The Los Angeles Harbor Commission June 7 adopted a 2012-13 fiscal year budget of about $954 million for the Port of Los Angeles, representing a 2.3 percent, or $22.5 million, decrease from the present fiscal year’s budget.
The financial plan, which goes into effect July 1, 2012, reflects the port’s conservative estimates of relatively flat operating revenues.
The port’s 2012-13 budget anticipates operating revenues of $398.6 million, about the same as the current fiscal year. However, it also projects an $8.3 million, or 4 percent, increase in total estimated expenditures above the current fiscal year. But despite the increase, total expenditures for 2012-13 remain lower than the 2011-12 budget.
Among the specifics: a capital budget of $285.7 million has been approved; infrastructure investments for fiscal year 2012-13 include $132 million in development projects at existing terminals such as the TraPac Container Terminal, the China Shipping Container Terminal and the APL facility at Berths 301-306.
Another $80.4 million is allocated for transportation projects to improve the movement of goods and vehicular traffic within the port and on surrounding roads and highways, and $19.2 million is dedicated to LA waterfront development projects.
The port also anticipates dedicating about $16.1 million to environmental programs and initiatives, including $6.3 million will be spent on Clean Air Action Plan measures, which include $2 million for the port’s vessel speed reduction program and a $1.5 million investment in a technology advancement program to advance green innovation.
LA’s reduced budget is in contrast with the Port of Long Beach, which recently approved a fiscal year 2012-13 budget that’s 12 percent larger than its current budget. The Long Beach budget, however, is $942 million, $12 million less than LA’s. Long Beach’s fiscal year begins Oct. 1.
An overview of the Port of LA’s budget can be seen at http://portoflosangeles.org/Board/2012/June%202012/60712_Item_20_Transmittal_1.pdf.