The Long Beach Board of Harbor Commissioners has approved a US$685.5 million annual budget for the Port of Long Beach.
It is interesting to note that 47% of the expenses are dedicated to the US’s most active seaport capital improvement programme.
The budgeted expenditure for the financial year 2023, which starts on 1 October 2022, is 10% higher than last year.
At the same time, operating revenue is expected to be 10.9% higher, which is mainly due to anticipated increases in cargo volume.
“Prudent fiscal planning has allowed us to weather the most drastic crisis to hit the supply chain in recent years,” said Port of Long Beach executive director, Mario Cordero, who added, “This budget reflects our commitment to continually invest in our facilities to attract business and put our customers in the best position to succeed.”
Next year, the port will once again transfer a record of US$22.8 million to the City’s Tidelands Operating Fund, which supports quality-of-life projects along the Long Beach coastline, according to a statement.
The budget also includes US$40.6 million for the self-sustaining Clean Trucks Program as the port works toward a zero-emissions drayage truck fleet by 2035.
“This budget maintains our financial strength and broadens community access to the economic benefits the Port creates,” said Long Beach harbor commission president, Steven Neal.
“Our consistent focus on improving our position as a preferred gateway for trans-Pacific trade while operating in a more sustainable way is why we are the Port of Choice,” he added.
POLB expects to invest nearly US$2.6 billion in capital improvements over the next 10 years to enhance terminal and train capacity, upgrade critical infrastructure and reduce the environmental impact of port operations.
Last but not least, US$322 million is available for improvements in 2023, “demonstrating the Long Beach port’s leadership role in an increasingly competitive market.”
The Long Beach City Council will consider approving the budget later this summer.
