PANYNJ $6 billion budget approved for 2017

Written by Mischa Wanek-Libman, editor
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The Port Authority of New York and New Jersey (PANYNJ) Board of Commissioners approved the agency's proposed 2017 budget of $6 billion.

The budget consists of $3.1 billion for operating expenses and $2.9 billion for capital projects including state-of-good repair work and new construction at its bridges, tunnels, terminals, airports, seaport and PATH system.

PANYNJ called the budget a balance between continued investment and fiscal responsibility.

“This fiscally responsible budget followed a painstaking review of the agency’s resources to make sure every dollar was wisely invested in projects that will benefit the traveling public,” said Port Authority Chairman John Degnan. “The budget continues our trend to return to the port authority’s core mission of rebuilding critical aging infrastructure while keeping all of our transportation facilities in a state of good repair.”

The capital budget funds major ongoing investments in key transportation facilities, including the Bayonne Bridge project, the replacement of the Goethals Bridge, redevelopment of LaGuardia Airport, $217 million for continued installation of Positive Train Control on the PATH system and $153 million for the redevelopment of Greenville Yard to support a new ship-to-rail facility.

“As stewards of the region’s major transportation facilities, this budget strikes the appropriate balance between being fiscally responsible while continuing our ongoing investment of billions of dollars in the region’s bridges, tunnels, airports, seaport and PATH,” said PANYNJ Executive Director Pat Foye.

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