LA Port budgets several rail projects in FY2023-24

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:

• $73.2 million for the Pier 400 corridor storage track expansion, which will expand the rail yard to accommodate future rail volumes on Terminal Island. Construction will wrap up in spring 2024;
• $52.4 million for the Berths 302-305 on-dock rail yard expansion, which will add 16,200 linear feet of track by building five new loading tracks and one tail track used for storage. Construction will begin by spring 2024; and
• $39.2 million for the Maritime Support Facility access and Terminal Island system grade separation, which calls for the construction of a four-lane grade separation to eliminate truck access impediments. Construction will begin in late 2024.