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 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.
“We are cautious but optimistic about the future,” said Port of Long Beach Executive Director Mario Cordero. “It’s important that we stay focused on attracting business, building for the future, and moving cargo in a more environmentally responsible way. That drive to maintain operational excellence is why we are the Port of Choice.”