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The Long Beach Board of Harbour Commissioners has approved an US$858m budget for the coming fiscal year (starting October 2014), with US$579m being used on capital projects as part of a 10-year US$4bn investment in upgrades and efficiency improvements.
With ports throughout North America working to increase their market share, Port of Long Beach revenues are projected to remain level with the current fiscal year. The spending plan reflects the port’s commitment to boosting its competitiveness in the long term by rebuilding and replacing outdated facilities and infrastructure.
Its harbour department does not receive any taxpayer revenue, with port operations supported by income from terminal leases and fees charged to terminal companies and shipping lines.
The budget projects operating revenue of US$346.8m and includes US$30m funding for environmental projects, such as technology-advancement demonstrations of a barge-based pollution-control system for ships at berth and an electric truck overhead “catenary” system.