Port of Oakland adopts $480 million budget for FY 2023 

“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.