Press Release Article


Date: Sep 30, 2011
Press Release Number: 120-2011

Port Authority of New York and New Jersey Chairman David Samson today announced the members of a Special Committee of the Board of Commissioners to conduct a full review of the Authority’s past and current governance, management and financial practices. The committee was established in response to the direction of Governors Chris Christie and Andrew Cuomo as part of the Port Authority’s toll and fare increase.

Chairman Samson, Port Authority Vice Chairman Scott Rechler and Commissioners Jeffrey Lynford and William “Pat” Schuber will comprise the special committee of the board.

“The Board of Commissioners, at the direction of our Governors, is committed to sharpening its financial review and to initiating sustainable change at the Authority to ensure that it continues to meet its responsibilities of infrastructure investment, repair, replacement and maintenance of our facilities, and provision of security, while carrying out its historic mission of economic growth,’’ said Samson. “In addition to reviewing capital project spending and operating costs for organizational effectiveness, we will consider more creative funding approaches to priority projects.”

On Sept. 19, Samson sent a letter to the Governors explaining the steps the Port Authority was taking to comply with their direction. The scope of the review, as outlined in that letter, will include:

  • A comprehensive analysis of the authority’s 10-year capital plan, in an effort to reduce the size and cost of non-revenue producing projects, reprioritizing existing projects and establishing new priorities, and the most effective way to finance the same.
  • A thorough review of the authority’s capital projects and spending over the past 10 years to determine the causes and full extent of, as well as potential remedies to address, cost escalation on the authority’s projects, with a focus on the World Trade Center site.
  • An evaluation of potential alternative revenue and capital sources for the authority to minimize the impact on New York and New Jersey residents and businesses.
  • A top-to-bottom management review of the authority’s organizational structure and effectiveness, staffing levels, compensation and benefits and financial management, including accounting, audit, financing, consulting and other contractual practices and agreements, all done to further lower costs and increase efficiencies within the authority.
  • Additionally, the audit committee of the authority will issue a request for proposal for external auditors for the year 2012.

The Port Authority of New York and New Jersey
(212) 435-7777

The Port Authority of New York and New Jersey, which is self-sufficient and does not receive tax dollars from either state, operates many of the busiest and most important transportation links in the region. They include John F. Kennedy International, Newark Liberty International, LaGuardia, Stewart International 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; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook Marine Terminal on Staten Island; the Brooklyn Piers/Red Hook Container Terminal; the Port Authority-Port Jersey Marine Terminal and the Port Authority Bus Terminal in midtown Manhattan. The agency also owns the 16-acre World Trade Center site in Lower Manhattan.

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