A record $1 billion budget was adopted Thursday by the Port of Los Angeles, with the 2007-08 spending priorities to include environmental initiatives, port security, capital improvement projects and waterfront development, the Daily Breeze reports.

"This is a very strong financial organization," said harbor commission President S. David Freeman, noting that the port does not plan to borrow any money to meet its budget goals for the coming year. "That's all the more reason to continue to be frugal and cost-effective, to keep it that way."

Included is a capital budget of $239 million that will fund waterfront development in San Pedro and Wilmington, security projects such as the expansion of waterside and shoreside camera systems, a temporary baggage-handling building at the World Cruise Center, and terminal improvements.

The port's operating budget - $209 million, representing a 31percent increase over last year - includes additional staffing for Port Police; outside contracts for port maintenance, legal and environmental assessment services; and the implementation of the Transportation Worker Identification Program.

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