Port of Oakland Adopts $470 Million Budget for Fiscal Year 2016

$167 million for capital improvements; chiefly at airport, former Army Base

Oakland, CA – June 29, 2015: The Board of Port Commissioners has approved a $470 million Fiscal Year 2016 budget for the Port of Oakland. It takes effect July 1.

The Port budget includes $167 million for capital improvements. Most of the capital spending will be concentrated in two areas:

• $73 million for Oakland International Airport runway safety improvements and Terminal 1 Renovations. Oakland International is the second-largest San Francisco Bay Area airport.

• $32 million for continuing development of Port property at the former Oakland Army Base. The Port is constructing a major West Coast transport and logistics center on land adjacent to its marine terminals designed to significantly increase Oakland containerized cargo volume.

The Port’s 2016 budget is 6.7 percent lower than the budget adopted for Fiscal Year 2015. It anticipates a 4.9 percent operating revenue increase to $330.7 million. Operating expense is expected to rise 3.7 percent to $193 million.

The Port of Oakland operates three business lines, Maritime, Aviation and Commercial Real Estate which includes Jack London Square. The Port collects no local tax revenue, funding operations from its own revenue sources. Revenue is used to pay operating and capital expenses and for debt service.

To view the entire FY2016 approved budget, please CLICK HERE.