The Los Angeles Board of Harbour Commissioners has approved a US$9389m fiscal year (FY) annual budget for the Port of Los Angeles.
Nearly US$350m, or 37%, of the approved budget will go toward capital expenditures to help the port maintain its global competitive position, create jobs and enhance economic development in the local community and greater Los Angeles region.
The Port anticipates spending approximately US$1.1bn on its capital improvement programme over the next five years. In the FY-2014-15 budget, US$281m will be dedicated to specific capital improvement program (CIP) projects. Terminal development and transportation projects comprise 87% percent of the CIP budget.