Photo courtesy of the Port of Long Beach showing its new headquarters building being built in downtown Long Beach.

On Monday the Long Beach Board of Harbor Commissioners approved a $982 million budget for the Port of Long Beach (POLB)’s upcoming fiscal year, the port announced Wednesday. Modernization and other construction projects make up 70 percent of the spending.

After the Harbor Commission’s approval the budget will be presented to Long Beach City Council to consider.

The Harbor Department plans to spend $695 million on capital projects for the fiscal year starting October 1, 2018, including the ongoing Gerald Desmond Bridge Replacement Project and Middle Harbor Terminal Redevelopment at a cost of $333 million, according to the release.

“The budget reflects the Port’s trademark careful planning and fiscal responsibility as we engage in the most active capital improvement program of any U.S. seaport,” President of the Long Beach Harbor Commission Lou Anne Bynum said in a statement. “The Port will remain a vital economic engine for both the regional and national economies as we continue to strengthen the Port’s competitiveness.”

The spending plan also includes a one-time payment of nearly $215 million for the port’s new headquarters, expected to be completed next year and a transfer of $20 million to the city’s Tidelands Operating Fund, “the largest transfer ever,” according to the release.

The budget projects operating revenue of more than $399 million, a 5.2 percent increase from the previous fiscal year.

The Harbor Department receives no taxpayer revenue to operate. The Port’s operating budget is funded by income from terminal leases and fees for moving cargo through the Port.