Tuesday, June 19, 2018

Los Angeles Capital Improvements Budgeted

By Karen Robes Meeks

Earlier this month, the Los Angeles Board of Harbor Commissioners passed a $1.3 billion fiscal year 2018–2019 budget for the Port of Los Angeles. The budget aims to fund programs that support economic growth and security, strengthen relationships with its stakeholders and make supply chain operations more efficient and sustainable.

The budget forecasts operating revenues of $509.5 million, up 7.2 percent over last fiscal year due in large part to anticipated growth in cargo volumes and shipping services revenues, as well as higher returns on land rentals, according to the port.

About $91 million has been budgeted for capital improvement projects. This amount accounts for $31.6 million for terminal improvements, $13.6 million for public access and environmental projects, $10 million for rail and roadway improvements and $4.7 million for security projects.

“Our strategic priorities continue to guide all that we do at the Port, including the budgeting process,” said Marla Bleavins, port deputy executive director and chief financial officer. “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.”