Financing package. When port inaudible came to you in september we identified these savings so we would be returning to you to figure out what to do with that funding. Well, this is us coming back and saying that theres a plan to spend those funds, about 1. 2 million on public restrooms, we have amador street repairs and pier structure repair. You can see the pier structure repair project is really critical. We can just keep funding that project for the amount of work that we want to get our pile repair crew to address over the coming years. Actually just to go back to that slide, but i just want to emphasize that this is a neutral change that im not counting it as Additional Capital spending because were reallocating it from other projects and reallocating it to new priorities. So just to reiterate, i believe we have controlled our operating expenditures. Like i said, its only about 4. 5 percent increase in the first year and both fiscal years were allocating or designating significan
Project for the amount of work that we want to get our pile repair crew to address over the coming years. Actually just to go back to that slide, but i just want to emphasize that this is a neutral change that im not counting it as Additional Capital spending because were reallocating it from other projects and reallocating it to new priorities. So just to reiterate, i believe we have controlled our operating expenditures. Like i said, its only about 4. 5 percent increase in the first year and both fiscal years were allocating or designating significant amounts of operating revenue to future capital. We are showing Strong Revenue projections and as far as Capital Projects, port staff really looked diligent in identifying the highest priority projects that we think are ready, not just high priority, but shovel ready, ready to move forward, or if they are not shovel ready that were doing things like doing a see wall study and an eir on the southern waterfront. So next steps, on the 21st
Pier structure repair. You can see the pier structure repair project is really critical. We can just keep funding that project for the amount of work that we want to get our pile repair crew to address over the coming years. Actually just to go back to that slide, but i just want to emphasize that this is a neutral change that im not counting it as Additional Capital spending because were reallocating it from other projects and reallocating it to new priorities. So just to reiterate, i believe we have controlled our operating expenditures. Like i said, its only about 4. 5 percent increase in the first year and both fiscal years were allocating or designating significant amounts of operating revenue to future capital. We are showing Strong Revenue projections and as far as Capital Projects, port staff really looked diligent in identifying the highest priority projects that we think are ready, not just high priority, but shovel ready, ready to move forward, or if they are not shovel read
Project is really critical. We can just keep funding that project for the amount of work that we want to get our pile repair crew to address over the coming years. Actually just to go back to that slide, but i just want to emphasize that this is a neutral change that im not counting it as Additional Capital spending because were reallocating it from other projects and reallocating it to new priorities. So just to reiterate, i believe we have controlled our operating expenditures. Like i said, its only about 4. 5 percent increase in the first year and both fiscal years were allocating or designating significant amounts of operating revenue to future capital. We are showing Strong Revenue projections and as far as Capital Projects, port staff really looked diligent in identifying the highest priority projects that we think are ready, not just high priority, but shovel ready, ready to move forward, or if they are not shovel ready that were doing things like doing a see wall study and an e
Budgeted revenues closer to what we think we are going to generate and be consistent with those prior year trends so we can really identify the sources that were going to designate as revenue. And then for expenditures i also show the twoyear growth and as you can see, salaries and fringe is a huge investment. Our people are obviously a critical part of how we run the waterfront and of the growth over the two years, over 2 million of it is just for salaries and fringe but its important to note that about half of that is the cost of existing staff. So salary and fringe costs are growing and of that, particularly fringe, departments are having to make higher investments in the two budget years because were still replenishing the Pension System after the recession. So after this point in time we should see a reduction in the growth in those costs. This is really just a push to replenish that system. And then as ill go into more detail, the other half of that are the staffing investments,