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The Port of Seattle Commission last week approved a 2013 budget that projects annual revenue of $550.6 million, which would represent a 6.5 percent increase compared with 2012.

The port's operating expenses are budgeted at $328.9 million, up 6.2 percent year over year, and net income before depreciation is forecasted at $221.7 million, up 7.1 percent.

The Seaport Division — which manages four cargo, one grain, one barge and two cruise terminals, as well as industrial properties connected with the businesses — is projected to generate 2013 revenue of $110.3 million, which would represent an 11.9 percent year-over-year increase. Operating expenses are forecasted to rise 1.1 percent to $47 million and net income before depreciation is forecasted to jump 21.5 percent to $63.2 million.

The budget also contains $225.5 million for various capital projects, including improvements to a dock at Terminal 46 for container activities, and the creation of a dedicated truck roadway from East Marginal Way to Union Pacific Railroad's Argo Yard.