On December 10, the Board of Commissioners for the Port Authority of New York and New Jersey approved the agency’s operating and capital budget for fiscal year 2016, worth a combined $6.5 billion.
Allocations include $3 billion for the agency’s Operating Budget and $3.5 billion for its Capital Budget.
Of particular note for the Port of New York and New Jersey:
- $8 million from the Operating Budget is slated for future planning, including a Port Commerce master plan to optimize land use, and operation of an agency wide operations center for enhanced system wide trans-Hudson transportation management.
- $952 million from the Capital Budget is slated for continued investment in tunnel, bridge and terminal facilities, including the ongoing Bayonne Bridge project and the new Goethals Bridge.
- $175 million, also from the Capital Budget, is slated to support port facilities via the replacement and rehabilitation of berths and wharves, as well as improvements to roadway access and development of an intermodal container transfer facility at Greenville Yards.
Said Port Authority Executive Director, Pat Foye, “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 . . . Our staff meticulously prioritized our resources to continue to keep the increase in core operating expenses to 2.4 percent.”
Please click here for a more thorough summary of expenditures in the 2016 Operating and Capital Budgets.