Port Authority of New York and New Jersey Releases $6.5 Billion Budget for 2016
The Port Authority of New York and New Jersey released its proposed $6.5 billion budget for 2016.
The port authority is proposing a $3 billion operating budget, a 2.8% increase from 2015, and a $3.5 billion capital budget to fund “critical state-of-good-repair to existing transportation facilities” as well as new infrastructure.
The port authority is seeking public comment on the proposed budget, which still is subject to approval by the Board of Commissioners on Dec. 10.
The capital budget includes $952 million for investment in tunnel, bridge and terminal facilities. Among them are the Bayonne Bridge project as well as the new Goethals Bridge and rehabilitation to the George Washington Bridge.
“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," Executive Director Pat Foye said in a statement.
"Our staff meticulously prioritized our resources to continue to keep the increase in core operating expenses to 2.4%," Foye said.
The capital budget also includes $175 million to support port facilities by replacing berths as well as improve road access and develop Greenville Yards for intermodal transportation.
