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Budget Summary BUDGET SUMMARY One-Year Operating and Capital Budget Fiscal Year Ended June 30, 2022 Five-Year Operating Forecast and Capital Improvement Plan Fiscal Years ending June 30, 2022 through 2026 One-Year Operating and Capital Budget Fiscal Year 2021-22 and Five-Year Operating Forecast and Capital Improvement Plan Fiscal Years 2021-22 Through 2025-26 Board of Port Commissioners of the City of Oakland Andreas Cluver, President Barbara Leslie, First Vice President Yui Hay Lee, Second Vice President Cestra Butner, Commissioner Michael Colbruno, Commissioner Arabella Martinez, Commissioner Joan H. Story, Commissioner Executive Management Danny Wan, Executive Director Kristi McKenney, Chief Operating Officer Bryan Brandes, Director of Maritime Bryant L. Francis, Director of Aviation Pamela Kershaw, Director of Commercial Real Estate Julie Lam, 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 24, 2021 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 Message from the CFO i Overview Capital Budget and 5‐Year Capital Plan Mission and Vision Statements 1 FY 2022 Capital Budget Projects 90 Strategic Plan 2 5‐Year Capital Improvement Plan 91 San Francisco Bay Area Region Map 4 Capital Project Funding Sources 105 Port of Oakland Overview 5 Port of Oakland Properties Map 6 Debt Service and Cash Flow Aviation 9 Debt Service 116 Maritime 13 Cash Flow 121 Commercial Real Estate 17 Utilities 21 Glossary Security 21 Acronyms 126 Community Connection 22 Definitions 131 Environmental Stewardship 24 Social Responsibility 27 External Websites Economic Impact 27 Port of Oakland Financial Policy Guidelines 28 Oakland International Airport Operating Budget Operating Budget Process and Timeline 31 Operating Budget Highlights and Assumptions 32 Statement of Revenue, Expenses and Change in Net Assets 39 Operating Expenses by Category 40 Port Organization 41 Staff Summary 42 Personnel Costs by Division 44 Personnel Costs 45 Division Budgets Aviation 47 Maritime 56 Commercial Real Estate 66 Utilities –Office of the Chief Operating Officer 69 Office of the Chief Operating Officer 73 Finance and Administration 77 Executive Office 80 Port Attorney’s Office 82 Office of Audit Services 83 Office of the Board of Port Commissioners 85 Non‐Departmental 87 June 24, 2021 Board of Port Commissioner of the City of Oakland Oakland, California Andreas Cluver, President Barbara Leslie, First Vice President Yui Hay Lee, Second Vice President Cestra Butner, Commissioner Michael Colbruno, Commissioner Arabella Martinez, Commissioner Joan Story, Commissioner Subject: Adopted Operating and Capital Budgets for Fiscal Year Ending June 30, 2022 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 ending June 30, 2022; . One-year capital budget for fiscal year ending June 30, 2022; . Five-year operating forecast for FY 2022 through FY 2026; . Five-year Capital Improvement Plan (CIP) for FY 2022 through FY 2026; 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 2022 operating and capital budgets were adopted by the Board on June 24, 2021. Subsequent years of 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 (COVID) including maintaining reasonable flexibility and liquidity to protect against operational, financial, political and economic uncertainties, and (c) strategically identify, prioritize and plan major capital projects with a focus on regulatory compliance, health, safety, and on-going or imminent revenue generating projects. Key financial objectives include: i Improve operating margin across all revenue divisions; Control Airport Cost per Enplanement (CPE); Project minimum Intermediate Lien Bond Debt Service Coverage Ratio of 1.40x; Project minimum June 30, 2022 General Fund ending balance that, when combined with Board reserves, are sufficient to fund operating expense in the succeeding fiscal year; Maintain Board reserves, consistent with Port policy of approximately $77.0 million; and Maintain discipline of paying down outstanding commercial paper notes. KEY FACTORS The FY 2022 operating and capital budgets were developed taking into account several key factors highlighted below, 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 Board reserves remains strong and provides the Port the financial flexibility to adapt and respond to COVID and other future operational and financial challenges. Port operations are supported by a strong and diverse local economy. Historically, this favorable geographic location 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, diversified nature of the Port’s major lines of business has proven again to be a source of financial stability. In FY 2021, anticipated Maritime and Utilities revenues are better than budget and offset worse than budgeted Aviation and Commercial Real Estate (CRE) anticipated revenues. The expectation for FY 2022 is for Maritime revenues to remain resilient while Aviation and CRE revenues improve from anticipated FY 2021 levels. In the midst of these very challenging and unprecedented times, particularly at the Airport, the Port projects to end FY 2022 at a stable 1.81x Intermediate Lien debt service coverage ratio increasing to 2.42x by FY 2026. Driving these debt service coverage increases are (a) the debt service savings generated from the two bond refunding transactions executed in FY 2021, (b) projected revenue recovery at the Airport, and (c) the application of airport specific Federal aid to pay portions of operating expenses and debt service coming due in the next four fiscal years. Approximately $27.9 million in Federal aid (CARES, CRRSA and ARP Act) grants will be strategically applied in FY 2022 to reimburse the Airport for eligible bond debt service payments, operating expenses, and capital expenditures. The Port plans to apply the balance of the funds in FY 2023 through FY 2025 to pay additional debt service, operating expenses and fund eligible capital expenditures. Use of such funds will allow the Port to strengthen its financial position by replenishing its cash balance and remaining financially
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