The Los Angeles Board of Harbor Commissioners has approved a $1.17 billion fiscal year (FY) 2016/17 annual budget for the Port of Los Angeles.
As in years past, budget allocations closely align and support the four key objectives of the Port’s 2012-2017 Strategic Plan, which include: development of a world-class infrastructure that promotes growth; implementation of an efficient, secure and environmentally sustainable supply chain; improved financial performance of Port assets; and strengthened relationships with Port stakeholders.
“The approved budget allocations allow us to stay the course and continue building a healthy, strong and vibrant Port that is ready to compete globally in the years ahead,” said Ambassador Vilma Martinez, Harbor Commission President.
With many capital improvement programs wrapping up in FY 2015/16, the port’s newly approved $146.1 million capital improvement plan (CIP) anticipates a 24% decrease relative to the prior year budget.
Key terminal projects budgeted to continue in FY 2016/17 include TraPac backland improvements, Yusen Terminals, Inc. berth redevelopment, electrical infrastructure at the World Cruise Center, wharf rehabilitation at the WWL Vehicle Services terminal, as well as wharf improvements at the port’s liquid bulk terminals.