PANYNJ adopts 2015 operating and capital budget
Written by Jenifer Nunez, assistant editor
The Port Authority of New York and New Jersey Board of Commissioners adopted a $2.9-billion Operating Budget and a $3.6-billion Capital Budget. Combined, together with debt service, the budget for 2015 totals $7.8 billion.
The Operating Budget will continue to hold expense growth for ongoing agency operations at 1.8 percent – below the rate of inflation – and reflects continued fiscal discipline while allowing for increased investments in several critical areas, including facility maintenance and initiatives to enhance the competitiveness of the agency’s facilities.
The Capital Budget will help build and maintain critical infrastructure at airports, tunnels, bridges, terminals, ports, 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. In addition, $153 million is earmarked for Port Commerce state-of-good-repair projects and the redevelopment of the Greenville Yard site in Jersey City. 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.
The Capital Budget will support 7,320 direct job-years and direct payroll wages of $674.7 million. Including indirect and induced effects, the total economic activity impact amounts to 16,730 total job-years, $1.1 billion in wages and $4.7 billion in economic activity.
“The port authority’s 2015 Operating and Capital Budgets reflect the priority we are placing on spending that will provide maximum benefit to the region, including better maintained bridges, tunnels and terminals for commuters, enhanced airport facilities for air travelers and modernized PATH facilities for mass transit riders,” said port authority Chairman John Degnan. “Our goal was to hold the line on administrative spending, so we can invest in projects that directly benefit the traveling public, stimulate economic activity and create jobs.”
Highlights of the 2015 Capital Budget include $35 million to modernize PATH stations, including the Harrison PATH Station; $28 million to build a new ExpressRail system at Greenville Yard in Jersey City that allows cargo to be moved by rail; $16 million for the Port Authority Quality of Commute improvement program and $6.4 million for planning work for the PATH extension to Newark Liberty International Airport.
