The proposal includes funding for a Port Commerce master plan and critical maintenance, repairs and upgrades to existing transportation facilities at area airports, seaports, tunnels, bridges and terminals.
The Port Authority of New York and New Jersey has posted for public review a proposed an operating budget and a capital budget worth a combined $6.5 billion for fiscal 2016.
The port authority said in a statement the operating budget includes programs to secure agency facilities, improve the quality of commute for port authority bus terminal, set forth strategic vision studies for the Aviation department, and a Port Commerce master plan. The $3 billion operating budget represents a 2.8 percent increase in expenses over the FY2015 budget.
The proposed $3.5 billion capital budget will fund critical maintenance, repairs and upgrades to existing transportation facilities at area airports, seaports, tunnels, bridges and terminals, as well as continued redevelopment of the World Trade Center site.
The capital budget includes dedicated funding in the amount of:
*$952 million for continued investment in tunnel, bridge and terminal facilities, including the ongoing Bayonne Bridge project, the new Goethals Bridge, major rehabilitation to the George Washington Bridge and capital improvements at the Port Authority Bus Terminal, including continued investment in the agency’s Quality of Commute program, as well as $15 million for the master planning effort to replace the bus terminal and provisions for the International Design Competition;
*$978 million to complete components of the World Trade Center, including the World Trade Center Transportation Hub and retail development;
*$888 million for Aviation projects, including $461 million for the continued redevelopment of Terminal B and related infrastructure at LaGuardia Airport and $17 million in planning for a new Terminal A at Newark Liberty International Airport;
*$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;
*And $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.
“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,” Port Authority 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 percent.”
The Port Authority is seeking public comment on the proposed 2016 budget, which is subject to the Board of Commissioner’s approval Dec. 10.
Port Authority of NY/NJ proposes $6.5b FY2016 budget
