Business, Freight News, Sea

Port of Oakland Board OK’s $513.6 million budget

[ July 5, 2019   //   ]

A $513.6 million operating budget for fiscal year 2020 has been approved at the Port of Oakland. The Port’s governing Board OK’d the spending plan at a meeting yesterday.
The new budget is up about 4 percent from the one adopted for fiscal year 2019, the Port said. It goes into effect July 1.

The budget projects revenue of $398 million at the Port in the next fiscal year. That would be up about 1.2 percent from anticipated FY 2019 revenue.
Operating expenses are likely to increase 10.4 percent from the current budget, the Port said. Most of the change is expected to come from increases in personnel costs, maritime maintenance and dredging costs and aviation security costs.

The Port’s new budget includes $42.3 million in capital expenditures, mostly at the seaport, Oakland International Airport and Jack London Square. The Port said it expects to launch an additional $81.4 million in capital projects during the year, pending Board approval.