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The Los Angeles Board of Harbor Commissioners last week approved a $1.17 billion budget for the Port of Los Angeles in fiscal-year 2018. The budget includes funding for ongoing rail projects at the port, where cargo volumes are expected to grow by 5.6 percent over the adopted FY2017 budget, according to the board's press release.The new budget tracks objectives set out in the port's strategic plan, which calls for infrastructure improvements, supply chain efficiency, strong financial performance and stakeholder engagement, board officials said."This budget keeps us on track to assure that we reach our long-term vision and mission, and continue to be the economic engine that drives growth and jobs in the region," said Harbor Commission President Vilma Martinez.Port officials attributed the cargo increases in part to supply chain strategies implemented over the past 18 months."This budget will help us stay laser-focused on targeted infrastructure improvements, technology solutions and strategic resource use to ensure that we are meeting the needs of our marine terminal customers and the carriers they serve," said Port of Los Angeles Executive Director Gene Seroka.The FY2018 Capital Improvement Program (CIP) budget is $97.7 million lower than in prior years due to less spending on major terminal and transportation projects that have been completed. Those projects include improvements at the TraPac and Yusen (YTI) terminals.However, the FY2018 budget includes $8.1 million for YTI improvements, including a rail expansion of the intermodal container transfer facility that will increase on-dock rail capacity by 25 percent. Overall, terminal projects in the next fiscal year represent 42.6 percent of the budget. In addition, the CIP budget covers $2 million for environmental document preparation and the design of infrastructure improvements and terminal reconstruction at EverPort.
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