THE Long Beach Board of Harbour Commissioners has approved a US$982 million budget for the Port of Long Beach's upcoming fiscal year, with 70 per cent of the spending focused on modernisation and other construction projects.
For the financial year starting October
1, 2018, the Harbour Department plans to spend $695 million on capital
projects including the ongoing Gerald Desmond Bridge Replacement Project
and Middle Harbour Terminal Redevelopment at a cost of $333 million.
The budget projects operating revenue of more than $399 million, 5.2 per
cent higher than the previous fiscal year, reports London's Port
President of the Long Beach Harbour Commission, Lou Anne Bynum, said:
"The budget reflects the port's trademark careful planning and fiscal
responsibility as we engage in the most active capital improvement
programme of any US seaport. The Port will remain a vital economic
engine for both the regional and national economies as we continue to
strengthen the port's competitiveness."
Included in the spending plan is a one-time payment of nearly $215
million for the port's new headquarters, which has a completion date set
The 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.
Mario Cordero, Port of Long Beach executive director, commented: "This
budget gives us the means to continue building a Port that delivers the
best customer service in the business.
"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."