PANYNJ budget released

Written by Jenifer Nunez, assistant editor

The Port Authority of New York and New Jersey (PANYNJ) released its proposed $3-billion Operating Budget that funds critical planning for future growth. The agency also posted a $3.5-billion Capital Budget that funds critical state-of-good-repair to existing transportation facilities and new infrastructure that is needed to sustain and accelerate growth and enhance the overall customer experience.

 

The $3-billion Operating Budget represents a 2.8 percent increase in expenses over the prior year budget and includes incremental expenses associated with phasing in the final operating components of World Trade Center and for initiatives to enhance competitiveness and plan for the future. Before consideration of the incremental World Trade Center costs, the proposed budget represents an increase in expenses of 2.4 percent.

The proposed $3.5-billion Capital Budget provides funds to maintain critical transportation facilities at the region’s airports, seaports, tunnels, bridges, terminals and Port Authority Trans-Hudson (PATH) system and continued redevelopment of the World Trade Center site.

Among the many projects includes funds for the redevelopment of Greenville Yard to support a new ship-to-rail facility. Improvements to PATH include implementation of positive train control, modernization of the Harrison Station and completion of the World Trade Center PATH Station and the transportation hub.

“This is a fiscally responsible budget that provides us the resources to plan for future growth at our airports, in trans-Hudson travel and in cargo growth at our seaports, while allowing us to invest in projects that create jobs and enhance regional mobility,” said PANYNJ Executive Director Pat Foye. “Our staff meticulously prioritized our resources to continue to keep the increase in core operating expenses to 2.4 percent.”

Highlights of the proposed 2016 Operating Budget include $17 million toward enhanced asset management to more efficiently and cost effectively maintain assets in a state of good repair.

Highlights of the proposed 2016 Capital Budget include $952 million for continued investment in tunnel, bridge and terminal facilities; $978 million to complete components of the World Trade Center, including the World Trade Center Transportation Hub and retail development; $290 million for investments in rehabilitation and resiliency of infrastructure resulting from Superstorm Sandy, capacity expansion and continued installation of Positive Train Control and station upgrades on PATH; $175 million to support port facilities by replacement and rehabilitation of berths and wharves along with improving roadway access and developing Greenville Yards for intermodal transportation.

The proposed budget is subject to the board of commissioner’s approval on December 10.

 

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