LOS ANGELES (CNS) — The Los Angeles Harbor Commission Wednesday approved a $1.9 billion budget for the Port of Los Angeles’ next fiscal year, up from the current year’s $1.7 billion budget.

Port officials said the budget is based on cargo volume estimates of about 9.85 million 20-foot equivalent units. The port has experienced record cargo levels during the pandemic, but the port said Wednesday that consumer buying is expected to ease in the next fiscal year.

“Despite challenges across the supply chain, the Port of Los Angeles and its many partners persevered and have kept cargo moving at a record pace,” said Harbor Commission President Jaime Lee. “This success and hard work now allows us to reinvest in our Port’s physical and digital infrastructure, sustainable technology and programs, and in projects that benefit our communities and the LA Waterfront.”

The budget plans for $628.1 million in operating revenues, including $439.7 million from shipping revenues, $47.4 million from the Clean Truck Fund and the remaining revenue from rentals, royalties, fees and more. Operating expenses are expected to be about $334 million.

“This forward-thinking budget positions the Port well to meet its overall strategic objectives and priorities, and keep our ranking as the premier container port in the Western Hemisphere,” said Port of Los Angeles Executive Director Gene Seroka.

The commission allocated $180.5 million for terminal, transportation, security and public access projects. More than $38 million will be used for improvements to the LA Waterfront, including $25.3 million for the Wilmington Waterfront Promenade project. Abut $34 million will be used for the Pier 400 Corridor Storage Track Expansion project and $17.4 million will be used for improvements at the Shell and PBF marine oil terminals.

Revenues raised through the Clean Truck Program, which collects fees to incentivize the phase-out of older trucks that cause more pollution, will go to support near-zero and zero-emission technology projects.