Budgets: New York/New Jersey

New York/New Jersey: Port Authority Releases Proposed 2018 Operating and Capital Budgets for Public Review and Comment 
The Port Authority of New York & New Jersey on November 8 released for public review and comment its proposed budget for ongoing operations, maintenance and security at all agency facilities. The proposed $3.2 billion 2018 Operating Budget represents an increase of $61 million or 1.9 percent compared to the 2017 budget. 

The Port Authority projects these expenses will be more than offset by increased revenues of $127 million or 2.5 percent versus the 2017 budget. This revenue increase is driven primarily from higher revenues from aviation facilities, as well as higher rental income at the World Trade Center and at port facilities. The Port Authority is projecting a surplus of revenues after operating expenses and debt service of $1.5 billion, an increase of $12 million or 0.8 percent over the 2017 budget, that together with bond proceeds and other sources will be available to support its Capital Budget. 

The agency also posted for review a proposed 2018 $3.4 billion Capital Budget that includes significant state-of-good-repair work at its tunnels, bridges, airports and PATH commuter rail system, while investing in major projects to replace aging facilities with modern infrastructure and provide for future growth. 
The 2018 Capital Budget aligns with the 10-year, 2017-2026 Capital Plan adopted by the Board of Commissioners in February and invests in critical regional transportation projects such as: the redevelopment of LaGuardia and Newark Liberty International airports; advancement of the LaGuardia AirTrain and John F. Kennedy International Airport Vision planning; and planning activities for the new Port Authority Bus Terminal and extension of the PATH system to Newark Liberty rail link station. 
In addition, the 2018 Capital Budget includes spending for the construction of an intermodal container transfer facility at Greenville Yards at the Port Jersey Marine Terminal; the completion of the Goethals Bridge replacement and Bayonne Bridge projects; the "Restoring the George" rehabilitation of the George Washington Bridge; implementation of Positive Train Control (PTC) system across PATH by the end of 2018; and support of the planning phase of the Gateway Passenger Rail Tunnel projects.

"This budget funds our operations and our key capital project priorities while maintaining fiscal discipline," said Port Authority 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."

Highlights of the proposed 2018 Operating Budget include:
Highlights of the proposed 2018 Capital Budget:
The Port Authority is seeking public comment on the proposed 2018 Operating and Capital budgets, which are available online on the Port Authority’s website.  Click here to view the budget documents.

The proposed budgets will be up for action at the Board of Commissioner’s December 7 meeting.