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Image of Port of Oakland adopts $480 million budget for FY 2023 

Port of Oakland adopts $480 million budget for FY 2023 

Press Releases, Seaport, Airport, Commercial Real Estate, Community
July 8th, 2022

Oakland, Calif. – July 7, 2022: The Oakland Board of Port Commissioners approved a 2023 fiscal year budget of $480 million at their June 23rd meeting. 

The $480 million operating budget projects 9 percent passenger growth at the Port’s Oakland International Airport (OAK). Cargo volume at the Oakland Seaport is expected to increase 2 percent.  

“Our economy has overcome the initial pandemic shock and our employees have done an excellent job containing expenses,” said Port of Oakland Executive Director Danny Wan. “However rising inflation and a threatened recession mean we have to remain vigilant.” 

The Port of Oakland said it anticipates a $35 million revenue increase in FY 2023. A vibrant Bay Area economy is one reason why. According to the Port, 83 percent of its airport passengers begin or end their trip at OAK, with the remainder taking connecting flights. Eighty-five percent of its seaport cargo goes to or comes from regional markets. That makes the Port particularly connected to the economic health of its home market. 

Port operations are supported by a strong and diverse local economy,” the Port said in its budget outlook. “The Bay Area remains an important center of commerce, and the Port remains a key gateway for both domestic and international trade and a top travel destination.” 

The Port cautioned that its businesses face headwinds in the upcoming fiscal year that include: 

- Fears of a recession could hinder Oakland International Airport passenger growth, now at 83 percent of pre-pandemic levels;

- Ongoing supply chain congestion; and

- Higher cots of doing business due to inflation.

The Port’s Commissioners approved a $112.4 million capital budget for the next fiscal year. Most of that spending is earmarked for Oakland International Airport and Oakland Seaport infrastructure improvements. The Port’s 5-year capital improvement plan, an estimate of future capital spending, is projected to be $907.8 million.   Approximately one third the Port’s capital improvement plan is anticipated for various environmental, utility, and electrification initiatives across its business lines. 

 

 

FY 2023 

FY 2024 

FY 2025 

FY 2026 

FY 2027 

Total 

Electrical 

           13,205  

           25,950  

           47,150  

           63,700  

           34,700  

         184,705  

Sewer 

           20,500  

           31,445  

           20,725  

           20,280  

             1,550  

           94,500  

Stormwater and Trash Capture 

                 870  

             1,070  

             1,650  

             2,800  

             4,400  

           10,790  

Other Environmental Programs 

             1,050  

             1,950  

             1,560  

             1,560  

                 500  

             6,620  

 

 

 

 

 

 

 

 

           35,625  

           60,415  

           71,085  

           88,340  

           41,150  

         296,615  

 

 

 

 

 

 

 

5-Year Estimated Capital Improvement Plan 

    112,404  

    177,110  

    201,365  

    252,644  

    164,335  

    907,858  

Percent of Total 

32% 

34% 

35% 

35% 

25% 

33% 

 

About the Port of Oakland

The Port of Oakland oversees the Oakland Seaport, Oakland International Airport, and nearly 20 miles of waterfront including Jack London Square. The Port's 5-year strategic plan - Growth with Care - pairs business expansion with community benefits, envisioning more jobs and economic stimulus as the Port grows. Together with its business partners, the Port supports more than 84,000 jobs. Connect with the Port of Oakland and Oakland International Airportthrough Facebook, or with the Port on Twitter, YouTube, and at www.portofoakland.com. 

 

Media Contacts

Robert Bernardo
Port of Oakland
Communications Director
(510) 627-1401
rbernardo@portoakland.com 

Marilyn Sandifur
Port of Oakland
Communications Manager
(510) 627-1193
msandifur@portoakland.com 

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