Harbor Commission Approves Port Of Long Beach Budget

The Long Beach Board of Harbor Commissioners has approved the Port of Long Beach’s $982 million budget for the upcoming fiscal year, 70% of which is dedicated to modernization and construction projects. The harbor department is projecting $399 million in operating revenue in the fiscal year beginning October 1, a 5.2% increase from the current fiscal year. The budget also includes an estimated $20 million transfer to the city’s Tidelands Operating Fund, the largest transfer ever. These monies are used for coastal improvements and expenditures. The budget must now be approved by the Long Beach City Council.


Fed To Raise Interest Rates

The Federal Reserve announced today that it plans to raise the federal funds rate, which determines interest rates, from 1.75% to 2%. Data from May indicates that the “labor market has continued to strengthen and that economic activity has been rising at a solid rate,” according to a statement issued by the Fed today. Over the last 12 months, overall inflation and inflation for non-food and non-energy items moved close to 2%.


CalChamber Says Proposed Bill Will Increase Energy Costs

The California Chamber of Commerce today issued a statement opposing Senate Bill 64, claiming it “arbitrarily imposes severe limitations on the operation of energy-generating facilities and unnecessarily increases costs for ratepayers.” According to the legislation text, the bill would require quarterly reporting to the California Air Resources Board related to “startups, shutdowns, and cycling of fossil-fueled electrical generating facilities.” It would also require the evaluation of impacts associated with the emissions of those facilities, and would require air districts to restrict operations on such facilities “on days in which emissions are forecasted to exceed federal or state ambient air quality standards.” The bill is scheduled to go before the Assembly Natural Resources Committee on June 18.


San Pedro Bay Ports To Give Update On Clean Air Action Plan

The ports of Long Beach and Los Angeles are hosting the second advisory meeting of 2018 to discuss progress of the San Pedro Bay Ports Clean Air Action Plan’s (CAAP) implementation on June 26. The meeting will take place from 1-3 p.m. at the Crowne Plaza Los Angeles Harbor Hotel, 601 S. Palos Verdes St., San Pedro. Click here for more information on CAAP.


Rancho Los Cerritos To Reveal Restoration Plans For Three New Rooms

Rancho Los Cerritos plans to unveil designs to restore three of its rooms at a public event on June 14, from 9-10:30 a.m., 4600 Virginia Rd. Visitors will have the opportunity to view the design plans, tour the rooms up for restoration, and walk through the new administrative offices, which will house staff members who previously worked onsite. Click here for more information.