The Port of Los Angeles has reduced its budget for next year in the face of the still week global economy.

LA's new fiscal budget is 2.3% lower than last year's
On Thursday the Los Angeles Harbor Commission adopted a 2012-13 fiscal year budget of about $954.1m.

The figure represents a 2.3%, or $22.5m, decrease from the current fiscal year adopted budget of $976.6m.

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