The Long Beach board of Harbor Commissioners has approved on 25 May a US$622.4 million budget for the Long Beach Harbor Department, more than half of which is dedicated to capital improvement projects.
The board is aiming to ensure the Port of Long Beach’s continued competitiveness, efficiency and sustainability, according to a statement.
The budget for the fiscal year 2022 begins on 1 October and is 4.2% lower than the budget adopted last year, while operating revenue is projected to be 8.7% higher due to strong anticipated performance in containerised cargo volumes. The Port’s fiscal year 2022 budget will be considered for approval by the City Council later this year.
“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,” said Mario Cordero, executive director of the Port of Long Beach, and went on to add, “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.”
For the next fiscal year, the Port plans to add 11 full-time positions and transfer an all-time high of US$20.6 million to the City’s Tidelands Operating Fund, which supports quality-of-life projects along Long Beach’s 11.2 km coastline.
“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,” commented Long Beach Harbor Commission president, Frank Colonna.
Additionally, the budget sets aside US$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 at the nation’s second-busiest seaport.
Overall, the Port of Long Beach plans to invest nearly US$1.6 billion in strategic projects over the next 10 years to enhance marine terminal productivity and improve the efficiency and sustainability of its operations operations.