By Mark Edward Nero
Oakland’s Board of Port Commissioners has approved a $470 million fiscal year 2016 budget for the Port of Oakland that goes into effect July 1. The 2016 budget is 6.7 percent lower than the budget adopted for FY 2015.
The new budget includes $167 million for capital improvements, with about $32 million of the capital spending earmarked for continuing development of port property at the former Oakland Army Base, where the port is building a transport and logistics center on land adjacent to its marine terminals designed to significantly increase Oakland containerized cargo volume.
Also budgeted is $73 million for runway safety improvements at Oakland International Airport.
The budget also anticipates a 4.9 percent operating revenue increase to $330.7 million, while operating expense is expected to rise 3.7 percent to $193 million.
The Port of Oakland, which oversees the Oakland seaport, Oakland International Airport and 20 miles of waterfront, is the third-largest seaport in California, behind the Port of Los Angeles and Port of Long Beach. Those ports recently approved FY 2016 budgets of $1 billion and $829 million, respectively.
