Port of LA Approved for $1.3 Billion Budget
The TraPac Container Terminal at the Port of Los Angeles. Image courtesy of the Port of Los Angeles.
The port of Los Angeles has announced its $1.3 billion dollar budget for 2018/19 has been approved by the Los Angeles Board of Harbour Commissioners and has plans to improve terminals across the port.
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.
Deputy Executive Director and Chief Financial Officer of the Port of Los Angeles, Marla Bleavins, commented: “Our strategic priorities continue to guide all that we do at the Port, including the budgeting process.
“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 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.
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The main terminal set for improvements are the port’s liquid bulk facilities and the Everport, WWL Vehicle Services, YTI and the World Cruise Centre terminals.
Another $10 million has been set for transportation improvements that will be focused on optimizing rail and roadways for turnaround and safety — and $4.7 million will be left for various security projects, including a new radio system and an integrated Computer Aided Dispatch and Records Management System.
Along with the budget, the Port has released a five-year expenditure plan, including estimated total project costs.
The plan estimates approximately $550.5 million in spending on capital projects throughout the Port over the five-year period starting from 2018.