Port Of Oakland approves $ 465.three million finances for fiscal yr 2022 when California reopens
Oakland – As California reopens and global pandemic uncertainty continues, the Port Of Oakland Oakland Board of Port Commissioners approved a budget of $ 465.3 million for fiscal year 2021-22. This is a 7.6% increase over FY 2021 ($ 432.5 million).
“We are proud of all of the Port of Oakland employees who have done everything to keep us financially solvent and to move forward through a hundred year pandemic,” said Andreas Cluver, President of the Port’s Board of Directors.
Oakland maritime activity has surged at record levels in recent months due to unprecedented consumer demand for goods. The coronavirus-induced decline in aviation and commercial real estate business is reversing, but not at a pace that will remove uncertainty for these revenue departments in the Port of Oakland in the new fiscal year.
“Despite record cargo volumes at Oakland Seaport, we are cautious about the budget increase, as air traffic is expected to be below pre-pandemic levels,” said Danny Wan, Executive Director of Port of Oakland. The Port of Oakland owns and operates Oakland International Airport.
“Our budget strategy is to maintain long-term financial strength and resilience, and to prioritize and plan large capital projects,” said Executive Director Wan. “We want to control the rise in operating costs while expanding our investments in capital infrastructure.”
The Port of Oakland’s capital budget for fiscal year 2022 is $ 102.9 million. The port said it is focused on regulatory compliance and infrastructure upgrade projects.
According to the port, the budget allows flexibility and liquidity to protect against uncertainties. The port said the budget for FY 2022 also helps address short-term operational and financial challenges that may arise. The new budget includes operating expenses, capital investments and debt servicing.
Passenger activity at OAK in FY 2022 is expected to be around 55% of the pre-FY 2019 pandemic level. Maritime activity is expected to increase 5.5% from the expected level for fiscal 2021.
Across Oakland Harbor
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 – combines business expansion with community benefits and provides more jobs and economic incentives 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 on Facebook or the port on Twitter, YouTube and at www.portofoakland.com.
Article based on a press release from The Port of Oakland.
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