The Port of Long Beach announced that its Board of Harbor Commissioners recently approved a US$685.5 million annual budget for the port, with almost 47% of expenditures dedicated to the capital improvement program at the gateway.

Budgeted spending for the 2023 fiscal year, which begins October 1, is 10% higher than the budget adopted last year.

Boost in cargo growth expected

Port of Long Beach said operating revenue meanwhile is anticipated to be 10.9% higher, primarily due to anticipated increases in cargo volume.

"Prudent fiscal planning has allowed us to weather the most drastic crisis to hit the supply chain in recent years. This budget reflects our commitment to continually invest in our facilities to attract business and put our customers in the best position to succeed," said Mario Cordero, Port of Long Beach executive director.

Cordero noted that next year, the Port will again transfer a record amount – US$22.8 million – to the City's Tidelands Operating Fund, which supports quality-of-life projects along Long Beach's 7-mile coastline.

The budget also includes US$40.6 million for the self-sustaining Clean Trucks Program as the Port works toward a zero-emissions drayage truck fleet by 2035. 

"This budget maintains our financial strength and broadens community access to the economic benefits the Port creates," said Steven Neal, Long Beach Harbor Commission president.

In alignment with the Port’s Strategic Plan, the Port forecasts investing nearly US$2.6 billion in capital improvements over the next 10 years to improve terminal and rail capacity, upgrade critical infrastructure and reduce the environmental impact of Port operations.

It said almost US$322 million is set aside for the improvements in 2023. 

The Long Beach City Council will consider approval of the budget in late summer.

The Port of Long Beach is the second-busiest container seaport in the United States, the Port handles trade valued at more than US$200 billion annually.