The Long Beach board of harbor commissioners approved an $858 million budget for the port on July 14 with two-thirds of spending in the upcoming fiscal year set aside for a building and modernization program.
For the fiscal year starting October 1 2014 the Harbor Department plans to spend $579 million on capital projects ― part of a decade-long $4 billion investment in port upgrades and efficiency improvements. The ongoing Desmond Bridge Replacement Project and Middle Harbor Terminal Redevelopment will continue to be the port’s largest construction projects.
The Port of Long Beach budget projects an operating revenue of $346.8M. The approved budget adds 28 new full-time positions which include 20 in Engineering to support ongoing capital improvements and six to enhance Port Security operations.
The South Carolina Ports Authority (SCPA) board of directors approved a 2015 fiscal year plan that included increases in cargo volumes operating revenues and capital improvements.
Plans for the new fiscal year beginning July 1 include 975000 pier container moves representing a 3.4 percent increase in pier container volume over estimated FY2014 totals. Pier container volumes have experienced strong growth in recent months with May as the busiest month since March 2007.
Operating revenues are expected to reach $172.8M in FY2015 up $13.2 million from projected FY2014 totals.
The Post-45 Harbor Deepening project continues timely progress forward with the Draft Environmental Impact Statement on track to be released this summer and the chief’s report in September 2015.
The board approved capital investments of $113.5M for the fiscal year. Projects over the next twelve months include improvements and enhancements to existing terminal systems and infrastructure as well as approximately $20M in Navy Base Terminal construction costs.