The Los Angeles Harbor Commission has approved a $2.6 billion spending plan for the 2024-25 fiscal year that includes $257.7 million set aside for the capital improvement projects at the Port of L.A., it was announced June 6.
The budget for the port’s capital improvement program, which is 19% more than last year’s improvement projects budget, includes $44.3 million for the interchange reconfiguration of State Route 47/Vincent Thomas Bridge and Front Street/Harbor Boulevard; $15.3 million for the Zero-Emission Port Electrification and Operation Program and $14.2 million to restore and update Pasha Terminal.
The budget also dedicates $4 million to planning work related to the $150 million Port of Los Angeles and Port of Long Beach Good Movement Workforce Training Facility project, which began its environmental review process earlier this year.
The port also anticipates 9.1 million TEUs of cargo for fiscal year 2024-2025, a 2% uptick from last year’s budget. The additional projected cargo is expected to generate 4.9% more in operating revenue in 2024-2025, projecting revenue at $684.7 million.
“With a healthy economy, continued consumer spending and a strong U.S. labor market, we are optimistic about cargo volumes for the next fiscal year,” Port Executive Director Gene Seroka said. “We’ve prepared a budget that leaves room for unanticipated changes in the global trade market or other uncertainties that may arise.”
