THE PORT AUTHORITY OF NY & NJ

Press Release Article


PORT AUTHORITY RELEASES PROPOSED 2018 OPERATING AND CAPITAL BUDGETS FOR PUBLIC REVIEW AND COMMENT

Date: Nov 08, 2017
Press Release Number: 206-2017

The Port Authority today released for public review and comment the agency’s proposed 2018 $3.2 billion Operating Budget for ongoing operations, maintenance and security at all agency facilities. The proposed $3.2 billion Operating Budget represents an increase of $61 million or 1.9 percent versus the 2017 budget, in line with the rate of inflation.

The Port Authority projects these expenses will be more than offset by increased revenues of $127 million or 2.5 percent versus the 2017 budget. This revenue increase is driven primarily from higher revenues from aviation facilities, as well as higher rental income at the World Trade Center and at port facilities. The Port Authority is projecting a surplus of revenues after operating expenses and debt service of $1.5 billion, an increase of $12 million or 0.8 percent over the 2017 budget, that together with bond proceeds and other sources will be available to support its significant Capital Budget.

The agency also posted for review a proposed 2018 $3.4 billion Capital Budget that includes significant state-of-good-repair work at its tunnels, bridges, airports and PATH system, while investing in major projects to replace aging facilities with modern, state-of-the-art infrastructure and provide for future growth. The 2018 Capital Budget aligns with the 10-year, 2017-2026 Capital Plan adopted by the Board of Commissioners in February and invests in critical regional transportation projects such as: the redevelopment of LaGuardia and Newark Liberty International airports; advancement of the LaGuardia AirTrain and John F. Kennedy International Airport Vision planning; and planning activities for the new Port Authority Bus Terminal and extension of the PATH system to Newark Liberty rail link station. In addition, the 2018 Capital Budget includes spending for the completion of the Goethals Bridge replacement and Bayonne Bridge projects; the “Restoring the George” rehabilitation of the George Washington Bridge; implementation of Positive Train Control (PTC) system across PATH by the end of 2018; the construction of the Intermodal Container Transfer Facility at Greenville Yards at the Port Jersey Marine Terminal; and support of the planning phase of the Gateway Passenger Rail Tunnel projects.

“This budget funds our operations and our key capital project priorities while maintaining fiscal discipline,” said Port Authority Executive Director Rick Cotton. “This proposed budget sets out a fiscally responsible plan that enables the Port Authority to maintain and operate a safe and secure transportation network while we make the critically imperative investments to upgrade and replace facilities that are far below global standards. The budget also significantly increases spending on security at all of our facilities, as well as on improving cyber security – both obviously necessary for the world we operate in today.”

Highlights of the proposed 2018 Operating Budget include:

The proposed 2018 Operating Budget also includes funding for a number of initiatives and projects that align with key priorities across the Port Authority’s businesses, including:

Highlights of the proposed 2018 Capital Budget:

The Port Authority is seeking public comment on the proposed 2018 Operating and Capital budgets, which are available online on the Port Authority’s website. To view the budget materials, click here.

The proposed budgets will be up for action at the Board of Commissioner’s December 7th meeting. Written comments can be submitted at publiccomments@panynj.gov through December 5, 2017. Comments can also be made at the Board of Commissioner’s December 7 meeting. The agency will submit written comments received to the commissioners prior to their meeting.

Contact:
The 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.