The Port’s 2018-2019 Fiscal Year (FY) budget was adopted by the Port Commission and began on July 1.The budget is based on an estimated 2,234,000 metric tons of cargo crossing Port docks, primarily composed of construction sand and aggregates imported from Canada and recycled scrap metal exported primarily to Asia.
The Port of Redwood City’s projected Operating Revenue for FY 2018-19 is $8.6 million of which, $6.4 million or 74% is generated by maritime operations. The project revenue is a result of increased tonnage that will be transported through the Port, general rate increases for wharfage, dockage and services and, renewed lease agreements with Port’s major customers, including Cemex Construction Materials Pacific, LLC (CEMEX) and Sims Group USA Corporation (SimsMetal). The Port’s Operating revenue also includes $0.6 million in revenue from Recreational Boating. This projected revenue is based on a 10% vacancy factor at Port related facilities and a 2% increase in berthing rates.
The Port of Redwood City’s projected Operating Expenses for FY 2018-19 is $7.3 million of which 77% is attributable to operations and 23% to administration. These expenses are $2.2 million more than FY 2017-18 due to the Port investing in Berth Dredging at Wharves #1 through #4. Expenses also include a $500,000 subvention payment to City of Redwood City, which the Port provides to the City on an annual basis.
The budget also addresses capital needs at the Port of Redwood City including investing $1.5 million for improvements to the Port Marina and the Port’s Rail Spur.
To learn more about the Port's budget, go
here
and click to page 381.
