Cargo Business Newswire

Thursday, July 17, 2014

Port of Long Beach to spend $579M on capital projects next year

On Monday, harbor commissioners approved an $858 million budget for the Port of Long Beach in the upcoming fiscal year, with $579 million earmarked for an expansive building and upgrade program, according to a port statement.

The budget will now be presented to the Long Beach City Council for approval.

For the fiscal year starting Oct. 1, 2014, the Harbor Department said it would spend $579 million on capital projects as part of a 10-year, $4 billion investment in port modernization that aims to enhance the port's competitiveness.

Replacement of the Desmond Bridge and the redevelopment of the Middle Harbor Terminal are the port's largest ongoing construction projects.

With ports throughout North America working to increase their market share, the Port of Long Beach said its revenues are projected to remain level with the current fiscal year.
"The port will continue to provide excellent seaport services and build the port of the future," said Doug Drummond, president of the Long Beach Board of Harbor Commissioners. "…(and) will remain a vital economic engine for both the regional and national economies."

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 predicts operating revenue of $346.8 million, and adds 28 new full-time positions, including 20 in engineering to support ongoing capital improvements, and six to enhance port security.

The budget also includes funding of more than $30 million for environmental programs and projects.

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