Oakland – As California reopens and global pandemic uncertainty continues, the Port Of Oakland Oakland Board of Port Commissioners approved a $465.3 million fiscal year (FY) 2021-22 budget. This is a 7.6% increase from FY 2021 ($432.5 million).
“We are proud of all the Port of Oakland employees who have gone above and beyond to help keep us financially solvent and move forward during a once-in-a-hundred-year pandemic,” said Port Board President Andreas Cluver.
Maritime activity at Oakland increased to record levels in recent months due to unprecedented consumer demand for goods. Coronavirus-induced business declines in aviation and commercial real estate are reversing, but not at a pace that will eliminate uncertainty for these revenue divisions at the Port of Oakland during the new fiscal year.
“Despite record cargo volumes at the Oakland Seaport, we are being cautious with the budget increase considering that aviation passenger traffic is still projected to be short of pre-pandemic levels,” said Port of Oakland Executive Director Danny Wan. The Port of Oakland owns and operates Oakland International Airport.
“Our budget strategy is to maintain long-term financial strength, resiliency, and prioritize and plan for major capital projects,” stated Executive Director Wan. “We aim to control increases in operating expenses while expanding our investment in capital infrastructure.”
The Port of Oakland’s FY 2022 capital budget is $102.9 million. The Port said it is focused on regulatory compliance and infrastructure upgrade projects.
According to the Port, the budget allows for flexibility and liquidity to protect against uncertainties. The Port said the FY 2022 budget also supports addressing near-term operational and financial challenges that may arise. The new budget includes operating expenses, capital investments and debt service.
Passenger activity at OAK in FY 2022 is projected to be about 55% of FY 2019 pre-pandemic levels. Maritime activity is projected to increase 5.5% from anticipated FY 2021 levels.
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 Airport through Facebook, or with the Port on Twitter, YouTube, and at www.portofoakland.com.
Post based on press release from The Port of Oakland.
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