Posted on December 19, 2024
The Board of Commissioners for the Port Authority of New York and New Jersey approved a $9.4 billion budget for the coming year, including more than $4 billion in operating expenses, $3.6 billion in capital expenses and $1.7 billion for debt service and deferred expenses.
The 2025 budget approval follows more than a month of public comment. Recently, the agency has been lauded for its work transforming critical facilities and making progress on major infrastructure projects once stagnated for decades. The agency said its once-in-a-generation of the region’s infrastructure is strengthening the region’s global competitiveness, while creating tens of thousands of good-paying local jobs and improving travel experiences for residents and visitors.
“For over a century, the Port Authority has been a pillar of imagination and innovation, shaping infrastructure that endures and evolves with this dynamic region,” Port Authority Chairman Kevin O’Toole said. “This budget continues our effort to set a bold new standard for that work. We’re investing significant money to keep the pedal to the metal on what has become the most ambitious capital program in our 103-year history, overhauling, modernizing and refreshing this region’s critical infrastructure as we chart a course to keep our region moving into an even stronger future.”
The budget includes $3.6 billion targets spending an additional $750 million more than in 2024 as the agency advances several major capital projects including the $2 billion Restoring the George project, a once-in-a-lifetime top-to-bottom rehabilitation of the George Washington Bridge, and the delivery of 72 new PATH railcars, as well as redevelopment of John F. Kennedy International and Newark Liberty International airport, and replacement projects for the AirTrain Newark and Midtown Bus terminals. The capital spending will also focus on modernizing the roadway network entering the seaport’s busiest marine complex, and a two-year initiative to overhaul the PATH commuter rail’s tracks, stations and signals.
“The Port Authority is rewriting the story of regional infrastructure. We’ve seen LaGuardia rise from worst to first, JFK undergoing a sweeping transformation, Newark Liberty unveil its world-class Terminal A, and the busiest vehicular bridge in the world undergo a comprehensive renewal,” Port Authority Executive Director Rick Cotton said. “As we move into 2025 and begin early works construction for a new Midtown Bus Terminal, we are laser focused on building a future that will benefit this region for generations to come. This budget acknowledges our agency’s extraordinary momentum with ambitious projects that deliver lasting value.”
The agency will also spend more than $1 billion on bolstering security capabilities including cybersecurity and additional Port Authority Police Department resources.
Additionally, officials said, the budget includes a $0.25 increase to the bridge and tunnel toll rate for all vehicle classes in January 2025 beyond the automatic, annual inflation-based adjustments. Officials said the adjustment will increase revenue to help address the $3 billion in losses due to the COVID-19 pandemic. In addition, the budget includes two toll adjustments to incentivize non-E-ZPass users to enroll and to incentivize the proper use of E-ZPass transponders.
