THE PORT AUTHORITY OF NY & NJ

Press Release Article


PORT AUTHORITY POSTS PROPOSED 2015 OPERATING AND CAPITAL BUDGETS FOR PUBLIC REVIEW

Date: Dec 02, 2014
Press Release Number: 240-2014

The Port Authority today posted for public review a proposed $2.9 billion Operating Budget and $3.6 billion Capital Budget that funds critical infrastructure benefitting the tens of millions of customers the agency serves annually.  Combined, together with debt service, the proposed agency budget for 2015 totals $7.8 billion in proposed spending.

The $2.9 billion Operating Budget continues to hold expense growth for ongoing agency operations at 1.8 percent – below the rate of inflation – and reflects continued austerity while allowing for increased investments in several critical areas, including facility maintenance and initiatives to enhance the competitiveness of the agency’s facilities.  The proposed Operating Budget represents the 9th consecutive year of nearly flat spending – at or below the rate of inflation – reflecting fiscal discipline and ongoing efforts to manage expenses.

The Operating Budget also provides funds for security, operation and maintenance for the World Trade Center site following the November 3rd opening of One World Trade Center, the October 27th opening of 4 World Trade Center and the projected opening of other public spaces in 2015.  The incremental $108 million of operating expenses budgeted for the World Trade Center is offset by $120 million in incremental rental revenue as One World Trade Center tenants continue to occupy the building.

The $3.6 billion Capital Budget will help build and maintain critical infrastructure at the Port Authority’s airports, tunnels, bridges, terminals, ports, PATH system and move toward completion of the World Trade Center site.  Of the total Capital Budget, $1 billion is dedicated specifically for investment in the region’s interstate transportation system including tunnels, bridges and terminals and PATH. In addition, $779 million is dedicated to airport terminal development, runway and taxiway improvements and security enhancements, and $155 million is earmarked for Port Commerce state-of-good-repair projects and the redevelopment of the Greenville Yard site in Jersey City.  An additional $1.6 billion is budgeted to complete construction of projects at the World Trade Center site, including the Transportation Hub and retail establishments.

“By holding growth in spending under the rate of inflation, this budget maintains the fiscal discipline necessary so that our resources can be invested in projects that create jobs, improve our infrastructure, and enhance regional mobility,” said Port Authority Executive Director Pat Foye.  “Our team undertook a thorough, disciplined process to target and prioritize our investments in areas that benefit service and ensure safety at our airports, bridges, tunnels, PATH system and ports.”

“Our goal is to do more with less and to safeguard our resources to invest in our world-class transportation system,” said Port Authority Deputy Executive Director Deb Gramiccioni.  “Our efforts will allow us to invest in projects that matter to the millions of customers who use our airports, tunnels, bridges and PATH system every year.”

Highlights of the proposed 2015 Operating Budget:


Highlights of the proposed 2015 Capital Budget:

The Port Authority is seeking public comment on the proposed 2015 Budget, which is available online on the Port Authority’s website http://www.panynj.gov/corporate-information/budget-capital-plan.html. The budget is subject to Board of Commissioner’s approval on December 10.  The agency will submit comments to the commissioners as they are received.

CONTACT:
Port Authority of New York and New Jersey
212-435-7777

Founded in 1921, the Port Authority of New York and New Jersey builds, operates, and maintains many of the most important transportation and trade infrastructure assets in the country. The agency’s network of aviation, ground, rail, and seaport facilities is among the busiest in the country, supports more than 550,000 regional jobs, and generates more than $23 billion in annual wages and $80 billion in annual economic activity. The Port Authority also owns and manages the 16-acre World Trade Center site, where construction crews are building the iconic One World Trade Center, which is now the tallest skyscraper in the Western Hemisphere. The Port Authority receives no tax revenue from either the State of New York or New Jersey or from the City of New York. The agency raises the necessary funds for the improvement, construction or acquisition of its facilities primarily on its own credit. For more information, please visit http://www.panynj.gov.