The Oakland Board of Port Commissioners approved a 2023 fiscal year budget of $480 million at its June 23 meeting.
The Port of Oakland said it anticipates a $35 million revenue increase in FY 2023, and that cargo volume at the seaport is expected to increase 2%.
“Our economy has overcome the initial pandemic shock and our employees have done an excellent job containing expenses,” Port of Oakland Executive Director Danny Wan said. “However rising inflation and a threatened recession mean we have to remain vigilant.”
“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 ongoing supply chain congestion; and a higher cost of doing business due to inflation.
The port’s Commissioners also approved a $112.4 million capital budget for the next fiscal year, with most of that spending is earmarked for Oakland International Airport and Oakland Seaport infrastructure improvements.
The port’s five-year capital improvement plan, an estimate of future capital spending, is projected to be $907.8 million. About one third the port’s capital improvement plan is anticipated for various environmental, utility, and electrification initiatives across its business lines.