Port of LA

4. RESOLUTION NO. ____________ - APPROVAL OF ANNUAL BUDGET COVERING\nFISCAL YEAR 2024 FOR WESTREC MARINA MANAGEMENT, INC. UNDER\nAGREEMENT NO. 13-3125\nSummary: Staff requests approval of the annual budget for Fiscal Year (FY) 2024 for operation\nof Cabrillo Way Marina (CWM) by Westrec Marina Management, Inc. (Westrec) under\nAgreement No. 13-3125 (Agreement). The Agreement was approved by the Board of Harbor\nCommissioners (Board) in 2013 for Westrec to manage CWM as a fee operator, while passing\nthrough all expenses and revenue to the City of Los Angeles Harbor Department (Harbor\nDepartment). Westrec’s estimated FY 2024 revenue is $8,459,298 with total expenses of\n$3,881,674. FY 2024 proposed net income of $4,577,624 results in a net profit margin of 54.1\npercent, a decrease from the FY 2023 approved budget margin of 55.9 percent and the FY 2022\nactual net profit margin of 56.9 percent.\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) approve the Westrec Marina Management, Inc. annual budget for Fiscal\nYear 2024 under Agreement No. 13-3125; and (3) adopt Resolution No.____________.\nSPECIAL MEETING AGENDA\nInformation Technology