The Los Angeles Board of Harbor Commissioners has approved a $1.3 billion fiscal year (FY) 2018/19 annual budget for the Port of Los Angeles.
The budget focuses on priorities set out earlier this year in the Port’s revised 2018-2022 Strategic Plan, which calls for a focus on growth-supporting infrastructure; security, supply chain efficiency and sustainability; improved financial performance of port assets; and building strong relationships with port stakeholders.
“Our strategic priorities continue to guide all that we do at the port, including the budgeting process,” said Marla Bleavins, Deputy Executive Director and Chief Financial Officer of the Port of Los Angeles.
“This budget lays the foundation for investing in and maintaining our critical role in the nation’s transportation network and economy, as well as serving as a catalyst for job growth in the region.”
In the approved budget, $91.0 million is dedicated to Capital Improvement Projects (CIP), a 6.9% decrease over the previous fiscal year. Of that amount, $31.6 million will go toward terminal improvements, primarily focused on upgrades to better accommodate larger vessels and facilitate more efficient cargo-handling processes.