Marla Bleavins
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The Port of Los Angeles, America’s Port® and the premier gateway for international commerce, is located in San Pedro Bay, 25 miles south of downtown Los Angeles. This thriving seaport not only sustains its competitive edge with record-setting cargo operations, but is also known for groundbreaking environmental initiatives, progressive security measures, diverse recreational and educational facilities, and emerging LA Waterfront.
The Port of Los Angeles encompasses 7,500 acres of land and water along 43 miles of waterfront. It features 27 passenger and cargo terminals, including automobile, breakbulk, container, dry and liquid bulk, multi-use, and warehouse facilities that handle billions of dollars’ worth of cargo each year.
Complementing its busy terminal operations with green alternatives, the Port of Los Angeles remains committed to managing resources and conducting developments and operations in both an environmentally and fiscally responsible manner. The Port of Los Angeles has embarked on a 10-year, $2.6 billion infrastructure investment program and will to continue to raise the bar to increase efficiency. The Port remains committed to modernizing its facilities and helping to create better information flow for stakeholders via technology.
With an exceptional credit record, the Port maintains an AA bond rating, the highest rating attainable for self-funded ports. The Port also wields tremendous economic impact, generating employment for more than 3 million Americans nationwide. In California alone, nearly 1 million jobs are related to trade though the Port of Los Angeles.
Against the backdrop of international trade and shipping, the Port of Los Angeles boasts the World Cruise Center, quaint Ports O’ Call Village, welcoming Vincent Thomas Bridge, signature Fanfare Fountains & Water Features, historic Angels Gate Lighthouse, and open green space at 22nd Street and Wilmington Waterfront parks. The Port is also home to two historic U.S. warships open to the public: Battleship IOWA and SS Lane Victory Merchant Marine Museum and Memorial. Joining the LA Waterfront are WWII-era warehouses that have been transformed into CRAFTED at the Port of Los Angeles, a permanent craft marketplace, featuring local artists and designers, and Brouwerij West, a Belgian-style craft brewery.
Please see below for information regarding the Port of Los Angeles' Environmental Program and Green Bond Issuances
LOS ANGELES – June 6, 2024 – The Los Angeles Harbor Commission has approved a $2.6 billion dollar budget for the City of Los Angeles Harbor Department for fiscal year (FY) 2024/25. The revenue and spending plan supports the Port of Los Angeles’ priorities of community investment, decarbonization of port-related operations, workforce development and cargo infrastructure modernization.
“This year’s budget takes a prudent approach that carefully balances revenues and expenses, and sets up the Port well for the future,” said Los Angeles Harbor Commission President Lucille Roybal-Allard. “Most importantly, the plan will allow us to stay the course and follow through on many strategic priorities and industry leading initiatives in the coming year.”
Buoyed by steady cargo volumes over the last nine months, the approved FY 2024/25 budget forecasts a total of 9.1 million TEUs (Twenty-Foot Equivalent Units), a modest 2% increase over the previous fiscal year’s adopted budget. The boost in cargo is expected to result in a 4.9% increase in FY 2024/25 operating revenues, forecast at $684.7 million, with shipping services comprising about 75% of those revenues.
“With a healthy economy, continued consumer spending and a strong U.S. labor market, we are optimistic about cargo volumes for the next fiscal year,” said Port Executive Director Gene Seroka. “We’ve prepared a budget that leaves room for unanticipated changes in the global trade market or other uncertainties that may arise.”
Proposed operating expenses in the FY 2024/25 budget are forecast at $403.7 million, representing an 8.4% increase compared to the previous fiscal year’s adopted budget. The increase is largely driven by increased staffing needs and the filling of open positions at the Harbor Department.
In the approved budget, $257.7 million is dedicated to the Port’s capital improvement program (CIP), a 19% increase over the previous fiscal year’s adopted budget. Major CIP appropriations include $44.3 million for the State Route 47/Vincent Thomas Bridge & Front Street/Harbor Boulevard Interchange Reconfiguration; $15.3 million for the Zero-Emission Port Electrification and Operation program; $14.2 million for restoration and improvements at the Pasha Terminal; and $12.5 million for Marine Oil Terminals Maintenance Standards (MOTEMS) projects, among several other initiatives.
Another $28.5 million in CIP funds will go toward LA Waterfront public access improvements in both Wilmington and San Pedro. The major projects to be funded in FY 2024/25 include the San Pedro Waterfront Promenade – Phase II, and the Wilmington Waterfront Avalon Pedestrian Bridge & Promenade Gateway.
The CIP budget also includes $4 million toward planning for the Port of Los Angeles and Port of Long Beach Good Movement Workforce Training Facility. The $150 million facility will be the first workforce training facility in the U.S. dedicated to the goods movement sector and career training in longshore work, trucking and warehousing. The project’s environmental review process kicked off earlier this year.
Southern California Association of Governments Recognizes Innovative Clean Truck Fund for Helping to Promote Cleaner Air at Port Complex
Plan development was supported by C40 Cities, the global network of mayors working to deliver the urgent action needed to confront the climate crisis. Carrier partners supporting this plan have set goals to begin deploying reduced or zero lifecycle carbon capable ships on the corridor by 2025.
Executive Director
Director of Financial Planning and Analysis, Interim Chief Financial Officer
Director of Debt and Treasury Management
Communications Director
Financial Manager