County might think the Port of Seattle is making the tough and responsible financial decisions required in a tough economic climate. They even say this:

In response, we're tightening our belt throughout the port, cutting overhead spending, leaving some chairs empty and deferring certain projects. But we must continue to invest in projects that generate jobs and help the port thrive in a fiercely competitive global market.

But one of the top PI stories today includes this one: Port votes to increase taxes 11% next year

The Port of Seattle thinks the best way to get the economy moving again is to make the cost of owning a home more expensive. This seems to contradict the state's plan to make home ownership less costly.

Further, over half of the Port's tax revenue will go toward paying for past financial obligations. Given the Port of Seattle's recent audit history, the tax increase is more of a bailout, rather than an economic stimulus.