Tuesday, July 6, 2021

Port of Long Beach Approves $622.4M Budget

The Long Beach Board of Harbor Commissioners has approved a $622.4 million spending plan for fiscal year 2022, which begins Oct. 1.

The budget, which needs final approval from the City Council, includes $329.1 million allotted for capital improvements such as upgrades to bridges, roads and terminals, as well as $20.6 million to the city’s Tidelands Operating Fund and the addition of 11 full-time jobs at the port.

“Although the COVID-19 pandemic tested our resolve, we remain focused on the future by investing in strategic projects that will improve cargo flow, reliability and efficiency,” said Long Beach Harbor Commission President Frank Colonna. “As an international gateway for trade, the port is well positioned to endure economic challenges and assist in the nation’s economic recovery.”

The 2022 plan is 4.2% lower than the previous budget. The port is anticipating 8.7% higher operating revenue based on how well containerized cargo volumes are performing.

“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,” port Executive Director Mario Cordero said. “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.”