Long Beach’s 2024 port spending plan includes record funds for quality of life
The Long Beach Board of Harbor Commissioners announced on Thursday, June 15, that it approved a $634.5 million budget for the Harbor Department, including what commissioners are calling a “record-setting transfer” to the city’s Tidelands Operating Fund to support projects along the coastline.The budget for fiscal year 2024 begins Oct. 1 and is 7.4% lower than last year’s budget. According to port officials, the operating revenue is projected to be 5.
Port officials said the Harbor Department of the city of Long Beach does not use tax revenue to support operations. Mario Cordero, executive director of the Port of Long Beach, said the proposed budget demonstrates the port’s “ongoing financial strength.” The port plans to invest $250.1 million, nearly 40% of the budget, in an ongoing capital improvement program intended to modernize terminals, rails, bridges, waterways, roads and other infrastructure to support the growth of operations.
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