The Redwood City Port Commission has approved its fiscal year 2014-2015 budget, projecting operating revenues at $6,627,720 and operating expenses at $4,281,890.
Operating income of $2.3 million is offset by $660,000 in net non-operating expenses, primarily due to the interest expense on the Port’s 1999 and 2012 revenue bonds. Subvention of $398,000 to the City of Redwood City is included in the budget, resulting in a projected net income after subvention of $1.3 million.
The FY15 Budget includes $2.9 million for capital projects. The major projects are “F” dock Marina dredging at an estimated cost of $600,000 and public access improvements between the Seaport Conference Center and the fishing pier estimated at a cost of $500,000. There will be another installment for the Port’s cost share of the U.S. Army Corps of Engineers Channel Deepening and Improvement Study of $800,000.
Port Executive Director Michael J. Giari said that the FY15 budget is based on an estimated 1,713,000 metric tons of cargo, an increase over the FY13 actual tonnage and FY14 tonnage forecast. The tonnage is primarily composed of construction sand and aggregates imported from Canada and recycled scrap metal exported to Asia.
Port Commission Chair Lorianna Kastrop said: “The growth in tonnage and revenue at the Port will enable us to complete improvements to the waterfront public access areas and guest berthing for recreational and excursion boats. These improvements, estimated to cost approximately $1 million, will increase the use and enjoyment of the community’s waterfront.”
Press Release, June 26, 2014