For the next fiscal year, the port of Long Beach in the USA plans to invest USD369 million in capital projects to construct and renovate facilities.
The funding represents 58 percent of the harbour department’s overall USD650 million budget, which was recently approved by the Long Beach City Council.
The budget for fiscal year 2021, which begins on October 1, is 4 percent lower than last year’s budget. Due to uncertain global conditions, operating revenue is projected to be down 5 percent, said the port.
Nevertheless, Long Beach harbour commission president, Frank Colonna, is optimistic: “Even with cargo impacts from the pandemic and trade war, the port is financially secure and stable, and well within established thresholds for reserves. We expect this trade gateway to be a key to economic recovery in the years ahead. Trade, construction and tourism at the port support 51,000 jobs in the city, and 2.6 million jobs across the nation.”
Over the next ten years, the port plans to invest USD1.7 billion to enhance marine terminal productivity, deliver greater efficiency to customers and improve safety and the sustainability of operations.