The Long Beach Board of Harbor Commissioners on Monday approved a $622.4 million budget for the Long Beach Harbor Department, more than half of which is dedicated to capital improvement projects that will ensure the Port of Long Beach’s continued competitiveness, efficiency and sustainability, according to the company's release.
The budget for fiscal year 2022 begins Oct. 1 and is 4.2% lower than the budget adopted last year. Operating revenue is projected to be 8.7% higher due to strong anticipated performance in containerized cargo volumes.
The Port’s fiscal year 2022 budget will be considered for approval by the City Council later this year.
For the next fiscal year, the Port plans to add 11 full-time positions and transfer an all-time high of $20.6 million to the City’s Tidelands Operating Fund, which supports quality-of-life projects along Long Beach’s 7-mile coastline.
Additionally, the budget sets aside $329.1 million in an ongoing capital improvement program to modernize 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 $1.6 billion in strategic projects over the next 10 years to enhance marine terminal productivity, deliver greater efficiency to our customers and improve the sustainability of our 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 the nation’s second-busiest seaport. With 175 shipping lines connecting Long Beach to 217 seaports, the Port handles $200 billion in trade annually, supporting more than 575,000 Southern California jobs.