Date: Dec 07, 2011
Press Release Number: 150-2011
2012 Capital Plan Would Generate Jobs and Economic Activity While Review of Agency’s Long-Term Capital Plan Continues
Port Authority of New York and New Jersey staff today posted online a preliminary $7 billion budget for 2012 that keeps operating expenses virtually flat and maintains headcount at the lowest levels in 40 years. The preliminary budget ensures the agency’s operations continue and that work moves forward on capital projects, while spurring job growth and economic activity. The preliminary 2012 budget to be considered by the full Board of Commissioners on December 8 is subject to future Board action following the report of the ongoing, agency-wide review and audit led by the Special Committee of the Board of Commissioners at the direction of Governors Andrew Cuomo and Chris Christie.
The preliminary budget continues the Port Authority’s cost-containment efforts while preserving safe and secure facilities with the installation of state-of-the-art technology, and investment in conservation and environmental programs.
The fiscal discipline on the operating side of the preliminary budget still allows for $3.66 billion to be directed to capital spending. The capital projects identified in the preliminary budget will provide for significant and focused improvements to the agency’s network of transportation facilities. These upgrades would provide road, rail, and air travelers with continued modernizations at bridges, tunnels, airports and PATH, and investments in the seaport would further strengthen the region’s position as a leading shipping port on the U.S. East Coast. The preliminary budget also provides resources to continue progress at the World Trade Center site.
The preliminary 2012 budget provides $2.56 billion in operating expenses, $832 million for debt service and $45 million for other expenses. The capital portion of the preliminary budget directs $3.66 billion for capital investment.
The Board of Commissioners is expected to consider the preliminary budget at the December 8 meeting. To view the preliminary budget, visit (http://www.panynj.gov/corporate-information/2012-preliminary-budget.html)
The Port Authority of New York and New Jersey
Steve Coleman, 212 435-7777
The Port Authority of New York and New Jersey, which 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