THE PORT AUTHORITY OF NY & NJ

Press Release Article


PORT AUTHORITY BOARD ADOPTS 2017 BUDGET

Date: Dec 08, 2016
Press Release Number: 239-2016

Following a month-long public comment period, the Port Authority Board of Commissioners today approved the agency’s 2017 Budget consisting of $3.1 billion for operating expenses and $2.9 billion for capital projects including state-of-good repair work and new construction at its bridges, tunnels, terminals, airports, seaport and PATH system.

The $3.1 billion Operating Budget approved by the Board represents an increase of 1.3 percent in expenses over the prior year budget before consideration of the costs of operating and maintaining new facilities at the World Trade Center and the contractual five-year step increases in rents for certain Port Authority facilities. After consideration of these costs, the budget represents an increase of 3.1 percent.

The Capital Budget funds major ongoing investments in key transportation facilities, including the Bayonne Bridge project, the replacement of the Goethals Bridge, redevelopment of LaGuardia Airport, continued installation of Positive Train Control on the PATH system and the redevelopment of Greenville Yard to support a new ship-to-rail facility. Funds also are included to begin formal planning work for a new Port Authority Bus Terminal, the ongoing planning for a new Terminal A at Newark Liberty International Airport, and to continue planning projects designed to upgrade the George Washington Bridge.

“This fiscally responsible budget followed a painstaking review of the agency’s resources to make sure every dollar was wisely invested in projects that will benefit the traveling public,” said Port Authority Chairman John Degnan. “The budget continues our trend to return to the Port Authorities core mission of rebuilding critical aging infrastructure while keeping all of our transportation facilities in a state of good repair.”

“As stewards of the region’s major transportation facilities, this budget strikes the appropriate balance between being fiscally responsible while continuing our ongoing investment of billions of dollars in the region’s bridges, tunnels, airports, seaport and PATH,” said Port Authority Executive Director Pat Foye.

Highlights of the 2017 Operating Budget:

Highlights of the 2017 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.