Press Release Article


PORT AUTHORITY RELEASES PROPOSED 2017 OPERATING AND CAPITAL BUDGETS FOR PUBLIC REVIEW AND COMMENT

Date: Nov 10, 2016
Press Release Number: 220-2016

The Port Authority today released for public review and comment the agency’s proposed 2017 $3.1 billion Operating Budget that funds ongoing operations, maintenance and security at all agency facilities and provides for the first full year of operations at the World Trade Center Transportation Hub, retail complex and other World Trade Center facilities which opened in phases in 2016. The agency also posted for review a $2.9 billion proposed 2017 Capital Budget that funds 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 to enhance the customer experience and provide for future growth.

The proposed Operating Budget, prepared in a fiscally responsible manner, 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 Operating Budget represents an increase of 3.1 percent.

The proposed $2.9 billion proposed Capital Budget funds major investments in key ongoing 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 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.

“These proposed budgets followed a disciplined review process to ensure that we are maximizing every dollar we spend, both operating and capital, in projects critical to the region,” said Port Authority Executive Director Pat Foye. “We continue to prioritize safety, security and a customer friendly traveler experience, while investing capital into modernizing and maintaining our facilities in a state of good repair.”

Highlights of the proposed 2017 Operating Budget:

  • $1.549 billion to operate and maintain our facilities in an efficient and effective manner, facilitating the movement of people and good in the region.
  • $706 million to provide safe and secure facilities for our customers by maintaining vigilance for potential threats, investing in new technology and infrastructure and employing best practices for security.
  • $385 million in rents and payments in lieu of taxes for Port Authority facilities.

Highlights of the proposed 2017 Capital Budget:

  • $887 million for investment in tunnel, bridge and terminal facilities, including the ongoing Bayonne Bridge project, the new Goethals Bridge, planning funds to begin the process of building a new Port Authority Bus Terminal, and major state-of-good repair projects at the George Washington Bridge.
  • $989 million for Aviation projects, including the ongoing redevelopment of LaGuardia Airport and ongoing planning for a new Terminal A at Newark Liberty International Airport.
  • $532 million to continue the WTC rebuilding effort with the completion of the Vehicular Safety Center and Tour Bus Parking Facility.
  • $217 million for PATH projects, including the continued installation of Positive Train Control on the rail system.
  • $153 million for Port Department projects, including the construction of a new ship-to-rail facility at Greenville yard to enhance the movement of cargo on and off the port.

The Port Authority is seeking public comment on the proposed 2017 Operating and Capital budgets, which is available online on the Port Authority’s website. To view the budget materials, click here.

The proposed budgets are subject to the Board of Commissioners approval on December 8. The agency will submit comments to the commissioners prior to their meeting.

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.


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