Port of Oakland approves over US$550 million budget for FY 2024

Port of Oakland approves over US550 million budget for FY.jpeg

The Oakland Board of Port Commissioners has authorised a US$558 million budget for the fiscal year 2024.

The approved budget defined critical components for the Port of Oakland’s future, such as a US$16 million revenue rise for FY 2024, authorisation of a US$163.7 million capital budget, and an allocation of US$245.2 million over five years to fund the port’s electric infrastructure, aid zero emissions operation goals, and support for Seaport Air Quality 2020 and Beyond Plan projects.

The Port of Oakland predicts an increase in operating revenue of US$16 million in the fiscal year 2024. The Aviation company earned roughly 47.3% of the Port’s overall operating revenues in fiscal year 2022. In the calendar year 2022, 94% of the TEUs that travelled through the Oakland Seaport were linked with foreign commerce.

Also, the Port Commissioners authorised a capital budget of US$163.7 million for the next fiscal year. These capital programme investments reflect a 45.6% increase year-on-year, supporting the port’s aim of developing for the future generation.

The Port’s five-year capital enhancement plan, which estimates future capital investment, is valued at US$1.4 billion. Over the next five fiscal years, a total of US$245.2 million is planned to modernise the port’s electric infrastructure system and develop zero-emission initiatives, including investments in projects included in the Seaport Air Quality 2020 and Beyond Plan.

The Seaport Air Quality 2020 and Beyond Plan capital budget includes projects such as expanding electric charging facilities, launching the Green Power Microgrid project, and collaborating with Matson Terminal to convert all cargo handling equipment from diesel operations to zero emissions technologies.

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