The Long Beach Board of Harbor Commissioners announced today it approved a $634.5 million budget for the Harbor Department, including what commissioners are calling a “record-setting transfer” to the city’s Tidelands Operating Fund to support projects along the coastline.
The budget for fiscal year 2024 begins Oct. 1 and is 7.4% lower than last year’s budget. According to port officials, the operating revenue is projected to be 5.7% higher compared to last year, while non-operating revenue is estimated to be 22.2% lower, in part due to the completion of the Long Beach International Gateway Bridge project.
Harbor commissioners approved the budget Monday, and it will be considered by the full Long Beach City Council later this year.
Port officials said the Harbor Department of the city of Long Beach does not use tax revenue to support operations.
Approximately $24.1 million would be allocated to Long Beach’s Tidelands Operating Fund, aimed at supporting shoreline safety, cleanliness, water quality, facilities and other quality-of-life projects along the city’s 7-mile coastline.
Mario Cordero, executive director of the Port of Long Beach, said the proposed budget demonstrates the port’s “ongoing financial strength.”
“As we continue to weather challenges in the trade industry, the Port of Long Beach is looking toward the future by investing in projects that will enhance marine terminal productivity, deliver greater efficiency to our customers and improve the sustainability of our operations,” Cordero said in a statement.
The port plans to invest $250.1 million, nearly 40% of the budget, in an ongoing capital improvement program intended to modernize terminals, rails, bridges, waterways, roads and other infrastructure to support the growth of operations.
Overall, the Port of Long Beach plans to invest more than $2.2 billion in infrastructure projects in the next 10 years.
“This budget reflects the port’s ongoing investment toward improving the quality of life for our surrounding communities as we continue to grow business sustainably and responsibly,” said Sharon Weissman, president of the Board of Harbor Commissioners. “Our fiscal health is vital in maintaining the confidence of our industry partners to continue doing business with the ‘Port of Choice.'”