The grant will purchase replacement equipment, upgrade dredging software and hardware, a survey boat and other necessary equipment to perform pre-and post-dredge surveys. “These funds will go a long way to help us continue the rebuilding of the department.” “As one of two regional dredging programs in the state, this is a major endorsement of our department and the critical dredging services that we provide to the towns on the Cape,” stated Ken Cirillo the Dredge Director. It is projected that the budget plan will generate around 4,100 direct and indirect jobs, excluding port employees, with 3,100 jobs attributable to capital spending.Published on: ApCounty Commissioners Focus on Cape Cod’s Sole-Source Aquifer During Last Week of National County Government MonthĪp(BARNSTABLE, MA) – Today, Ken Cirillo the Director of the County Dredge Program, informed the Commissioners of a $975,000.00 grant award from the Massachusetts Dredging Program managed by the Executive Office of Housing & Economic Development. The funds will primarily be directed towards container and cruise terminal modernisation, according to the Port of Los Angeles, enhancing transportation to and from the port, and improving public access infrastructure at the LA Waterfront. The budget plan also allocates $252.3 million for capital projects, representing a notable 40.6 per cent increase compared to the previous fiscal year. This includes the Clean Truck Fund Rate (CTFR) programme, which aims to incentivise and support cleaner trucks serving the port. Additionally, the plan provides support for ongoing demonstration projects involving zero- and near-zero emission equipment throughout the port complex. The budget plan also includes significant funding for environmental and decarbonisation projects. These expenses encompass various areas, including supply chain efficiency enhancements, infrastructure maintenance, public safety related to goods movement, property and tenant services and management, cruise center operations, and environmental and sustainability programmes. To support the daily operations of the port, the budget estimates operating expenses of $372.4 million for FY 2023/24. Shipping services are expected to contribute the majority of operating revenues at 73.3 per cent, followed by rentals at 15.1 per cent. The budget allocates a total of $652.9 million in operating revenues, marking an 8.6 per cent increase over the FY 2022/23 forecast. Seroka said: “Our strategic, long-term priorities remain the same: modernise our physical and digital infrastructure to keep us competitive, and invest in community and environmental projects important to our surrounding communities, our region, and the industry overall.” Gene Seroka, the Executive Director of the Port of Los Angeles, acknowledged the prevailing economic uncertainties but emphasized the budget’s role in guiding the port through future challenges. Renwick also emphasized the port’s responsible financial management during the pandemic and the cargo slowdown, which has positioned them strongly to continue critical investments and initiatives. The approved budget predicts a 5.1 per cent year-over-year increase, with an expected total of 8.9 million TEU in FY 2023/24.Įdward Renwick, Vice President of the Los Angeles Harbor Commission, expressed satisfaction with the budget, stating: “This plan lays out a path forward that strategically balances anticipated cargo revenues with important Port priorities.” However, the port forecasts modest gains in the coming fiscal year, starting from 1 July. The previous fiscal year witnessed a decline in cargo volumes due to inflationary pressures and a global slowdown in cargo. The budget aims to increase investment in operational and public-access infrastructure at the port, as well as support various sustainability and decarbonisation initiatives, positioning the port as an industry leader in these areas. The Los Angeles Board of Harbor Commissioners has recently given its approval to a $2 billion annual budget for the Port of Los Angeles for the Fiscal Year (FY) 2023/24.
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