Port of Oakland adopts budget for Fiscal Year 2017
A $477 million Fiscal Year 2017 budget has been approved for the Port of Oakland. The spending plan, OK’d by Port Commissioners last week, is up 1.7 percent from the 2016 budget. It takes effect July 1.
The Port’s budget forecasts a 3.9 percent boost in 2017 revenue. Expenses are expected to increase 6.4 percent, due mostly to rising personnel costs.
The Port’s budget earmarks $113 million for capital improvements. Chief among them are two projects at the Port’s Oakland International Airport:
$43.6 million for renovations at Terminal 1; and
$24.8 million for upgrades to the International Arrivals Building.
The budget includes $9.5 million in infrastructure spending at Oakland’s seaport for development of a major cold-storage facility.
The Port operates three businesses: Maritime, Aviation and Commercial Real Estate. It collects no local tax revenue and funds operations from its own revenue sources.
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.