THE PORT AUTHORITY OF NY & NJ

Press Release Article


PORT AUTHORITY BOARD ADOPTS 2016 OPERATING AND CAPITAL BUDGETS

Date: Dec 10, 2015
Press Release Number: 199-2015

Budget provides funds for critical investments in LaGuardia Airport, Port Authority Bus Terminal, Goethals, George Washington and Bayonne bridges, PATH, and seaport rail facilities

The Port Authority Board today approved a fiscally responsible $3.0 billion Operating Budget and a $3.5 billion Capital Budget that includes funds to enhance public safety with two new police classes, initiatives to enhance the agency's competitiveness and plan for the future. Targeted investments in major capital projects include the Bayonne and Goethals bridges, the Port Authority Bus Terminal, LaGuardia Airport, PATH signal system and port rail infrastructure.

The $3 billion Operating Budget adopted today represents a 2.8 percent increase in expenses over the prior year's budget and includes incremental expenses associated with phasing in the final operating components of the World Trade Center, in addition to funds to enhance the competitiveness of the agency's facilities. Before consideration of the incremental World Trade Center costs, the proposed budget represents an increase in expenses of 2.4 percent.

Among the new and continued initiatives funded by the Operating Budget are programs to secure agency facilities and improve the Port Authority Bus Terminal's Quality of Commute, Aviation strategic vision studies and a Port Commerce master plan. The budget also includes two police training classes for a total of 250 recruits in 2016 in order to address staff turnover, retirements and new workload.

The $3.5 billion Capital Budget provides funds to maintain critical transportation facilities at the region's airports, seaports, tunnels, bridges, terminals and PATH system, as well as the continued redevelopment of the World Trade Center site.

Major investments include the upgrade and modernization of airports, tunnels, bridges and terminals, including: the redevelopment of LaGuardia Airport's Terminal B; continued planning and design of a replacement of Newark Liberty International Airport's Terminal A; the Goethals and Bayonne Bridge projects; access improvements to the Lincoln Tunnel; rehabilitation of the George Washington Bridge; and continued improvements in the Port Authority Bus Terminal as well as planning for its long-term replacement. Funds also are included for redevelopment of Greenville Yard to support a new ship-to-rail facility. Improvements to PATH include implementation of positive train control safety measures, modernization of the Harrison Station and completion of the World Trade Center PATH Station and the transportation hub.

"Our goal was to target resources at key transportation facilities that would directly benefit the traveling public and stimulate economic growth, and we believe this budget achieves that objective," said Port Authority Chairman John Degnan. "These budgets will enhance public safety, provide a state-of-the-art LaGuardia Airport and two new bridges, and modernize PATH and seaport facilities."

"These budgets provide critical funds for our regional transportation network, while maintaining the kind of fiscal discipline that our customers deserve. As we update our ten-year capital plan next year, we will continue to make the necessary investments in our bridges, tunnels, airports, seaports and PATH," said Port Authority Vice Chairman Scott Rechler.

Highlights of the proposed 2016 Operating Budget:

Highlights of the proposed 2016 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 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.