The Port Authority of New York and New Jersey is proposing a $7.8 billion spending plan for 2015 on revenues of $4.67 billion — including an operating budget of $2.9 billion.
The agency boasts that the operating budget has only increased 1.8 percent, which is at or below the rate of inflation for the ninth year in the row. But it also notes that revenues are $250 million higher — in large part due to higher tolls.
The capital budget is $3.6 billion: 45 percent of which will be devoted to the World Trade Center; 22 percent to tunnels, bridges, and terminals; 21 percent to aviation; and 7 percent to the PATH system.
The $1.6 billion World Trade Center spending includes $632 million in World Trade Center infrastructure other than One World Trade Center; $350 million for the subway/PATH station; $294 in retail development; and $349 million to finish One World Trade Center.
When it comes to interstate transportation (tunnels and bridges and PATH), the authority plans to spend $1 billion. That includes $273 million for raising the Bayonne Bridge; $260 million to improve the access infrastructure to the Lincoln Tunnel; $40 million for the Goethals Bridge; and $35 million for the George Washington Bridge bus station. Another $233 million is planned to upgrade the Harrison St. PATH station, as well as modernize signaling systems under the river. About $6 million will be devoted to extending the PATH line to Newark Penn Station.
Although the report said that part of the aviation improvements will be dedicated to Newark-Liberty airport Terminal A, almost all of the $779 billion in capital aviation improvements will be to La Guardia Airport ($505 million) and reconstruction of a JFK airport runway ($207 million.)
The Port Authority will vote on the proposed budget next Wednesday.