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The Los Angeles Board of Harbor Commissioners last week approved a $938.8 million fiscal-year 2014-15 budget for the Port of Los Angeles.Nearly $350 million, or 37 percent, of the approved budget will fund capital expenditures. The port anticipates spending about $1.1 billion on its capital improvement program over the next five years. In FY2014-15, $281 million has been allocated for specific capital improvement projects, with terminal development and transportation projects accounting for 87 percent of the funds.About $136.3 million is budgeted for terminal development projects, such as the ongoing TraPac Terminal expansion that includes an intermodal facility to provide on-dock rail capabilities, and other terminal-related construction. Another $19.2 million will fund upgrades and improvements at the Yang Ming, APL, Evergreen, YTI and China Shipping terminals.About $109 million is budgeted for transportation improvement projects, including the Berth 200 Rail Yard and accompanying track connections that are nearing completion and the South Wilmington grade separation."This budget will allow us to continue to modernize infrastructure, upgrade terminals and build a transportation network that can continue to successfully compete globally," said Vilma Martinez, the harbor commission's president, in a press release.The approved budget is based on a projected 3.8 percent increase in cargo. Higher container volumes are expected to be generated by organic growth and the port’s Common Ocean Carrier Incentive Program, commission officials said.
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