The Port Authority of New York and New Jersey is planning a $6.5 billion 2016 spending plan that funds major transportation projects, the agency announced Monday.
The proposal posted for public review includes a $3 billion operating budget and $3.5 billion capital budget. The operating budget is a 2.4% increase over the current spending plan and includes funds to phase in the final operating components of World Trade Center and efforts to improve the commuter experience of Port Authority Bus Terminal passengers. The Port Authority Board of Commissioners is scheduled to vote on the proposed budget Dec. 10.
The capital budget includes $952 million for tunnel and bridge improvements and capital enhancements at the bus terminal along with $978 million toward the World Trade Center Transportation Hub. The budget would also encompass $888 million for aviation projects including $461 million for the continued redevelopment of Terminal B at LaGuardia Airport, $290 million for rehabbing infrastructure damaged by Hurricane Sandy and upgrades to the Port Authority Trans-Hudson train system.
"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," said Port Authority Executive Director Pat Foye in a statement. "Our staff meticulously prioritized our resources to continue to keep the increase in core operating expenses to 2.4%."
