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Budget Summary BUDGET SUMMARY One-Year Operating and Capital Budget Fiscal Year Ended June 30, 2021 Five-Year Operating Forecast and Capital Improvement Plan Fiscal Years ending June 30, 2021 through 2025 One-Year Operating and Capital Budget Fiscal Year 2020-21 and Five-Year Operating Forecast and Capital Improvement Plan Fiscal Years 2020-21 Through 2024-25 Board of Port Commissioners of the City of Oakland Cestra Butner, President Andreas Cluver, First Vice President Barbara Leslie, Second Vice President Michael Colbruno, Commissioner Yui Hay Lee, Commissioner Arabella Martinez, Commissioner Joan H. Story, Commissioner Executive Management Danny Wan, Executive Director Kristi McKenney, Chief Operating Officer Delphine Prevost, Acting Director of Maritime Bryant L. Francis, Director of Aviation Pamela Kershaw, Director of Commercial Real Estate Julie Lam, Acting Chief Financial Officer Michele Heffes, Port Attorney Prepared by: Financial Planning Staff Chia-Jung Yang David K. Kikugawa David Zolezzi Shelley Merid Saw May Khoo Angelica Avalos 530 Water Street Oakland, California 94607 Phone: 510-627-1100 Website: portofoakland.com June 25, 2020 DISCLOSURE This Budget Summary is disclosed publicly for general information relating to the Port of Oakland (Port) only and should not be construed as an offering document nor part of the Port’s Annual Report pursuant to SEC Rule 15c2-12 for the Port’s revenue bonds or commercial paper notes. The information and expressions of opinion in this Budget Summary are subject to change without notice after the date hereof, and future use of this Budget Summary shall not otherwise create any implication that there has been no change in the matters referred to in this Budget Summary since the date hereof. The goals and objectives of the Port set forth in this Budget Summary should not be construed as commitments by the Port that such goals and objectives will, in fact, be achieved or occur within such time frames. The goals and objectives are subject to change. Certain statements included or incorporated by reference in this Budget Summary constitute “forward-looking statements.” Such statements are generally identifiable by the terminology used such as “plan,” “expect,” “assume,” “anticipate,” “intend,” “believe,” “estimate,” “budget” or other similar words. The achievement of certain results or other expectations contained in such forward- looking statements are based upon certain assumptions and involve known and unknown risks, uncertainties and other factors, including business levels during the relevant periods, that may cause actual results, performance or achievements described to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Actual results will vary and may vary materially. The Port does not plan to issue any updates or revisions to those forward-looking statements if or when its expectations or events, conditions or circumstances on which such statements are based change. The Port has not yet obtained funding for all the capital projects described in this Budget Summary, some of which may not ultimately be implemented by the Port. Furthermore, the overall cost of the 5-Year Capital Improvement Plan is subject to change, and the variance from the cost estimates described in this Budget Summary could be material. Failure to complete the projects may adversely affect the Port’s ability to generate the currently anticipated revenues. TABLE OF CONTENTS Letter of Transmittal i A. Overview Mission and Vision Statements 1 Strategic Plan 2 San Francisco Bay Area Region Map 4 Port of Oakland Overview 5 Port of Oakland Properties Map 6 Aviation 9 Maritime 18 Commercial Real Estate 27 Utilities 31 Security 31 Community Connection 32 Environmental Stewardship 33 Social Responsibility 37 Economic Impact 39 Financial Policy Guidelines 42 B. Operating Budget Operating Budget Process and Timeline 45 Operating Budget Highlights and Assumptions 47 Statement of Revenue, Expenses and Change in Net Assets 54 Operating Expenses by Category 55 Port Organization 56 Staff Summary 58 Personnel Costs by Division 60 Personnel Costs 61 C. Port Divisions Aviation 63 Maritime 71 Commercial Real Estate 79 Utilities –Office of the Chief Operating Officer 85 Office of the Chief Operating Officer 88 Finance and Administration 92 Executive Office 95 Port Attorney’s Office 97 Office of Audit Services 99 Office of the Board of Port Commissioners 101 Non‐Departmental 103 D. Capital Budget and 5‐Year Capital Improvement Plan FY 2021 Capital Budget Projects 105 5‐Year Capital Improvement Plan 106 Capital Project Funding Sources 118 E. Debt Service and Cash Flow Debt Service 123 Cash Flow 127 F. Glossary Acronyms 131 Definitions 135 Go to http://www.portofoakland.com/financial‐information to see this book online. Julie Lam Acting Chief Financial Officer June 25, 2020 Board of Port Commissioner of the City of Oakland Oakland, California Cestra Butner, President Andreas Cluver, First Vice President Barbara Leslie, Second Vice President Michael Colbruno, Commissioner Yui Hay Lee, Commissioner Arabella Martinez, Commissioner Joan Story, Commissioner Subject: Adopted Operating and Capital Budgets for Fiscal Year Ending June 30, 2021 Dear Board of Port Commissioners: On behalf of Port staff, I am pleased to provide this Budget Summary, which contains the Port’s: . One-year operating budget for fiscal year ended June 30, 2021 . One-year capital budget for fiscal year ended June 30, 2021 . Five-year operating forecast for FY 2021 through FY 2025 . Five-year Capital Improvement Plan (CIP) for FY 2021 through FY 2025, and . Other related information such as the Port’s staffing plan, division-specific operating budgets, debt service payments, cash flow projections, reserve amounts, and capital project descriptions. The FY 2021 operating and capital budgets were adopted by the Board on June 25, 2020. Subsequent years of the operating and cash flow projections and the 5-Year CIP are informational and presented for planning purposes only. Overview Budget Objectives The Port’s operating and capital budgets were developed to (a) support long-term financial strength, resiliency and sustainability, (b) address near-term operational and financial challenges due to COVID-19 including maintaining reasonable flexibility and liquidity to protect against inherent on-going operational, financial, political and economic uncertainties, and (c) strategically identify, prioritize and plan major capital i projects with a focus on health, safety, regulatory compliance, and on-going or imminent revenue generating projects. Key financial objectives include: Improve operating margin across all three revenue divisions Control Airport Cost per Enplanement (CPE) Project minimum Bond Debt Service Coverage Ratio of 1.40x Project minimum June 30, 2021 General Fund balance of $150 million Maintain Board reserves, consistent with Port policy of approximately $74.4 million Maintain discipline of paying down outstanding commercial paper notes Key Factors The FY 2021 operating and capital budgets were developed taking into account several key factors, as well as updated 5-year operating and cash flow projections and an updated 5-year CIP. Positive Factors The Port’s strong liquidity position comprised of both unrestricted cash and port reserves remains strong, provides the Port the financial flexibility to adapt and respond to on-going COVID-19 related operational and financial challenges, and potential impacts of a second wave in the fall of 2020. Port operations are supported by a strong and diverse local economy. Historically, this favorable geographic position results in approximately 84% of the Airport traffic being origin and destination and approximately 85% of the maritime cargo destined for and from local markets. The Bay Area remains an important center of commerce, and the Port remains an important, key gateway for both domestic and international trade and a top travel destination. The consolidated nature of the Port’s three major lines of business is proven again to be a source of financial stability. Even in the midst of these very challenging and unprecedented times, particularly at the Airport, the Port projects to end FY 2021 at a stable 1.40x debt service coverage ratio increasing to 1.84x by FY 2025. Approximately $19 million in CARES Act grants will be strategically applied in FY 2021 to reimburse the Port for eligible bond debt service payments and operating expenses. The Port plans to apply the remaining $25 million of CARES Act grants in substantially equal amounts in FY 2022 and FY 2023 to pay debt service. Use of such funds will allow the Port to strengthen its financial position and remain financially resilient in the face of a slow, prolonged economic recovery. In FY 2021, the Airport’s cost per enplanement (CPE) is the lowest of the three major gateway airports in the Bay Area making operating at OAK an attractive option to air carriers. Having a diversified cargo and passenger carrier business means the Airport is better positioned than most airports to withstand losses in passenger carrier operations which is the segment most impacted by the COVID-19 pandemic and the associated restrictions put forward by local and state governments to slow the spread of the disease. Domestic travel is expected to recover at a much higher pace than international travel which bodes well for the Airport. Southwest Airlines operates the most flights at the Airport and its
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