The Long Beach City Council recently approved a $650 million budget for the Harbor Department that includes a transfer of about $19 million to the City’s Tidelands Operating Fund, which supports quality-of-life projects along Long Beach’s 7-mile coastline, the company said in its release.
The budget for fiscal year 2021, which begins Oct. 1, is 4% lower than last year’s budget. Operating revenue is projected to be down 5% due to uncertain global conditions.
“Even with cargo impacts from the pandemic and trade war, the Port is financially secure and stable, and well within established thresholds for reserves,” said Long Beach Harbor Commission President Frank Colonna. “We expect this trade gateway to be a key to economic recovery in the years ahead. Trade, construction and tourism at the Port support 51,000 jobs in the city, and 2.6 million jobs across the nation.”
For the next fiscal year, the Port plans to invest $379 million, or 58% of the total budget, in capital projects to construct and renovate Port facilities. The Port plans $1.7 billion in capital expenditures over the next 10 years to enhance marine terminal productivity, deliver greater efficiency to customers and improve safety and the sustainability of operations.
The Port of Long Beach — the Harbor Department of the City of Long Beach — does not use tax revenue to support operations.
The Port of Long Beach is one of the world’s premier seaports, a gateway for trans-Pacific trade and a trailblazer in goods movement and environmental stewardship. With 175 shipping lines connecting Long Beach to 217 seaports, the Port handles $170 billion in trade annually, supporting more than 575,000 Southern California jobs.