Port of LA adopts $976.6 mln budget

The Port of Los Angeles adopted a fiscal 2011-12 budget totaling $976.6 million, which projects operating revenues of $405.4 million and a capital budget of $291 million.

During the new fiscal year, which begins on July 1, Los Angeles plans to spend $10.7 million for improvements at the TraPac container terminal and $5.6 million at the APL terminal at Berths 301-306.

The port has also allocated $45 million for waterfront project construction and $44 million for surface transportation infrastructure improvements.

Executive director Geraldine Knatz noted that a strong capital construction program is pivotal to maintaining the position of Los Angeles as the nation’s largest container port.

The port also budgeted $7.2 million for Clean Air Action Plan initiatives, including $2.7 million for the clean-truck program, $2.5 million for the vessel speed reduction program, $1.5 million for the technology advancement program and $500,000 for the TraPac program to provide shore-side electrical power for vessels at berth.

The $976.6 million budget represents an increase of 7.4 percent, or $67 million, from the current fiscal year that ends on June 30. The budget reflects higher total receipts from both operations and grants.

Container volume in Los Angeles in calendar year 2010 increased 16 percent from the previous year.
(Source:http://en.portnews.ru)