The Port Authority of New York and New Jersey has released its proposed 2015 budget for public review Tuesday, eight days before a scheduled vote on the fiscal plan.
The agency announced a $2.9 billion operating budget proposal and $3.6 billion capital budget. The operating expenses would include $108 million for the World Trade Center site, which would be offset by $120 million in incremental revenue from tenants at One World Trade Center. The operational spending plan would also include $17 million for cyclical maintenance dredging, $13.8 million for a PATH new car inspection program and $9.6 million geared toward long-term airport system planning.
The Port Authority's capital budget plan allocates $1.6 billion to complete construction projects at the World Trade Center site including a new transportation Hub. The spending proposal also earmarks $273 million toward raising the Bayonne Bridge and $223 million to modernize PATH stations. There would also be $40 million allocated to constructing a new Goethals Bridge as part of a continued $1.5 billion public-private partnership.
"By holding growth in spending under the rate of inflation, this budget maintains the fiscal discipline necessary so that our resources can be invested in projects that create jobs, improve our infrastructure, and enhance regional mobility," Port Authority Executive Director Pat Foye said in a statement. "Our team undertook a thorough, disciplined process to target and prioritize our investments in areas that benefit service and ensure safety at our airports, bridges, tunnels, PATH system and ports."
In addition to planned operational and capital expenditures, the Port Authority is also planning $1.1 billion for operating debt service on the agency's outstanding bonds, notes and other obligations.
The Port Authority Board of Commissioners is scheduled to vote on the 2015 budget proposal at its next meeting on Dec. 10.