The Port of Long Beach has approved a $622.4 million budget for the Long Beach Harbor Department, more than half of which will be dedicated to capital improvement projects.
In a statement, the Port said the budget will ensure its “continued competitiveness and sustainability”. The budget for fiscal year 2022 begins on 1 October 2021 and is 4.2% lower than the budget adopted in 2020.
Additionally, the budget sets aside $329.1 million in an ongoing capital improvement program to modernise terminals, rail, bridges, waterways, roads and other infrastructure to support the ongoing growth of operations.
Operating revenue is projected to be 8.7% higher due to the strong anticipated performance in containerised cargo volumes, a trend caused by an unprecedented demand for e-commerce goods in the US.
The budget will, the Port said, be considered for approval by the City Council later in the year.
Mario Cordero, Executive Director, Port of Long Beach, said, ““The scope and reach of the COVID-19 pandemic struck a serious blow to the global economy, but the Port remains fiscally strong and secure.
“We plan to assist with the region’s recovery by continuing to invest in our community, our workforce and infrastructure upgrades that will keep us competitive well into the future.”
Frank Colonna, Long Beach Harbor Commission President, also commented, “Although the COVID-19 pandemic tested our resolve, we remain focused on the future by investing in strategic projects that will improve cargo flow, reliability and efficiency.
“As an international gateway for trade, the Port is well positioned to endure economic challenges and assist in the nation’s economic recovery.”