The Port of Long Beach has received approval from the Board of Harbor Commissioners for a $716 million budget for 2011.
It is 19% lower that the budget for 2010 but the port says it will allow continued aggressive investment in environmental and capital improvement projects.
The budget includes $474 million for development projects that will support about 4,000 regional jobs for the next fiscal year.
Another $71 million is earmarked for environmental programs such as the development of clean air technologies.
“Despite the global recession, the Port of Long Beach is in a strong financial position,” said Port Executive Director Richard D. Steinke.
“But to remain competitive, we must look into the future. We must continue to invest in projects to modernise and 'green' our operations.”
The budget calls for operating costs to be cut. Staffing levels will be held steady and non-personnel expenses will be reduced.
The budget cuts will not affect the port's investment in environmental improvements and modernisation projects.
The port expects revenue from container terminals, which makes up 75% of the port's overall revenues, to rise 4% in the next fiscal year, but other operations, such as interest and oil operations, is projected to be lower.
With moderate revenue increases and a larger capital outlay, the port will draw $323 million from its reserve funds.
Part of the environmental spend will include the city's Tidelands project, which helps provide for city beach and marina services.
It is 19% lower that the budget for 2010 but the port says it will allow continued aggressive investment in environmental and capital improvement projects.
The budget includes $474 million for development projects that will support about 4,000 regional jobs for the next fiscal year.
Another $71 million is earmarked for environmental programs such as the development of clean air technologies.
“Despite the global recession, the Port of Long Beach is in a strong financial position,” said Port Executive Director Richard D. Steinke.
“But to remain competitive, we must look into the future. We must continue to invest in projects to modernise and 'green' our operations.”
The budget calls for operating costs to be cut. Staffing levels will be held steady and non-personnel expenses will be reduced.
The budget cuts will not affect the port's investment in environmental improvements and modernisation projects.
The port expects revenue from container terminals, which makes up 75% of the port's overall revenues, to rise 4% in the next fiscal year, but other operations, such as interest and oil operations, is projected to be lower.
With moderate revenue increases and a larger capital outlay, the port will draw $323 million from its reserve funds.
Part of the environmental spend will include the city's Tidelands project, which helps provide for city beach and marina services.