The Long Beach Board of Harbor Commissioners June 13 approved a $634.5 million budget for the Long Beach Harbor Department, including a record-setting transfer to the city’s tidelands operating fund, which supports projects along Long Beach’s coastline.
The budget, for the fiscal year which begins Oct. 1, is 7.4% lower than the budget adopted last year. Operating revenue is projected to be 5.7% higher than the previous year, while non-operating revenue is projected to be 22.2% lower, largely due to completion of the Long Beach International Gateway Bridge project.
The port’s fiscal year 2024 budget will be considered for approval by the Long Beach City Council later this year.
The Port has budgeted a transfer of $24.1 million to the city’s tidelands operating fund, which supports shoreline safety, cleanliness, water quality, facilities and other quality-of-life projects along Long Beach’s seven-mile coastline.
The port plans to invest $250.1 million – nearly 40% of the budget – in an ongoing capital improvement program that will modernize terminals, rail, bridges, waterways, roads and other infrastructure to support the ongoing sustainable and responsible growth of operations.
Overall, the Port of Long Beach plans to invest more than $2.2 billion in infrastructure projects over the next 10 years, the most ambitious program for a U.S. seaport.
The Port of Long Beach — the Harbor Department of the City of Long Beach — does not use tax revenue to support operations.