THE PORT AUTHORITY OF NY & NJ
Press Release Article
PORT AUTHORITY BOARD APPROVES 2006 BUDGET;
PROVIDES FOR RECORD SECURITY SPENDING, AIRPORT UPGRADES,
NEW PATH CARS AND WORK ON WTC TRANSPORTATION HUB
Date: Dec 08, 2005
Press Release Number: 150-2005
Board Approves 10-Year Strategic Planning Document
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The Port Authority Board of Commissioners today approved a $5 billion 2006 budget that provides for record investments in security at its airports, seaports, bridges, tunnels and rapid-transit system.
The budget includes capital funds to continue work on the World Trade Center Transportation Hub; begin the modernization of Terminal B at Newark Liberty International Airport; continue construction of new PATH cars; and build a new passenger terminal at John F. Kennedy International Airport.
The Board also approved “The Port Authority Strategic Plan: Transportation for Regional Prosperity,” which identifies critical regional transportation needs, and outlines a 10-year program for the Port Authority to address them, together with its public and private partners. The Plan affirms the agency’s commitment to providing the region with world-class transportation facilities and services, and effectively managing its existing transportation systems.
The document also contains a list of potential capital projects that may be included in future budgets.
The 2006 budget calls for $616 million in security spending, a new annual record and a 163 percent increase over security spending in 2000. The budget also includes funds for additional police officers in 2006.
New York Governor George E. Pataki said, “These extraordinary investments in securing our transportation infrastructure are a commitment to the safety of the hundreds of millions of people who use our bridges, tunnels, seaports, airports and PATH system each year. The budget also will allow a spectacular transportation hub to rise at the World Trade Center site and will fund construction of a new terminal at John F. Kennedy International Airport that will be leased by the airport’s busiest airline, JetBlue Airways.”
Acting New Jersey Governor Richard J. Codey said, “This budget will provide our residents with the convenience and comfort they expect when traveling by air, car or mass transit. It calls for major investments in 340 new PATH cars, the modernization of Terminal B at Newark Liberty International Airport and deepening the channels to allow larger ships to call on our port.”
Port Authority Chairman Anthony R. Coscia said, “The 10-year strategic plan adopted by the Board creates a long-term transportation vision that will allow the region to maintain its economic strength and vitality for years to come. It also establishes a framework to guide the agency’s dealings with its public- and private-sector partners, and helps it establish priorities among an ever-increasing list of important regional projects that have been proposed.”
Port Authority Vice Chairman Charles A. Gargano said, “This budget will continue our 84-year legacy of building critical transportation infrastructure that create jobs and reinvigorate the economy. It continues the major investments we already have made to restore Lower Manhattan’s street life and vitality, and also will help to address the record numbers of passengers now using our airports by building a new Terminal 5 at JFK.”
Port Authority Executive Director Kenneth J. Ringler Jr. said, “Faced with higher costs to secure our facilities, which include some of the most significant landmarks and transportation hubs in the region, we needed to make tough decisions and explore innovative ways to meet these expenses while still delivering an aggressive capital plan. That’s why we undertook a major internal review of our business practices that yielded $100 million in annual cost savings for the agency. These savings will not impact security or customer service, and we will look for additional operational savings in the upcoming year. We also began an aggressive advertising and sponsorship program this year to create new streams of revenue that will be reinvested directly in the agency’s facilities.”
The Port Authority’s $5 billion budget includes $2.3 billion for operating expenses, $1.88 billion for capital improvements and $779 million for debt service.
Major elements of the 2006 Capital Plan include:
- Construction of the World Trade Center Transportation Hub, which will include a permanent PATH Terminal.
- Construction of the new Terminal 5 at Kennedy Airport.
- Redevelopment of Terminal B at Newark Liberty International Airport.
- Procurement of 340 new PATH rail cars.
- Continued rehabilitation of the Goethals Bridge deck.
- Construction of an expanded ExpressRail facility at the Elizabeth-Port Authority Marine Terminal.
The Port Authority of New York and New Jersey operates many of the busiest and most important transportation links in the region. They include John F. Kennedy International, Newark Liberty International, LaGuardia and Teterboro airports; AirTrain JFK and AirTrain Newark; the George Washington Bridge and Bus Station; the Lincoln and Holland tunnels; the three bridges between Staten Island and New Jersey; the PATH (Port Authority Trans-Hudson) rapid-transit system; the Port Authority-Downtown Manhattan Heliport; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook Marine Terminal on Staten Island; the Brooklyn Piers/Red Hook Container Terminal; and the Port Authority Bus Terminal in midtown Manhattan. The agency also owns the 16-acre World Trade Center site in Lower Manhattan.
The Port Authority is financially self-supporting and receives no tax revenue from either state.