The Los Angeles Board of Harbor Commissioners has announced a US$2 billion fiscal year 2023/24 (July 2023- June 2024) annual budget for the port of Los Angeles.
The budget includes total operating revenues of US$652.9 million, an 8.6% increase over the fiscal year 2022/23 forecast. Also, shipping services are expected to make up the bulk of operating revenues at 73.3%, followed by rentals at 15.1%.
“This plan lays out a path forward that strategically balances anticipated cargo revenues with important Port priorities,” said Edward Renwick, vice president of the Los Angeles Harbor Commission. “By responsibly and prudently managing our budgets during the pandemic and during last year’s global cargo slowdown, we are now in a strong position to continue delivering on critical Port investments and initiatives.”
Moreover, supporting daily operations of the port, the plan’s fiscal year 2023/24 operating expenses are estimated at US$372.4 million. The expenses shall include, inter alia, funding for supply chain efficiency enhancements, facility and infrastructure maintenance, public safety related to goods movement, property and tenant services and management, cruise center operations and environmental and sustainability programs.
Additionally, major environmental and decarbonisation projects supported in the plan include the Clean Truck Fund Rate (CTFR) program, created to incentivize and support cleaner trucks that serve the port.
The plan’s capital budget totals US$252.3 million, a 40.6% increase over the previous fiscal year’s forecast. In fact, through the Port’s Public Access Investment Plan created in 2015, the Port has already invested nearly US$253.1 million in public-serving infrastructure improvements.
Some of the community projects which are on tap include the Wilmington Waterfront Promenade, West Harbor in San Pedro, the Front Street Beautification Project, and the Avalon Pedestrian Bridge and Promenade Gateway in Wilmington.
