Port of Los Angeles adopts $2 billion FY 2023/24 budget

Written by Marine Log Staff
Aerial view of Port of Los Angeles

Image: Port of Los Angeles

The Los Angeles Board of Harbor Commissioners on June 7 approved a $2 billion Fiscal Year 2023/24 annual budget for the Port of Los Angeles, reports our sister publication Railway Age. The budget calls for “increased investment in port operational and public-access infrastructure, as well as support for a range of industry leading sustainability and decarbonization initiatives.”

After experiencing sharp declines in cargo volumes in FY 2022/23 due to “inflationary pressures and an overall slowdown in global cargo,” the Port of Los Angeles says it forecasts modest gains in the fiscal year starting July 1. As a result, the approved budget predicts a 5.1% year-over-year increase to 8.9 million TEU in FY 2023/24.

According to the port, the budget includes total operating revenues of $652.9 million, an 8.6% increase over the FY 2022/23 forecast. Shipping services are expected to make up the bulk of operating revenues at 73.3%, followed by rentals at 15.1%.

Supporting daily operations of the port, the plan’s FY 2023/24 operating expenses are estimated at $372.4 million. Expenses include funding for supply chain efficiency enhancements; facility and infrastructure maintenance; public safety related to goods movement; property and tenant services and management; cruise center operations; and environmental and sustainability programs, among other activities.

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