The Long Beach Board of Harbour Commissioners approved a US$634.5 million budget for the Long Beach Harbour Department, which included a record-breaking transfer to the City’s Tidelands Operating Fund, which funds projects along Long Beach’s coastline.
The budget for the fiscal year beginning on the first of October is 7.4% decreased than the budget passed last year. Operating revenue is expected to be 5.7% higher than last year, while non-operating revenue will be 22.2% lower, owing primarily to the completion of the Long Beach International Gateway Bridge project.
Meanwhile, the Long Beach City Council will discuss the Port’s fiscal year 2024 budget later this year.
The Port has planned an all-time high transfer to the City’s Tidelands Operating Fund of US$24 million, which supports coastal safety, cleanliness, water quality, facilities, and other quality-of-life initiatives along Long Beach’s seven-mile coastline.
In addition, the Port intends to invest US$250 million, or approximately 40% of the budget, in a continuous capital improvement programme to modernise terminals, rail, bridges, canals, roads, and other infrastructure to support the Port’s ongoing sustainable and responsible expansion.
Over the next ten years, the Port of Long Beach aims to invest more than US$2.2 billion in infrastructure improvements, the most ambitious programme for a US seaport.
