Port Houston approves FY 2024 budget

Port Houston announces FY 2024 budget

The Port Commission of the Port of Houston Authority has approved the port’s latest $745 million capital plan and $428 million operating budget to guide staff in operating and managing facilities and activities for Fiscal Year 2024.

This was announced after the Port Commission met on 13 November to conduct its annual Budget Workshop.

According to Port Houston’s latest statement, capital plans will seek to advance container capacity expansion and general cargo facility redevelopment work, as well as provide efficient growth opportunities for customers and expand job opportunities in the local economy.

Capital awards of nearly $613 million are anticipated next year that are associated with Port Houston operations; the Houston Ship Channel Expansion – Project 11 awards are estimated at $132 million.

The 2024 budget reportedly supports Port Houston’s investments in its community and its landside and waterside infrastructure, while continuing to seek grants from local, state, and the unprecedented federal funding to support its efforts.

READ: Port Houston announces new Commissioner

A workshop highlight was the staff’s second update to its Environmental, Social, Safety, and Governance (ES2G) Report.

The initial report, first published in 2021 following extensive stakeholder engagement, documented 72 Port Houston stewardship programmes, while adding a Sustainability Action Plan with 27 new focus areas.

The new report includes further information on measuring progress against these goals and establishing new targets for Port Houston’s 2050 net zero carbon emissions goal.

In other matters, the Port Commission also approved Tariff rate changes in 2024 to align with escalating costs and expenses and to keep Port Houston terminals competitive. The Port Commission will meet next on 12 December.

In September 2023, Port Houston ordered five Konecranes hybrid Rubber-Tyred Gantry (RTGs) cranes for its Barbours Cut Container Terminal. The order was booked in Q3 2023, with the cranes to be delivered at the beginning of 2025.

More recently, Port Houston announced its biggest month ever for loaded exports in October, recording a 6 per cent increase compared to last October.

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