A new $494.2 million budget for Fiscal Year 2019 goes into place this week at the Port of Oakland. Port Commissioners last week approved the spending plan that includes $34.7 million for capital projects.

The budget finances operations at the Port’s three businesses: Aviation, Commercial Real Estate and Maritime. In addition to its container seaport, the Port manages Oakland International Airport and the Jack London Square entertainment district.

The budget is about $40 million less than the Port’s FY 2018 spending plan. The previous year’s budget was higher because of extraordinary Airport upgrades, the Port said. Those included a major overhaul of the Airport’s International Arrivals Building and rehabilitation of its main runway.

The Port said it would seek Commissioners’ approval for up to $92 million in additional capital funding this year.