Oakland, Calif.– July 17, 2023: The Oakland Board of Port Commissioners just approved a 2024 fiscal year budget of $558 million. The approved budget outlined critical components for the Port of Oakland’s future:
• An anticipated $16 million revenue increase in FY 2024;
• Approval of a $163.7 million capital budget; and
• Allocation of $245.2 million over five years to fund the Port of Oakland’s electric infrastructure, support zero emissions operation goals including funding for Seaport Air Quality 2020 and Beyond Plan projects.
The Port of Oakland projects a modest increase of three percent growth in container cargo activity at the Oakland Seaport. The Port also projects Oakland International Airport will continue to see passenger volume growth, with more peak day passenger departures and flights to new destinations in FY 2024. The Port’s fiscal year began July 1, 2023, and goes through June 30, 2024.
“As a key global gateway on the U.S. West Coast, the Port of Oakland continues to grow its role as a center of innovation for emissions reductions by making major investments in the Port’s capital program,” said Oakland Board of Port Commissioners’ President Barbara Leslie. “The Port’s commitment to a zero emissions future is necessary in moving our Port forward in the best interests of all of our stakeholders and community.”
“The critical investments approved by our Port Commissioners highlight the work we are all doing to ensure we are building a sustainable future for the next generation,” said Port of Oakland Executive Director Danny Wan. “The Port Board’s budget approval sets us on an infrastructure path that will have lasting economic and environmental benefits for Oakland and the region.”
The Port of Oakland said it anticipates a $16 million operating revenue increase in FY 2024. In FY 2022, the Aviation division generated approximately 47.3 percent of the Port’s total operating revenues. At the Oakland Seaport, 94 percent of twenty-foot equivalent units (TEUs) that moved through the Port in calendar year 2022 were associated with international trade.
The Port cautioned that its businesses must remain vigilant, flexible and adapt as situations warrant in the future, due to unanticipated factors that may adversely impact passenger traffic at Oakland International Airport or cargo activity at the Oakland Seaport.
The Port’s Commissioners approved a $163.7 million capital budget for the next fiscal year. These investments in capital programs represent a 45.6% increase year-over-year strengthening the Port’s vision of building for the next generation.
Furthermore, the capital budget highlights the work being done today for the Port’s future and the region. Most of the spending is earmarked for Oakland International Airport and the Oakland Seaport, including the advancement of projects for green technology innovations and climate change resilience – like the longtime program to reduce pollutants from stormwater discharge, projects addressing sea level rise and efforts supporting the Port’s road to zero emissions operations.
The Port’s 5-year capital improvement plan, an estimate of future capital spending, is projected to be $1.4 billion. A total of $245.2 million over the next five fiscal years is planned to upgrade the Port’s electric infrastructure system, advance zero emissions initiatives including investments in projects that are part of the Seaport Air Quality 2020 and Beyond Plan.
Projects included in the capital budget from the Seaport Air Quality 2020 and Beyond Plan include:
• Expanding electric charging facilities;
• Launching the Green Power Microgrid project; and
• Partnering with Matson Terminal to convert all cargo handling equipment from diesel operations to zero emissions technologies.
As a container port on the U.S. West Coast, with 99% of containerized goods in Northern California flowing through the Port of Oakland, it is vital that the Port continually strives to build a Port that is the cleanest, most efficient and most preferred gateway connecting Northern California to the world.
About the Port of Oakland
The Port of Oakland oversees the Oakland Seaport, Oakland International Airport, nearly 20 miles of waterfront including Jack London Square, and a publicly owned utility. 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 98,000 jobs. Connect with the Port of Oakland and Oakland International Airport through Facebook and Twitter, or with the Port on LinkedIn, YouTube, and at www.portofoakland.com.
| Media Contacts
Robert Bernardo Marilyn Sandifur David DeWitt |