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Port presents 10-year capital plan showing $6.1 billion needs and $2.6 billion shortfall
Summary
Port staff presented a 10-year capital plan (FY2026–2035) estimating roughly $6.1 billion in capital needs, an increase from the prior plan, and a funding gap of approximately $2.6 billion; staff urged continued pursuit of external funding and faster project delivery.
The San Francisco Port Commission received an informational presentation Feb. 11 on the Port’s 10-year capital plan for fiscal years 2026–2035, which staff said identifies approximately $6.1 billion in capital needs and an estimated funding gap of roughly $2.6 billion.
Interim Deputy Director of Finance and Administration Megan Wallace presented the plan and said the $6.1 billion total combines an estimated $2.6 billion in state-of-good-repair needs and about $3.5 billion in enhancements. Wallace said the plan’s total increased by about $2.0 billion from the prior plan, driven in part by the addition of projects such as Pier 30/32 and by extending the planning horizon by two years.
Wallace outlined limitations and uncertainties in the estimates: state-of-good-repair figures are aggregate approximations that become less precise at the individual-facility level and will be refined through additional inspections and engineering work. She also noted that the Waterfront Resilience Program’s full scope — which staff and the Army Corps of Engineers estimate could be substantially larger — is not fully reflected in the 10-year numbers until federal approvals are complete.
Staff summarized funding sources embedded in the plan: the Port’s internal capital contribution (about $354 million shown in the plan) combined with an estimated $3.2 billion in external funding, grants and partner financing. Wallace said delays in project delivery and inflation increase the backlog and the total shortfall, underscoring the need to deliver funded projects promptly.
Commissioners said the figures were significant and requested clearer context tying the capital shortfall to the port’s economic role. Commissioner Angleton asked for framing to show how the port’s condition could affect broader city economic activity. Several commissioners stressed the need to prioritize resilience and deliverable projects and asked staff to meet individually for follow-up questions.
The presentation listed resilience priorities, including the Seawall Lot lighting projects (Lot 321 and Lot 349) and ongoing coordination with the Army Corps of Engineers and regional partners. Wallace said bond proceeds from the Seawall bond program and regional grants such as Regional Measure 3 will be important near-term funding sources, but additional federal and external support will be necessary to cover the plan’s large needs.
No commission vote was required; the item was informational and staff said they will continue to refine facility-level estimates, advance project delivery and pursue additional funding sources.
