NORTH AMERICA

Port of Oakland focuses on financial future

14 years ago

Following a difficult few weeks, the Port of Oakland’s acting executive director has issued an update on the port’s progress towards financial sustainability and maintenance of operations for its customers and community.

An investigation has been launched into the alleged improper expenditures announced last month, while the port concentrates on strengthening policies and procedures and ensuring operations run smoothly. International law firm, Arnold & Porter have been hired as independent advisors while the investigation is in progress.

Deborah Ale Flint, acting executive director, said: “I take these allegations seriously, and assure you that we are acting as swiftly and thoroughly as possible to address them. We do not know how long it is going to take, and cannot prejudge in our minds on actions what they will conclude.”

Meanwhile, the port is keen to point out that it’s not all bad news. In a bid to continue towards financial sustainability, the port recently refinanced some of its unpaid debt to achieve US$60m in net present value savings, spread over a number of years. These savings will save the port around US$9m a year from 2014 to 2020 which will address increasing costs.

The port is also looking for sustainable contracts to ensure employees are best compensated, and hopefully end strikes.