Los Angeles approves US$2.6bn budget

The approved budget for 2024/2025 predicts a rise of 2% in throughput to 9.1 million teu, resulting in a 4.9% increase in revenue.

“This year’s budget takes a prudent approach that carefully balances revenues and expenses, and sets up the port well for the future,” said Los Angeles Harbor Commission president Lucille Roybal-Allard.

“Most importantly, the plan will allow us to stay the course and follow through on many strategic priorities and industry leading initiatives in the coming year.”

The funds will be used for major infrastructure works including US$44.3 million for the State Route 47/Vincent Thomas Bridge & Front Street/Harbor Boulevard Interchange reconfiguration, US$14.2 million for restoration and improvements at the Pasha Terminal, and US$28.5 million for LA Waterfront public access improvements in both Wilmington and San Pedro.

The port has also allocated US$15.3 million for the Zero-Emission Port Electrification and Operation programme, US$12.5 million for Marine Oil Terminals Maintenance Standards projects and US$4 million towards the Port of Los Angeles and Port of Long Beach Good Movement Workforce Training Facility, a US$150 million facility dedicated to training workers in the goods movement sector.