Long Beach's outlook "cautiously optimistic"
Long Beach city council recently approved the USD 650 million yearly budget for the port. For the next fiscal year, the port plans to invest USD 379 million, or 58% of the total budget, in capital projects to construct and renovate port facilities.
The budget for fiscal year 2021, which begins in October 2020, is about 4% lower than the last one. The operating revenue in the fiscal year to come is estimated to be down 5% due to uncertain global conditions.
“We are cautious but optimistic about the future,” said Port of Long Beach executive director Mario Cordero. The port plans USD 1.7 billion in capital expenditures over the next ten years. The Port of Long Beach — which is the harbour department of the city of Long Beach — does not use tax revenue to support operations. (mw)