THE Port Authority of New York and New Jersey has been granted spending authority for US$6.7 billion in 2009 after its board of commissioners approved a budget that includes $3.3 billion for capital projects.
"The budget makes clear that the port authority faces downward pressure on its long-term capital financial capacity, and will need to manage its long-term capital programme in the context of the new economic and fiscal realities," a statement from port authority said. "Given the impact of the economic slowdown on revenues it receives from its tunnels, bridges, airports and seaports, as well as decreases in financial income."
To make way for the capital investment, the budget provides for zero growth in operating expenses and no increase in staffing levels.
The budget calls for the largest amount of capital spending in the agency's history at $3.3 billion, a rise of $725 million or 28 per cent over the 2008 budget. "The infusion of investment into regional capital projects will help buffer the economic crisis and address the region's infrastructure challenge," the release said.
The $3.3 billion in spending will be used to cover: the continued development of the World Trade Centre site; "significant investments" in the continued development of the ARC Tunnel project; rollout of the new fleet of PATH cars and modernisation of PATH; continued modernisation and expansion of airports, particularly Terminal B modernisation at Newark Liberty, Stewart Airport upgrades, and the JFK flight reduction programme; and expansion of ExpressRail at the port's marine terminals to increase the use of freight movement by rail rather than by truck.
"The budget makes clear that the port authority faces downward pressure on its long-term capital financial capacity, and will need to manage its long-term capital programme in the context of the new economic and fiscal realities," a statement from port authority said. "Given the impact of the economic slowdown on revenues it receives from its tunnels, bridges, airports and seaports, as well as decreases in financial income."
To make way for the capital investment, the budget provides for zero growth in operating expenses and no increase in staffing levels.
The budget calls for the largest amount of capital spending in the agency's history at $3.3 billion, a rise of $725 million or 28 per cent over the 2008 budget. "The infusion of investment into regional capital projects will help buffer the economic crisis and address the region's infrastructure challenge," the release said.
The $3.3 billion in spending will be used to cover: the continued development of the World Trade Centre site; "significant investments" in the continued development of the ARC Tunnel project; rollout of the new fleet of PATH cars and modernisation of PATH; continued modernisation and expansion of airports, particularly Terminal B modernisation at Newark Liberty, Stewart Airport upgrades, and the JFK flight reduction programme; and expansion of ExpressRail at the port's marine terminals to increase the use of freight movement by rail rather than by truck.