The Long Beach Board of Harbor Commissioners has approved a $634.5 million budget for the Long Beach Harbor Department.
The budget, for the fiscal year which begins on 1 October, is 7.4 per cent lower than the budget adopted last year.
Operating revenue is projected to be 5.7 per cent higher than the previous year, while non-operating revenue is projected to be 22.2 per cent lower, largely due to completion of the Long Beach International Gateway Bridge project.
The port’s fiscal year 2024 budget will be considered for approval by the Long Beach City Council later this year.
The port has budgeted an all-time high transfer of $24.1 million to the City’s Tidelands Operating Fund, which supports shoreline safety, cleanliness, water quality, facilities and other quality-of-life projects.
Port of Long Beach Chief Executive Officer, Mario Cordero, said: “As we continue to weather challenges in the trade industry, the Port of Long Beach is looking toward the future by investing in projects that will enhance marine terminal productivity.”
Long Beach Harbor Commission President, Sharon L. Weissman, added: “This budget reflects the port’s ongoing investment toward improving the quality of life for our surrounding communities as we continue to grow business sustainably and responsibly.
“Our fiscal health is vital in maintaining the confidence of our industry partners to continue doing business with the Port of Choice.”
The Port of Long Beach plans to invest $250 million – nearly 40 per cent of the budget – in an ongoing capital improvement programme that will modernise terminals, rail, bridges, waterways, roads and other infrastructure.
Overall, the port plans to invest more than $2.2 billion in infrastructure projects over the next 10 years.