Cargo growth is expected to boost Port of Long Beach’s revenue by almost 11%
The Long Beach Board of Harbor Commissioners recently approved a $685.5 million annual budget for the Port of Long Beach, with almost 47% of expenditures dedicated to the nation’s most active seaport capital improvement program.
Budgeted spending for the 2023 fiscal year, which begins Oct. 1, is 10% higher than the budget adopted last year. 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,” said Port of Long Beach Executive Director Mario Cordero. “This budget reflects our commitment to continually invest in our facilities to attract business and put our customers in the best position to succeed.”
Next year, the Port will again transfer a record amount – $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 $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 Long Beach Harbor Commission President Steven Neal. “Our consistent focus on improving our position as a preferred gateway for trans-Pacific trade while operating in a more sustainable way is why we are the Port of Choice.”
In alignment with the Port’s Strategic Plan, the Port forecasts investing nearly $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. Almost $322 million is set aside for the improvements in 2023, demonstrating the Port’s leadership role in an increasingly competitive market.
The Long Beach City Council will consider approval of the budget in late summer.
