THE PORT AUTHORITY OF NY & NJ

Press Release Article


 PORT AUTHORITY BOARD APPROVES 2012 PRELIMINARY BUDGET

Date: Dec 08, 2011
Press Release Number: 153-2011

2012 Capital Plan Would Generate Jobs and Economic Activity While Review of Agency’s Long-Term Capital Plan Continues

The Port Authority of New York and New Jersey’s Board of Commissioners today approved a preliminary $7 billion combined operating and capital budget for 2012 that keeps operating expenses virtually flat and maintains headcount at the lowest levels in 40 years. The preliminary budget ensures the agency’s operations continue and that work moves forward on capital projects, while spurring job growth and economic activity. The preliminary 2012 budget approved today is subject to the ongoing, agency-wide review and audit led by the Special Committee of the Board at the direction of Governors Andrew Cuomo and Chris Christie.

The preliminary budget continues the Port Authority’s cost-containment efforts while preserving safe and secure facilities with the installation of state-of-the-art technology, and investment in conservation and environmental programs.

The fiscal discipline on the operating side of the preliminary budget still allows for $3.66 billion to be directed to capital spending. The capital projects identified in the preliminary budget will provide for significant and focused improvements to the agency’s network of transportation facilities. These upgrades would provide road, rail, and air travelers with continued modernizations at bridges, tunnels, airports and PATH, and investments in the seaport would further strengthen the region’s position as a leading shipping port on the U.S. East Coast. The preliminary budget also directs funding to continue progress at the World Trade Center site.

Port Authority Chairman David Samson said, “This is an austere budget that allows us to maintain our core mission of enhancing regional mobility, while also making investments in the region’s economy to generate quality jobs during these difficult economic times. This budget advances critical, priority projects now during the time we complete our review of the agency’s long-term capital needs and priorities.”

Port Authority Executive Director Pat Foye said, “Given the state of the economy, this budget looks to do more with less while continuing to make important capital investments. We’re also looking for ways to get our projects off the drawing board, and to market quicker to capitalize on the jobs and economic activity that our investment dollars generate. We recognize that the need to make improvements and provide economic stimulus is as great now as it has ever been.”

Port Authority Deputy Executive Director Bill Baroni said, “When we made the difficult decision earlier this year to ask our customers to pay more in tolls and fares, we did so with a singular purpose: to deliver upgrades and enhancements that directly benefit those same customers. As stewards of the public’s money and operator of many key facilities of the region’s transportation network, it is our responsibility to meet our mandate by investing in a prosperous future for the region.”

The preliminary 2012 operating budget provides for $2.56 billion in operating expenses, $832 million for debt service and $45 million for other expenses. The capital portion of the preliminary budget directs $3.66 billion for capital investment.

To view the preliminary budget, visit (http://www.panynj.gov/corporate-information/2012-preliminary-budget.html).

CONTACT:

The Port Authority of New York and New Jersey

Steve Coleman, 212 435-7777

The Port Authority of New York and New Jersey, which does not receive tax dollars from either state, operates many of the busiest and most important transportation links in the region. They include John F. Kennedy International, Newark Liberty International, LaGuardia, Stewart International and Teterboro airports; AirTrain JFK and AirTrain Newark; the George Washington Bridge and Bus Station; the Lincoln and Holland tunnels; the three bridges between Staten Island and New Jersey; the PATH (Port Authority Trans-Hudson) rapid-transit system; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook Marine Terminal on Staten Island; the Brooklyn Piers/Red Hook Container Terminal; the Port Authority-Port Jersey Marine Terminal and the Port Authority Bus Terminal in midtown Manhattan. The agency also owns the 16-acre World Trade Center site in Lower Manhattan.