The Board of Harbor Commissioners on Monday, June 28 approved a $716 million budget for the Port of Long Beach that continues to invest aggressively on environmental and capital improvement projects while keeping operating costs in check, the LB Port Authority press release said.
The fiscal year 2011 budget represents a 19-percent reduction from the previous year. It includes $414 million for development projects that will support about 3,500 regional jobs during the fiscal year, which begins October 1. Another $71 million is earmarked for environmental programs such as the development of clean air technologies.
Port of Long Beach is one of the largest seaports of the United States. Annual volume of trade flows passing via the port make Long Beach the second-busiest seaport in the U.S. Last year’s container trade reached 6.7 million TEUs.
The ports of Los Angeles and Long Beach form together the U.S. port complex, one of the world’s biggest hub.