We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
  • ::COVID-19 COVERAGE::
  • INDUSTRY PRESS ROOM
  • ABOUT
  • CONTACT
  • MEDIA FILE
  • Create Account
  • Sign In
  • Sign Out
  • My Account
Free Newsletters
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
    • Mobile Apps
  • TRANSPORTATION
  • MATERIAL HANDLING
  • TECHNOLOGY
  • LIFT TRUCKS
  • PODCAST ETC.
    • Podcast
    • Blogs
      • Analytics & Big Data
      • Best Practices
      • Dispatches
      • Empowering Your Performance Edge
      • Logistics Problem Solving
      • One-Off Sound Off
      • Public Sector Logistics
      • Two Sides of the Logistics Coin
      • Submit your blog post
    • Events
    • White Papers
    • Industry Press Room
      • Upload Your News
    • New Products
      • Upload Your Product News
    • Conference Guides
    • Conference Reports
    • Newsletters
    • Mobile Apps
  • DCV-TV
    • DCV-TV 1: News
    • DCV-TV 2: Case Studies
    • DCV-TV 3: Webcasts
    • DCV-TV 4: Viewer Contributed
    • DCV-TV 5: Solution Profiles
    • MODEX 2020
    • Upload Your Video
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
    • Mobile Apps
  • TRANSPORTATION
  • MATERIAL HANDLING
  • TECHNOLOGY
  • LIFT TRUCKS
  • PODCAST ETC.
    • Podcast
    • Blogs
      • Analytics & Big Data
      • Best Practices
      • Dispatches
      • Empowering Your Performance Edge
      • Logistics Problem Solving
      • One-Off Sound Off
      • Public Sector Logistics
      • Two Sides of the Logistics Coin
      • Submit your blog post
    • Events
    • White Papers
    • Industry Press Room
      • Upload Your News
    • New Products
      • Upload Your Product News
    • Conference Guides
    • Conference Reports
    • Newsletters
    • Mobile Apps
  • DCV-TV
    • DCV-TV 1: News
    • DCV-TV 2: Case Studies
    • DCV-TV 3: Webcasts
    • DCV-TV 4: Viewer Contributed
    • DCV-TV 5: Solution Profiles
    • MODEX 2020
    • Upload Your Video
Home » Port of Oakland to cut 2021 budget by nearly 16% as pandemic hits revenue

Port of Oakland to cut 2021 budget by nearly 16% as pandemic hits revenue

Plan will allow facility to maintain "essential" operations at airport, seaport, and real estate, leaders say.

oakland port pic
June 29, 2020
DC Velocity Staff
No Comments

The Port of Oakland has slashed its 2021 budget by nearly 16%, citing coronavirus-induced business declines that are forecast to continue dampening revenues from both its aviation and maritime sectors.

The pandemic has already depressed revenues in the port’s 2020 fiscal year, which ends on June 30, the port said. Oakland International Airport passenger volume plummeted 80% to 96% this spring, and a full recovery in the aviation sector could take two to three years. Meanwhile, maritime business could recover faster, but Oakland’s total cargo volume is off 7.8% this calendar year.

In response, the port last week approved a fiscal year 2021 budget that is down 15.84% from fiscal 2020, ringing in at $432.5 million in operating and capital expenditures and debt service payments, compared to $513.6 million spent on those departments last year.

“This budget is based on neither unsubstantiated hope nor on speculation of any worst-case scenario,” Port of Oakland Executive Director Danny Wan said in a release.  “It is based on best estimates of how our business may recover, assuming that our communities and country make slow but steady progress in containing the Covid-19 virus.”

Beginning on July 1, the port’s new budget will serve three main goals: protecting cash reserves; ensuring adequate revenue to pay down debt; and maintaining full operations at its airport, seaport, and commercial real estate holdings, port leaders said.

The news follows the port’s announcement in May that it planned to slash its capital improvement budget and curb its discretionary spending and use of contractors in an effort to keep its essential infrastructure running despite a coronavirus-triggered “hole in the budget.”

#Port of #Oakland Oks FY 2021 budget midst COVID-19 crisis; near 16 percent drop from 2020 spending plan due to decline in cargo and air traffic #ports #seaports #IFlyOAKland #https://www.portofoakland.com/press-releases/port-of-oakland-oks-fy-2021-budget-midst-covid-19-crisis/ pic.twitter.com/3y0znbKUM4

— Port of Oakland (@PortofOakland) June 29, 2020
Transportation Air Maritime & Ocean
KEYWORDS Port of Oakland
  • Related Articles

    Ports get security boost from 2020 grant program

    Matson christens con-ro ship Matsonia

    Port of Oakland announces austerity measures to cope with “hole in the budget” caused by pandemic

  • Related Events

    DigiMarCon East 2021 - Digital Marketing, Media and Advertising Conference & Exhibition

    Hypermotion

Recent Articles by DC Velocity Staff

Descartes expands customs compliance toolkit with $36 million QuestaWeb acquisition

CMA/CGM to add LNG-powered ships to U.S. service

Buyers could target warehousing and fulfillment operations in 2021, investment bank says

You must login or register in order to post a comment.

Report Abusive Comment

Most Popular Articles

  • Relaxed regulations for drone parcel delivery to take effect in March

  • IBM survey says digitalization trends will sweep trucking industry by 2030

  • Gartner survey signals increased investment in resilience over the next two years

  • Increasing Urgency for Vaccine Supplies Drives Launch of New Vaccine Manufacturing Resources on Thomasnet.com

  • What Level of Automation is Right for Your Warehouse?

Now Playing on DCV-TV

D92f0dd1 a98c 434a 9e17 30b63ee72c90

Automated Pack-out and Print-Apply System for thredUP

DCV-TV 4: Viewer Contributed
SilMan Industries designed and implemented a mixed polybag-carton system, including automated print and apply, in a new regional Fulfillment Center for thredUP, one of the world’s largest online resale platforms for women’s and kids’ apparel, shoes, and accessories. The Situation Secondhand clothing and online...

FEATURED WHITE PAPERS

  • Time to rethink your lift truck power

  • Warehouse Management System Project Toolkit

  • Solving Talent Management Challenges Now and In the Future

  • Shaping Up Last Mile Delivery to Surpass Customer Expectations

View More

Subscribe to DC Velocity Magazine

GET YOUR FREE SUBSCRIPTION
  • SUBSCRIBE
  • NEWSLETTERS
  • ADVERTISING
  • CUSTOMER CARE
  • CONTACT
  • ABOUT
  • STAFF
  • PRIVACY POLICY

Copyright ©2021. All Rights ReservedDesign, CMS, Hosting & Web Development :: ePublishing