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News Details


Harbor Department Budget Available

Funding includes capital spending to attract cargo, create jobs

October 22, 2019

 

The Port of Long Beach's fiscal year 2020 spending plan, which allocates $677 million to deliver environmentally sustainable growth and operational excellence, is now available online.

View the Harbor Department FY 2020 budget here.

Budget highlights:

  • The FY 2020 budget is 31% below the FY 2019 budget, which contained more capital spending, including the Port Administration Building.
  • The Port continues to demonstrate fiscal strength, with strict adherence to a prudent debt policy, which requires a minimum of two-times debt service coverage ratio and 600 days of cash on hand.
  • Over the next 10 years, the Port expects to invest $2.3 billion in modernizing and improving the Port.
  •  Includes the annual transfer of 5% of gross operating revenue, estimated at a record $20 million, to the City's coast-enhancing Tidelands fund.
  • Continues the Harbor Department's multiyear Community Grants Program to reduce the impacts of Port operations, with $3 million budgeted.
  • Identifies more than $1 million for sponsorships and other activities to educate and inform the community about Harbor Department efforts to improve the environment and strengthen the economy.

The Harbor Department does not rely on taxes to fund its operations.

The fiscal year began Oct. 1.

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