THE PORT AUTHORITY OF NY & NJ

Press Release Article


PORT AUTHORITY BOARD ADOPTS 2015 OPERATING AND CAPITAL BUDGETS

Date: Dec 10, 2014
Press Release Number: 252-2014

Operating budget holds expense growth for ongoing agency operations to 1.8 percent – at or below the rate of inflation for the 9th consecutive year; Discipline in expense management facilitating $3.6 billion in capital investments in airports, tunnels, bridges, terminals, port facilities, PATH system and WTC

The Port Authority Board of Commissioners today adopted a fiscally responsible $2.9 billion Operating Budget and a $3.6 billion Capital Budget that funds critical infrastructure at the agency’s airports, tunnels, bridges, port facilities, PATH system and World Trade Center site. Combined, together with debt service, the budget for 2015 totals $7.8 billion.

The Board adopted a $2.9 billion Operating Budget that continues to hold expense growth for ongoing agency operations at 1.8 percent – below the rate of inflation – and reflects continued fiscal discipline while allowing for increased investments in several critical areas, including facility maintenance and initiatives to enhance the competitiveness of the agency’s facilities.

In addition, the Board adopted a $3.6 billion Capital Budget that 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, $778 million is dedicated to airport terminal development, runway and taxiway improvements and security enhancements, and $153 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.

The Capital Budget will support 7,320 direct job-years and direct payroll wages of $674.7 million. Including indirect and induced effects, the total economic activity impact amounts to 16,730 total job-years, $1.1 billion in wages and $4.7 billion in economic activity.

“The Port Authority’s 2015 Operating and Capital Budgets reflect the priority we are placing on spending that will provide maximum benefit to the region, including better maintained bridges, tunnels and terminals for commuters, enhanced airport facilities for air travelers and modernized PATH facilities for mass transit riders,” said Port Authority Chairman John Degnan. “Our goal was to hold the line on administrative spending, so we can invest in projects that directly benefit the traveling public, stimulate economic activity and create jobs.”

“As stewards of critical transportation facilities and the public’s funds, this budget strikes the appropriate balance between being fiscally disciplined, while increasing our capital investment in the region’s bridges, tunnels, ports and airports,” said Port Authority Vice Chairman Scott Rechler.

Highlights of the 2015 Capital Budget:


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 the 1,776-foot-tall One World Trade Center 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.