The Long Beach Board of Harbor Commissioners on Monday approved a $982 million budget for the Port of Long Beach’s upcoming fiscal year, with 70 percent of the spending focused on modernization and other construction projects.
For the fiscal year starting Oct. 1, 2018, the Harbor Department plans to spend $695 million on capital projects including the ongoing Gerald Desmond Bridge Replacement Project and Middle Harbor Terminal Redevelopment at a cost of $333 million. The spending plan includes a one-time payment of nearly $215 million for the Port’s new headquarters, expected to be completed in mid-2019. After the Harbor Commission's approval the budget will then be presented to the Long Beach City Council for its consideration.
“The budget reflects the Port’s trademark careful planning and fiscal responsibility as we engage in the most active capital improvement program of any U.S. seaport,” said Lou Anne Bynum, President of the Long Beach Harbor Commission. “The Port will remain a vital economic engine for both the regional and national economies as we continue to strengthen the Port’s competitiveness.”
“This budget gives us the means to continue building a Port that delivers the best customer service in the business,” said Port of Long Beach Executive Director Mario Cordero. “To our customers, that means delivering their cargo fast, efficiently and at a cost that makes sense for them. We look forward to a prosperous future together with our many partners.”
The Harbor Department receives no taxpayer revenue to operate. The Port’s operating budget is funded by income from terminal leases and fees for moving cargo through the Port. The budget projects operating revenue of more than $399 million, 5.2 percent higher than the previous fiscal year.
The newly approved budget also includes the anticipated transfer of $20 million to the City of Long Beach Tidelands Operating Fund, the largest transfer ever, which is used for beachfront improvements and other coastal expenditures in Long Beach.