LA Harbor Commissioners Approve $2.6B Budget

LA Harbor Commissioners Approve $2.6B Budget

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…
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LA, LB Ports Approve New Annual Budgets

LA, LB Ports Approve New Annual Budgets

The Los Angeles Board of Harbor Commissioners in early June approved a $2 billion budget for fiscal year 2023-2024 for the Port of Los Angeles, a plan that anticipates modest gains in revenue despite last year’s cargo volume declines and an increased investment in capital projects. The port expects a 5.1% jump year over year to 8.9 million TEUs in FY 2023-2024. “This plan lays out a path forward that strategically balances anticipated cargo revenues with important port priorities,” Commission Vice President Edward Renwick said June 7. The budget also includes $652.9 million in total operating revenues, an 8.6% jump…
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