The Port Authority of New York and New Jersey (PANYNJ) yesterday released for public review the preliminary 2014 operating and capital budgets that keep core operating expense growth at half the expected rate of inflation, enhance security at the agency’s world-class transportation facilities, continue the agency’s aggressive resiliency efforts to rebuild and recover from Superstorm Sandy and provide for record levels of capital spending on critical infrastructure.
The $4.4 billion 2014 capital budget calls for record investments in Port Authority facilities that will result in more than 23,800 total job years and more than $5.4 billion in economic activity for the region in 2014.
“This budget reflects our ongoing return to the agency’s core mission with the goal of maximizing every dollar in investment for the region’s infrastructure,” said Port Authority Executive Director Pat Foye. “This disciplined budget allows us to do more with less on the operating side, allowing us to invest record levels in priority capital projects that will fulfill our mission of building and maintaining world-class transportation facilities.”
“As stewards of the region’s major transportation facilities, we have an obligation to our tens of millions of customers to make sure they are well maintained, and that we invest our resources in projects with the greatest need,” said Port Authority Deputy Executive Director Deborah Gramiccioni. “This budget keeps our staffing and administrative costs in check, which allows us to invest record levels in our airports, tunnels, bridges, port and rail system.”
Press Release, February 5, 2014