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The Los Angeles Board of Harbor Commissioners, which oversees the Port of Los Angeles, this week approved a $2 billion budget for fiscal-year 2023-2024.
Following sharp declines in cargo volumes in FY2022-23, the port forecasts modest gains in the new fiscal year beginning July 1, port officials said in a press release. The budget predicts a 5.1% year-over-year increase to 8.9 million 20-foot equivalent units in FY2023-24.
The budget accounts for operating revenue of $652.9 million, up 8.6% from the previous budget, against estimated operating expenses of $372.4 million. The capital budget totals $252.3 million, up 40.6% year over year.
The budget addresses several rail projects at the port, including: