The Los Angeles Board of Harbor Commissioners on June 5
approved a $938.8 million fiscal year annual budget for the Port of Los Angeles,
down from the current fiscal year’s $1.1 billion budget.
About $350 million, or 37 percent, of the new budget is
earmarked for capital expenditures, down from $400 million in FY 2013-14.
In the FY-2014-15 budget, $281 million is dedicated to
specific capital improvement program (CIP) projects. Terminal development and
transportation projects comprise 87 percent of the CIP budget.
Roughly $136 million, or 48.5 percent, of the budget is
dedicated to terminal development projects, with $100 million helping fund the
ongoing TraPac Terminal expansion, which includes backland improvements,
stacking crane and automation infrastructure, an intermodal facility to provide
on-dock rail capabilities and other terminal-related construction.
Another estimated $19.2 million goes toward upgrades and
improvements at the Yang Ming, APL, Evergreen, YTI and China Shipping
terminals.
An estimated 38 percent of the proposed budget, or $109
million, is designated for transportation improvement projects, including $35.5
million for the Berth 200 Rail Yard with its accompanying track connections and
$27.9 million for the South Wilmington Grade Separation project.
About $40 million has been allocated to improve vehicular
traffic flow to and from the Interstate 110 Harbor Freeway.
The approved budget is based on a projected 3.8 percent
increase in cargo growth over the current budget.
“In the face of fierce and increasing competition from
around the world, we must do whatever we can to maintain our position as the
nation’s premier trade gateway,” Harbor Commission President Vilma Martinez
said. “This budget will allow us to continue to modernize infrastructure,
upgrade terminals and build a transportation network that can continue to
successfully compete globally.”
The port says it anticipates spending about $1.1 billion on
capital improvement program over the next five years.
