The Long Beach Board of Harbor Commissioners unanimously approved a $622.4 million budget for the Port of Long Beach during its meeting Monday.
Despite 10 straight months of record-setting cargo volumes, the adopted budget for fiscal year 2022 is 4.2% less than the current budget, according to a port announcement. Operating revenue is projected to be 8.7% higher based on anticipated cargo volumes.
“The scope and reach of the COVID-19 pandemic struck a serious blow to the global economy, but the port remains fiscally strong and secure,” Executive Director Mario Cordero said in a statement. “We plan to assist with the region’s recovery by continuing to invest in our community, our workforce and infrastructure upgrades that will keep us competitive well into the future.”
The budget includes the addition of 11 full-time positions and $329.1 million for ongoing capital improvement projects, including the modernization of terminals, rail, bridges, roads and other infrastructure critical to the continued growth of the port.
Over the next 10 years, the port plans to invest nearly $1.6 billion in capital improvement projects meant to improve efficiency and sustainability, according to the announcement.
The port budget also features the single largest monetary transfer—$20.6 million—from the harbor department to the city’s Tidelands Operating Fund. The transfer amount is required to be 5% of the harbor department’s fiscal year gross operating revenue per Measure D, which voters approved in 2010.
Tidelands pays for development projects and asset maintenance along the city’s coastline, including the Long Beach Convention Center, the recently approved Belmont Beach Aquatic Center, the Belmont Pier and more.
The Long Beach City Council will consider approval of the port’s budget later this year.