The Los Angeles Board of Harbor Commissioners has approved a $1.9 billion budget for Fiscal Year (FY) 2022/23.
The plan builds on the strong financial performance this past year by the Port of Los Angeles, which set an all-time record for containerised cargo volume again in 2021.
“Despite challenges across the supply chain, the Port of Los Angeles and its many partners persevered and have kept cargo moving at a record pace,” said Harbor Commission President Jaime Lee.
“This success and hard work now allows us to reinvest in our Port’s physical and digital infrastructure, sustainable technology and programs, and in projects that benefit our communities and the LA Waterfront.”
“This forward-thinking budget positions the port well to meet its overall strategic objectives and priorities, and keep our ranking as the premier container port in the Western Hemisphere,” said Port of Los Angeles Executive Director Gene Seroka.
With pandemic-induced consumer buying expected to ease in the coming fiscal year, the port’s fiscal budget is based on cargo volume estimates of approximately 9.85 million TEU.
The budget outlines operating revenues of $628.1 million, including $439.7 million from shipping revenues, $47.4 million from the Clean Truck Fund, and the remainder from rentals, royalties and fees, and other operating revenue categories. Operating expenses are forecast at $334 million.
Among key project funding is $38.4 million for LA Waterfront improvements, of which $25.3 million will go to the Wilmington Waterfront Promenade project.
Funding for terminal construction projects in the coming year include $34.3 million for the Pier 400 Corridor Storage Track Expansion and $17.4 million for improvements at the Shell and PBF marine oil terminals.
