Port of Los Angeles Sets $1 Billion Budget
Patrick T. Fallon/Bloomberg NewsThe Board of Harbor Commissioners at the Port of Los Angeles approved a $1 billion budget for fiscal year 2015-2016 for the period beginning July 1.
The outlay includes projected revenues of $428.6 million, or 1.5% above the prior fiscal period, based on higher revenue from alternative power generation and 2% higher cargo volume of approximately 8.4 million industry-standard 20-foot container units. Expenses are budgeted to rise 3.2% for costs such as wages and benefits.
The nation’s largest container port also set a $198.8 million capital spending target that is 18% less on a year-to-year basis. The reduction was attributed to completion of key projects such as a rail yard and grade separation. The approved spending includes construction at TraPac Container Terminal and upgrades at other cargo terminals.
“To stay globally competitive and retain our position as the nation’s No. 1 container port, we must continue to deliver exceptional value to our port customers while also creating opportunities for local job creation and economic growth,” said Ambassador Vilma Martinez, president of the Harbor Commission. “This budget assures that we can achieve that.”
