Los Angeles Harbor Commission approves US$1.9 billion budget for LA port
The Los Angeles Board of Harbor Commissioners has adopted a US$1.9 billion budget for Fiscal Year (FY) 2022/23 after a record year in terms of container volumes moved through the Port of Los Angeles (POLA).
Harbor commission president, Jaime Lee said, “This success and hard work now allows us to reinvest in our port’s physical and digital infrastructure, sustainable technology and programs, and in projects that benefit our communities and the LA Waterfront.”
With pandemic-induced consumer buying expected to ease in the coming fiscal year, the Port’s FY 2022/23 budget is based on cargo volume estimates of approximately 9.85 million TEU. The budget outlines operating revenues of US$628.1 million, including US$439.7 million from shipping revenues, US$47.4 million from the Clean Truck Fund, and the remainder from rentals, royalties and fees, and other operating revenue categories, while the port’s operating expenses are forecast at US$334 million.
Focused on improving POLA’s operational strength and financial sustainability, the port’s Capital Improvement Program (CIP) for FY 2022/23 includes US$180.5 million for terminal, transportation, security and public access projects.
Funding for terminal construction projects in the coming year is part of the budget and includes US$34.3 million for the Pier 400 Corridor Storage Track Expansion and US$17.4 million for improvements at the Shell and PBF marine oil terminals.
Among the environmental programmes in the FY 2022/23 budget is the Clean Truck Program, which will use fees collected to promote and incentivise the phase out of older, more polluting trucks serving the San Pedro Bay port complex, while the budget also includes support for near-zero and zero-emission technology demonstration projects.