Banking on early signs that the economy will slowly improve over the next year, the Board of Harbor Commissioners on Thursday adopted a $976.6 million budget for the Port of Los Angeles, reflecting a 7.4 percent increase over the last year.
The budget hike comes as the port officials expect to handle more than 8 million cargo containers during the 2011-12 fiscal year that begins July 1, a 1.7 percent increase from the current year.
“This year’s port-approved budget strikes the right balance between ensuring competitiveness and financial strength, but with a disciplined use of resources to achieve these objectives,” said Cindy Miscikowski, president of the harbor commission.