The Port Authority of New York and New Jersey (PANYNJ) has proposed a $3.2 billion operating budget and a $3.4 billion capital budget for 2018.
PANYNJ says the proposed operating budget represents an increase of $61 million or 1.9 percent versus the 2017 budget, which is in line with the rate of inflation, while the capital budget aligns with the authority’s 10-year plan adopted in February 2017.
PANYNJ calls the proposed capital budget significant and is projecting a surplus of revenues that, combined with bond proceeds, will support the capital budget.
The authority says the capital budget proposal includes “significant state-of-good-repair work at its tunnels, bridges, airports and PATH system, while investing in major projects to replace aging facilities with modern, state-of-the-art infrastructure and provide for future growth.”
Some of the rail projects that will see investment from the capital budget proposal include
- $1.1 billion to redevelop the region’s airports and ready them for the future, which includes continued planning and design for the LaGuardia AirTrain and for the PATH extension to Newark Liberty rail link station.
- $71 million for PATH’s Signal System Replacement Program, and the continuation of PATH station and equipment modernization programs. PANYNJ says that Positive Train Control will be fully operational by the end of 2018.
- $55 million for the ExpressRail intermodal container transfer facilities at Port Jersey.
- $17 million to support continued planning activities for the Gateway Program, which PANYNJ says is consistent with its commitment to pay debt service on $2.7 billion under its 10-year Capital Plan as part of the bi-state region’s commitment to this critical project.
“This budget funds our operations and our key capital project priorities while maintaining fiscal discipline,” said PANYNJ Executive Director Rick Cotton. “This proposed budget sets out a fiscally responsible plan that enables the port authority to maintain and operate a safe and secure transportation network while we make the critically imperative investments to upgrade and replace facilities that are far below global standards. The budget also significantly increases spending on security at all of our facilities, as well as on improving cyber security – both obviously necessary for the world we operate in today.”