The Port of Redwood City ended its 2022-23 fiscal year on June 30 with record-breaking numbers and news of a new security grant, the port announced Sept. 25.
The port reported $10 million in gross revenue at the end of the fiscal year, a 4% jump from the prior year. This stems from 1.82 million tons in cargo operations, a 35,000-metric-ton rise from the previous fiscal year, and shows a strong recovery post-pandemic, the port said.
A rise in rental rates also contributed to record revenue.
“Seeing an increase in yearly profits is exciting for many reasons, but especially knowing this means we can reinvest back into our local community,” Port Executive Director Kristine Zortman said.
The port also announced that it has secured a $504,611 grant from the Department of Homeland Security that is expected to pay for maintenance of security equipment, backup generators in case of electrical grid interruptions and exercise and police marine unit support.
This adds to the more than $6 million in security port grant funding that the port has received since 2018 to bolster the port’s protection against potential cyber threats or other security issues.
“Receiving the grant is an important part of our efforts to fortify our security at the port,” Zortman said. “As a FEMA Federal Staging Area for Silicon Valley and the greater San Mateo County, this further strengthens the port’s emergency preparedness.”