THE PORT AUTHORITY OF NY & NJ

Press Release Article


PORT AUTHORITY ANNOUNCES PUBLIC RELEASE OF AGENCY’S QUARTERLY FINANCIAL DATA

Date: Apr 30, 2015
Press Release Number: 61-2015

Action is part of agency's reform efforts and pledge to increase transparency

The Port Authority's interim financial statements will be made public on a quarterly basis, under action taken by the agency and endorsed by the Board of Commissioners today to help increase transparency.

Financial information that covers the agency's facilities, operations and holdings now will be available every three months, providing a greater public window into the Port Authority's balance sheets.

"For more than a year, the Port Authority has made a determined effort to become more transparent and accountable to the public it serves," said Port Authority Chairman John Degnan. "By announcing our financial results for each quarter of the year, the Port Authority is taking another important step on the path of reform."

"This is another crucial step in bringing more transparency to the Port Authority," said Port Authority Vice Chairman Scott Rechler. "By publicly releasing our financial results on a quarterly basis, we will continue to transform the agency into a more open and accountable organization and one that the public deserves."

Going forward, each quarter's unaudited, interim financial statements will be presented to the Board's Committee on Finance at the first public session after the close of a quarter, with the information posted after the meeting on the agency's website.

The Port Authority's unaudited financial statements for the first quarter of 2015 ended on March 31, 2015 are on the agency's website.

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.