Long Beach City Council has approved an US$858 million budget for the Port of Long Beach for the fiscal year beginning October 1, with US$579 million allocated to capital projects, reported JOC.
The spending is part of a decade-long US$4 billion investment in order to keep the port efficient and competitive in the wake of the Panama Canal expansion for 2016.
Port of Long Beach CEO, Jon Slangerup. Source: Scmr
The largest construction projects taking place at the port are the on-going Gerald Desmond Bridge Replacement Project and Middle Harbour Terminal Redevelopment.
Jon Slangerup, the port’s chief executive said: “To remain competitive, the port needs to continually reinvest in major facilities upgrades. We are proud that the Port of Long Beach remains financially strong.”
The Port of Long Beach's Middle Harbour Development Project. Source: ship-technology
Funding is to be provided by terminal leases and fees charged to shipping lines and terminal companies –
totalling US$346.8 million in the coming year. Government grants will be provided by state and federal agencies for work on roadway, security and rail projects.
The approved budget will add 28 new full-time positions, including 20 in engineering to support capital improvements, and six to enhance port security.