PANYNJ releases proposed 2015 capex budget

The Port Authority of New York and New Jersey released its proposed $2.9-billion Operating Budget and $3.6-billion Capital Budget. Combined, together with debt service, the proposed agency budget for 2015 totals $7.8 billion in proposed spending.

The Operating Budget continues to hold expense growth for ongoing agency operations at 1.8 percent and allows for increased investments in several critical areas, including facility maintenance and initiatives to enhance the competitiveness of the agency’s facilities. The proposed Operating Budget represents the 9th consecutive year of nearly flat spending, at or below the rate of inflation, reflecting fiscal discipline and ongoing efforts to manage expenses.

The $3.6 billion Capital Budget will help build and maintain critical infrastructure at the port authority’s airports, tunnels, bridges, terminals, ports, Port Authority Trans Hudson (PATH) system and move toward completion of the World Trade Center site. Of the total Capital Budget, $1 billion is dedicated specifically for investment in the region’s interstate transportation system including tunnels, bridges and terminals and PATH. An additional $1.6 billion is budgeted to complete construction of projects at the World Trade Center site, including the Transportation Hub and retail establishments.

“By holding growth in spending under the rate of inflation, this budget maintains the fiscal discipline necessary so that our resources can be invested in projects that create jobs, improve our infrastructure and enhance regional mobility,” said PANYNJ Executive Director Pat Foye. “Our team undertook a thorough, disciplined process to target and prioritize our investments in areas that benefit service and ensure safety at our airports, bridges, tunnels PATH system and ports.”

“Our goal is to do more with less and to safeguard our resources to invest in our world-class transportation system,” said PANYNJ Deputy Executive Director Deb Gramiccioni. “Our efforts will allow us to invest in projects that matter to the millions of customers who use our airports, tunnels, bridges and PATH system every year.”

Highlights of the proposed 2015 Operating Budget include:
• $17 million for cyclical maintenance dredging to improve service reliability in the Port of New York and New Jersey
• $13.8 million for a PATH new car inspection apprentice program and additional maintenance, as well as for the completion of the PATH Train Control Center

Highlights of the proposed 2015 Capital Budget include:
• $223 million to modernize PATH stations, including the Harrison PATH Station.
• $32 million to build a new ExpressRail system at Greenville Yard in Jersey City that allows cargo to be moved by rail.

The budget is subject to Board of Commissioner’s approval on December 10.