Port Enterprise Fund Financial
Overview
December 16, 2025
Photo: Malcolm Wallace
Courtesy of East Bay EDA
DRAFT 12/9/25 RM
Agenda
• Port Enterprise Fund: Definition & Benefits
• Port as an “Economic Engine”
• Tenant Recap - Leases & Tariffs
• Port Financial Reports
• Loan Between City and Port
• Funding Point Potrero Marine Terminal Infrastructure
• Strategic Planning Process
2 Enterprise Funds
Used by governments to account for operations that are
financed and operated like a private business
Revenues should be used solely for the operations of the enterprise activity
Should always
have enough
reserves to:
1) Manage risks (revenue shortfalls and
unexpected capital expenses)
2) Maintain creditworthiness with rating agencies
3) Pursue grants that require local funding matches
3 Port Enterprise Fund
Revenues generated by the
Port (wharfage fees, dockage
fees, lease revenue) cannot be
used to fund unrelated
government activities.
A well-maintained, self-
sustaining port can have
many indirect economic benefits
to support other government
activities.
4 • Transparency and Accountability
• Facility Reinvestment
• Protects Taxpayer Dollars
• Performance Metrics and
Management
• Indirect and Induced Jobs
• Increased Sales and Property Tax
Revenues
• Business Attraction and Retention
• Innovation Hubs
Port as an “Economic Engine”
The Port supports jobs, trade, and investment, generating economic activity both directly and indirectly through its operations and tenants.
✓Job creation: The Port supports hundreds of local jobs in longshore work, auto processing, trucking, storage, and maintenance, as well as indirect jobs in retail and services. ✓Business activity: Port terminals manage a range of cargo and services creating steady demand for local businesses that provide logistics, fuel, and vessel services.
✓Revenue generation: The Port contributes to the City’s economy through business taxes and fees that support Port operations, staff, and reinvestment in the facilities.
✓Regional competitiveness: By providing a maritime
gateway, the Port attracts and retains industry in Richmond, supporting the City’s broader economic development goals.
Job Creation
Business
Activity
Revenue
Generation
Regional
Competitiveness
5 Port as an “Economic Engine”
• Port invests over $2M on an annual
basis on capital projects, professional
services, staffing that keeps local
resources and businesses working.
Annual Port
Investment
• The Port’s Facilities Assessment project
has highlighted the need for significantly
more local investment on infrastructure
to improve Port facilities and services.
Future Port
Investments
• Port tenants pay approx. $430,000 in
business license and sales tax to the
City of Richmond’s General Fund.
Business
License and
Sales Tax
✓Job Creation
✓Business Activity
✓Revenue
Generation
✓Regional
Competitiveness
6 Tenant Recap - Leases and Tariffs
Terminal LEASES TARIFFS
Term 2 AAK AAK
Term 3 Brookfield Properties (& Sause Tugs)
Term 4 Nematode Holdings (& Pt. San Pablo Harbor)
PPMT Foss Tugs Auto Warehousing Company
PPMT Marine Spill Response Corp (MSRC)
PPMT Dutra Group (Dredging Co.)
PPMT City Cruises / Alcatraz Cruises
PPMT National Response Corp / Republic Services
Non-Profit Tenants – No Lease Fee Notes
PPMT Red Oak Victory Ship, RMA Annual debt reduction benefit PPMT Northland Nautical, Sea Scouts Boating & waterfront skills for youth 7 Port Lease Revenue
5-Year Trend
8 $1.8
$2.5 $2.4 $2.4
$2.6
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
2021 2022 2023 2024 2025
MILLIONS
Port Tariffs Explained
A Port Tariff is a schedule of fees and charges that sets the rates for the use of Port facilities and services.
Dockage
• Dockage is the fee charged to a ship for the use of the Port’s pier or wharf based on the length of the ship and the amount of time it is at the berth.
Wharfage
• Wharfage is the fee charged on cargo that moves across the Port’s wharf - loaded or unloaded from a ship.
Storage
• Storage is the fee charged when cargo or equipment stays on Port property for a period of time after unloading.
9 Port Tariff Revenue
5-Year Trend
10 $8,660,533
$8,022,831 $8,256,873
$9,675,362
$8,505,171
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
2021 2022 2023 2024 2025
AAK Dockage and Wharfage
AWC Dockage
AWC Wharfage and fees
Other Terminals
Port Revenues and Expenses
5-Year Comparison
11 $10.7
$11.3
$12.3
$13.9
$13.0
$6.3
$4.9
$5.5
$6.4
$5.8
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
2021 2022 2023 2024 2025
MILLIONS
Revenue Expense
Statement of Net Position
5-Year Comparison
2021 2022 2023 2024 2025
Assets
Cash and investments 3,257,402 6,245,066 10,478,957 16,508,586 20,505,373 Restricted C&I, Receivables 6,180,056 6,058,034 6,252,342 6,039,820 6,258,708 Noncurrent assets - Lease Receivables 64,399,300 56,208,130 56,546,155 53,774,405 Capital assets 36,491,112 32,961,291 29,458,225 26,114,821 23,845,648 Deferred Outflows of Resources 233,714 98,098 233,884 257,769 184,147 Total Assets 46,162,285 109,761,789 102,631,538 105,467,151 104,568,282 Liabilities
Accounts payable and accrued liabilitles 321,914 313,689 176,264 412,557 596,679 Unearned Revenue & Deposits Payable 758,423 770,329 770,329 772,601 798,797 Bonds and Long-Term Debt Liability 13,701,169 9,182,363 4,485,306 OPEB and Pension Liability 2,188,877 600,840 898,587 1,255,393 1,111,794 Loan / Advance - General Fund 13,062,225 12,774,486 12,485,370 12,144,862 7,502,950 Deferred Inflows of Resources 279,191 63,839,388 54,687,576 54,289,144 50,786,734 Total Liabilities 30,311,798 87,481,094 73,503,432 68,874,558 60,796,954 Net Position (Defecit)
Net Investment in Capital Assets 36,491,112 32,961,291 29,458,225 26,114,821 23,845,648 Restricted for debt service 150,627 77,892 348,038 Unrestricted (20,791,253) (10,758,488) (678,157) 10,477,772 19,925,679 Total Net Position 15,850,487 22,280,695 29,128,106 36,592,593 43,771,327 12 Port Assets, Liabilities, and Net Position
5-Year Trend
13 $46
$109.7
$102.6 $105.5 $104.5
$30
$87.5
$73.5
$68.9
$60.8
$15.8
$22.2
$29
$36.6M
$43.8
$3.2 $6.2
$10.5
$16.5M
$20.5
$-
$20
$40
$60
$80
$100
$120
2021 2022 2023 2024 2025
Millions
Assets
Liabilities
Net Position
Cash
Loan Between City and Port
Since 1977, the City has provided
services and advances to the Port.
Various Promissory Notes were later
combined and entered into as a Loan
Agreement. The General Fund loan
was used to cover operating deficits,
support capital improvements,
ensure continuity of services, and
bridge timing gaps.
• Total Amount: $17,139,855
• Term of Loan: 6/30/2005 to 6/30/2049
• Annual Principal Payment: $150,000
• Annual Offset for Red Oak Victory
Basin-5
14 $13,062,225 $12,774,486 $12,485,370 $12,144,862
$7,502,950
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
202 1 202 2 202 3 202 4 202 5
DEBT OWED TO GENERAL FUND
$4.5M one-time
payment in
FY2025
Funding Port Infrastructure
Public-Private Partnerships (P3s), Tenant
Funded
➢Leveraging long-term tenant leases and
development agreements to incentivize capital
investment.
State & Federal Grants
➢Pursuing USDOT Port Infrastructure
Development Grants and other grants to fund
investment.
Bond Funding
➢Evaluating the issuance of revenue bonds or
other municipal financing tools.
Self Funding
➢Directly investing from the Port Enterprise
account while also retaining funds needed for
grant local match.
15 Strategic Plan Building Blocks
Strategic Plan
Economic Impact Study
Offshore Wind Study (CEC
Grant)
Land Use Considerations
and Restrictions
Port Framework
(SPA or non-SPA)
Infrastructure Assessment Completed
Underway w. Danny W.
Underway w. Danny W.
Starts January 2026
To be Procured/Executed
To be Procured/Executed
Strategic
Proactive
Optimized
16 Draft Strategic Plan Tentative Timeline
17 Questions
Emily Combs
[email protected]
(510) 620-6790
Charles Gerard
[email protected]
(510) 620-6792
Rita Martinez
[email protected]
(510) 621-1546
18