The port of Long Beach has approved a USD982 million budget for its upcoming fiscal year, with 70 percent of spending focused on modernisation and other construction projects at the port.
For the fiscal year starting October 1, 2018, the harbour department plans to spend USD695 million on capital projects including the ongoing Gerald Desmond Bridge replacement project, as well as the redevelopment of the Middle Harbor Terminal at a cost of USD333 million.
The spending plan includes a one-time payment of nearly USD215 million for the port’s new headquarters, expected to be completed in mid-2019.
After the Harbor Commission's approval, the budget will then be presented to the Long Beach City Council for its consideration.
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