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

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

Press Releases, Seaport
June 29th, 2015

Press Release

For Immediate Release
June 29, 2015

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.

 

About the Port of Oakland
The Port of Oakland oversees the Oakland seaport, Oakland International Airport, and 20 miles of waterfront. Together with its business partners, the Port supports more than 73,000 jobs in the region and nearly 827,000 jobs across the United States. Connect with the Port of Oakland and Oakland International Airport through Facebook, or with the Port on Twitter, YouTube, and at www.portofoakland.com.

Media Contact:

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

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