The Port of Long Beach’s board of harbor commissioners has approved a $1.02 billion budget for fiscal year 2014.
The port’s “aggressive” modernization, with projects such as the Middle Harbor terminal and Gerald Desmond Bridge Replacement, pushed the overall budget up by 6.6 percent compared with the current fiscal year, the Port of Long Beach said in a written statement.
A total of $788 million in capital spending, up 6 percent year-over-year, leads the planned expenses in the budget for fiscal year 2014, which begins on Oct. 1, 2013. The budget also projects operating revenue of $375 million, the highest ever.
“Our carefully planned 10-year capital improvement program represents a significant investment in this port, and this annual budget is just one part of that,” said Al Moro, the port’s acting executive director.
The budget will be presented in July to the Long Beach City Council for approval.
The board also elected board member Thomas Fields as its president for a one-year term that will begin on July 1.
He will succeed Susan E. Anderson Wise, who has served as president for two years.
Fields, a Long Beach advertising executive and former city planning commissioner, as well as the founder and owner of Thomas Fields Associates, was appointed to a six-year term on the harbor commission in 2009 by Mayor Bob Foster. The board president serves as chair of the commission and is responsible for running board meetings and representing the port to the public and shipping industry.
The five-member board also elected commissioners Nick Sramek as vice president, Doug Drummond as secretary and Wise and Rich Dines as assistant secretaries. All terms begin July 1.