Friday, June 21, 2013

$1 Billion Budget Approved by Long Beach Port

Similar to what the adjoining Port of Los Angeles did earlier this month, the Port of Long Beach has approved a $1 billion budget for its upcoming fiscal year. The budget, which was approved June 17, includes the largest capital improvement spending plan ever adopted by the port.

The budget also projects operating revenue of $375 million, the port’s highest ever.

A total of $788 million in capital spending ― six percent more than FY 2013 ― leads the planned expenses in the budget that covers the upcoming fiscal year. The port’s modernization projects, including the Middle Harbor terminal and Gerald Desmond Bridge Replacement, pushed the overall budget up by 6.6 percent compared to the current fiscal year.

The approved budget adds 52 new full-time positions, including 33 in the Engineering Bureau to oversee the ongoing capital improvements and 12 in the Security Division to enhance operational integration with the Long Beach Police Department and other partnering security agencies.

Additionally, the budget sets aside $73 million for environmental programs to improve air and water quality, as well as to protect wildlife habitat.

Al Moro, the port’s Acting Executive Director, said the budget incorporates a combination of prudent fiscal planning and ‘green growth’ that increases cargo flows with environmental sustainability programs.

“Our carefully planned 10-year capital improvement program represents a significant investment in this port, and this annual budget is just one part of that,” Moro said.

Early this month, the Port of Los Angeles adopted a 2013-14 fiscal year budget of about $1.1 billion, with about $400 million -- or 37 percent of the total budget – allotted for capital improvement.

The Port of LA’s new fiscal year begins July 1; Long Beach’s starts Oct. 1.