Oakland green-lights big budget
A new $494.2m budget for the fiscal year 2019 is being implemented this week at the US Port of Oakland following the dock’s Board of Commissioners’ approval last week of a spending plan including $34.7m for capital projects.
The budget, which finances operations at the Californian facility’s three revenue divisions — Maritime, Commercial Real Estate and Aviation — is around $40m less than the port’s spending plan for the fiscal year 2018.
According to the port, the previous year’s budget was higher due to “extraordinary” upgrades to Oakland International Airport, including “a major overhaul” of its International Arrivals Building and rehabilitation of its main runway. The port oversees Oakland Seaport, Oakland International Airport, and nearly 20 miles of waterfront.
The Port of Oakland said it would seek Commissioners’ approval for up to $92m in extra capital financing this year.
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