Los Angeles confirms a reduced budget

The Port of Los Angeles has adopted a 2010-11 fiscal year budget for of approximately US$909m which anticipates a 5.3% decline in revenues and targets a 15% drop in operating expenditures. The new budget, which takes effect July 1, 2010 is 19.7% lower than the previously adopted budget for FY 2009-10.

"This budget represents a balanced, fiscally responsible plan with resources dedicated to our primary goals for the year ahead," said Geraldine Knatz, Port Executive Director. “Our priorities are focused on keeping revenue-generating capital projects on schedule; retaining and attracting new business; and seeking new sources of public and private funding for our construction, security, transportation, community and environmental initiatives."

The newly approved budget includes a capital budget of US$266.3m, operating expenses of US$221.3m and projected total operating revenues of US$373.4m.

Capital Improvement projects for the coming year include US$40m for the development and expansion of the TraPac Container Terminal, which includes a 60-acre expansion and construction of an on-dock rail facility, a new wharf and Alternative Maritime Power (AMP) infrastructure so ships can plug into shore-side electric power while at berth. Approximately US$33m is allocated for the China Shipping terminal project, which includes a 35-acre expansion, a new wharf and AMP facilities. US$25 million has also been allocated for the port's channel deepening programme.

The port estimates it will receive approximately US$45.3m in federal and state grants during the coming fiscal year to help fund its security, transportation and environmental projects.

More than US$17m has been set aside for environmental initiatives, including the Clean Truck Program, the Vessel Speed Reduction Program, the Technology Advancement Program as well as water quality and Climate Action Plan projects.
(Source:www.container-mag.com)