By Karen Robes Meeks
The Port of Los Angeles’ $1.17 billion budget for fiscal year 2017-2018 was approved by harbor commissioners last week.
The fiscal plan for the nation’s busiest seaport includes a $97.7 million Capital Improvement Program, with nearly 43 percent of that dedicated to terminal improvements.
Those projects include:
• $11.2 million to upgrade World Cruise Center Alternative Marine Power;
• $8.1 million to enhance Yusen (YTI) terminal with improvements such as a rail expansion of its Intermodal Container Transfer Facility (which will boast its on-dock rail capacity by 25 percent); and
• $2.0 million toward environmental documentation and the design of infrastructure improvements and terminal reconstruction at EverPort, among other smaller projects.
The port will also spend $18.2 million on public waterfront and enhancement work, including the Harbor Boulevard Roadway Improvement Project and design of the Wilmington Waterfront Promenade near Banning’s Landing.
“As we have consistently done over the last several years, this budget has been carefully aligned with the port’s strategic plan objectives, which continue to serve as an important guide for our spending and investment decision-making,” said Harbor Commission President Vilma Martinez. “This budget keeps us on track to assure that we reach our long-term vision and mission, and continue to be the economic engine that drives growth and jobs in the region.”
The 2017-2018 budget also projects a 5.6 percent growth in cargo volumes from the previous budget year, up 2.8 percent from last year’s estimates.
The port, which reported record cargo volumes in 2016 with nearly 8.9 million TEUs, has already seen a 10 percent jump in cargo in the first quarter of 2017.
“Our unprecedented cargo volumes over the last 15 months are evidence that our focus on supply chain efficiency and cargo handling improvements are paying off,” said Port of Los Angeles Executive Director Gene Seroka. “We continue to earn the confidence of shippers and are encouraged by the strength of our supply chain partners. This budget will help us stay laser-focused on targeted infrastructure improvements, technology solutions and strategic resource use to ensure that we are meeting the needs of our marine terminal customers and the carriers they serve.”
