Port of LA

3. RESOLUTION NO. ____________ - ADOPTION OF PROPOSED FISCAL YEAR\n2023/24 ANNUAL BUDGET\nSummary: Staff requests approval of the Fiscal Year (FY) 2023/24 Proposed Annual Budget\n(Proposed Budget) of $2,020,804,969. The Proposed Budget is aligned with the 2018 – 2022\nStrategic Plan (Strategic Plan) and will enable the City of Los Angeles Harbor Department\n(Harbor Department) to meet its commitments in the upcoming fiscal year. Adoption of the\nProposed Budget will position the Port of Los Angeles (Port) to deliver value to its customers by\nproviding superior infrastructure, promoting efficient operations, as well as forging strong and\nlasting relationships with its stakeholders.\nThe Proposed Budget includes sources and appropriations of funds as follows:\nTABLE 1: SOURCES AND APPROPRIATIONS OF FUNDS\nSources: Appropriations:\nOperating Receipts $ 652,862,946 Operating Expenses $ 372,352,064\nNon-Operating Receipts 22,731,610 Non-Operating Expenses 33,092,325\nGrant Receipts (Capital) 47,962,114 Capital Budget 252,316,588\nDebt Issuance Proceeds - Debt Repayments & Other 64,497,759\nAvailable Cash: Projected Year-End Balances:\nUnrestricted Funds 1,216,257,030 Unappropriated Balance 1,197,733,510\nRestricted Funds 80,991,269 Restricted Cash 100,812,723\nTotal Sources $2,020,804,969 Total Appropriations $2,020,804,969\nThe Proposed Budget represents the ongoing commitment of Harbor Department staff to\noperate and maintain the Port in a fiscally sound manner according to the guidelines, policies,\nand direction set forth by the Board of Harbor Commissioners (Board). Furthermore, the\nProposed Budget complies with the Board-approved Financial Policies that relate to debt rating,\ndebt service coverage, and reserve levels.\nRecommendation: Board resolve to (1) find that the Director of Environmental Management has\ndetermined that the proposed action is administratively exempt from the requirements of the\nCalifornia Environmental Quality Act (CEQA) under Article II Section 2(f) of the Los Angeles City\nCEQA Guidelines; (2) adopt the Fiscal Year 2023/24 Proposed Annual Budget for the City of\nLos Angeles Harbor Department and appropriate funds in accordance herewith, pursuant to\nSection 511(b) of the City Charter;\nSPECIAL MEETING AGENDA\n3. (Continued)\n(3) authorize the Executive Director, or his designee, to make any technical adjustments\nconsistent with the Board action(s) to the Fiscal Year 2023/24 Proposed Annual Budget\ndocuments in the implementation of this budget; (4) approve the transfer of $17,624,847 from\nthe Harbor Revenue Fund, Account 11010, Center 7000, Program 000 to the Harbor Special\nOperating Fund, Account 11035, Center 7000, Program 000; (5) direct the Board Secretary to\ntransmit the Resolution and Annual Budget to the Mayor and Controller pursuant to Section\n511(b) of the City Charter; and (6) adopt Resolution No.____________.\nSPECIAL MEETING AGENDA\nWaterfront & Commercial Real Estate