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Wednesday, Apr 24, 2024

2022 CFO Awards: Public Service CFO of the Year Honoree – Sam Joumblat

2022 cfo honoree_Sam JoumblatSam Joumblat
Managing Director, Finance and Administration Bureau, and CFO
Port of Long Beach

The Port of Long Beach is one of the world’s premier seaports, a gateway for trans-Pacific trade and a trailblazer in goods movement and environmental stewardship. As the second-busiest container seaport in the United States, the Port handles trade valued at more than $200 billion annually and supports 2.6 million trade-related jobs across the nation, including 575,000 in Southern California. As the chief financial officer of the Port of Long Beach, Sam Joumblat oversees all the financial activities, bond issuance, real estate, information technology, insurance and safety. His bureau consists of 92 budgeted employees in addition to contract employees as necessary.

Joumblat was the main driving force behind securing a $500 million federal loan through the Transportation Infrastructure Finance and Innovation Act Office to help fund the Port’s share of the cost of the $1.57 billion Gerald Desmond Bridge Replacement Project. The loan is for 35 years, back loaded, with no prepayment penalty, and interest is at a fixed rate of 1.26%. Joumblat first started working on this loan in 2012. In 2014, TIFIA approved a loan to POLB for $325 million at 3.42%. Joumblat left the Port for 3.5 years. Upon his return in 2017, he re-established the relationship with the TIFIA Office and applied for additional funding. He was successful in increasing the loan amount by $175 million for a total loan of $500 million.

Joumblat has always received clean audit opinions. He has the confidence of the board of directors, which has made for a smooth budget process.

 

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