The port says that the spending plan aligns with priorities in its 2018-2022 Strategic Plan, with extra emphasis on sound financial management.
“Diligently pursuing the Port’s Strategic Plan objectives while maintaining financially sound management practices is our top priority for this budget,” said Marla Bleavins, deputy executive director and chief financial officer, whose team developed the proposed budget for consideration and approval by the Harbor Commission.
The budget will include $144.4 million for capital improvement projects, nearly 59 percent more than the last fiscal year.
About $64.7 million is set aside for terminal improvements, while $38 million will go to maritime services, $11.7 million to upgrades related to transportation and $8.5 million to projects related to security, according to the port.
About $21.5 million has been budgeted for LA Waterfront projects, with $20.9 million of that funded from the Public Access Investment Plan.
“While the Port of Los Angeles achieved record cargo volumes in 2018, this budget takes a purposeful and measured approach as we move into the next fiscal year,” said Harbor Commission President Jaime Lee.