The Board of Harbor Commissioners have approved a US$716m budget for the Port of Long Beach that continues to invest in environmental and capital improvement projects while keeping operating costs in check.
The fiscal year 2011 budget represents a 19% percent reduction from the previous year and includes US$474m for development projects during the fiscal year which begins October 1. Another US$71m is earmarked for environmental programmes such as the development of clean air technologies.
The budget cuts 12% in operating expenses from the previous fiscal year by holding staffing levels steady and reducing non-personnel expenses. The Port is taking a deliberate, conservative approach to spending as cargo volumes recover from the global economic recession. However, the Port will continue to invest in environmental improvements and modernisation projects to help retain and create jobs.