THE PORT AUTHORITY OF NY & NJ

Press Release Article


PORT AUTHORITY BOARD ADOPTS 2018 BUDGET

Date: Dec 07, 2017
Press Release Number: 220-2017

Following a month-long public comment period, the Port Authority Board of Commissioners today approved the agency’s 2018 Budget consisting of $3.2 billion for operating expenses and $3.4 billion for capital expenses. The budget – which does not include a toll or fare increase – allows the agency to enhance security at its facilities, improve customer service, invest in sustainability and environmental protection initiatives, undertake significant state-of-good-repair work and build new, best-in-class transportation facilities.

The Operating Budget adopted by the Board represents an increase of $61 million, or 1.9 percent versus the 2017 budget, in line with the rate of inflation. The increases are primarily driven by increases in police staffing at Port Authority facilities, higher operating costs from facilities coming into operation at the World Trade Center site in 2018 -- and higher payments to local municipalities and other landlords in return for the use of facilities or property. These expenses will be more than offset by increased revenues of $127 million or 2.5 percent versus the 2017 budget.

The Capital Budget funds major state-of-good-repair work at key transportation facilities and major projects to replace aging infrastructure with modern, state-of-the-art facilities to 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 AirTrain LaGuardia 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 for travel to Newark Liberty. In addition, the 2018 Capital Budget includes spending for the completion of the Goethals Bridge replacement and Bayonne Bridge raise the roadway projects; the “Restoring the George” rehabilitation of the George Washington Bridge; implementation of a 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 is a win for our customers and a win for this region and its economy,” said Port Authority Chairman Kevin O’Toole. “It invests in better security at airports, bridges, tunnels and PATH, provides enhanced, state-of-the-art customer service amenities and allows for the construction of best-in-class facilities that will sustain regional growth for many decades.”

“This budget was crafted following a painstaking review of our finances and our needs to ensure we are investing in projects that are critical to our mission of rebuilding aging infrastructure,” said Port Authority Vice Chairman Jeffrey Lynford. “Our investments ensure that every dollar is being spent wisely and that the traveling public will reap the benefits.”

Highlights of the 2018 Operating Budget include:

Highlights of the 2018 Capital Budget:


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.