The Long Beach Board of Harbor Commissioners has approved a USD 858 million budget for the Port of Long Beach in the upcoming fiscal year, with two-thirds of the spending set aside for building and modernization program.
For the fiscal year starting Oct. 1, 2014, the Harbor Department plans to spend USD 579m on capital projects as a part of a decade-long, USD 4bn investment in port upgrades and efficiency improvements.
The ongoing Desmond Bridge Replacement Project and Middle Harbor Terminal Redevelopment will continue to be the port’s largest construction projects.
The budget was unanimously approved by the Commission and will be presented to the Long Beach City Council for approval.
Port operations are supported by income from terminal leases and fees charged to terminal companies and shipping lines for moving cargo through the port.
The budget projects operating revenue of USD 346.8m.
The approved budget adds 28 new full-time positions, which include 20 in engineering to support ongoing capital improvements, and six to enhance port security operations.
The budget also includes funding of more than USD 30m for environmental programs and projects such as technology-advancement demonstrations of a barge-based pollution-control system for ships at berth and an electric truck overhead “catenary” system.
With 140 shipping lines connecting Long Beach to 217 seaports, the port handles USD 180bn in trade annually.
Press Release; July 16th, 2014