Port Authority approves $7.9 billion budget

(The Center Square) – The Port Authority of New York and New Jersey board approved a $7.9 billion budget for 2022.

The spending plan includes $3.4 billion for operating expenses, $2.7 billion for capital spending and $1.8 billion for debt service and deferred expenses.

In a news release, Port Authority Executive Director Rick Cotton called the budget “disciplined and responsible.”

Cotton continued: “The budget recognizes the very difficult financial environment while providing the needed resources to enable the agency to carry out its responsibilities and accommodate the growing volume of travelers.”

The 2022 budget’s $3.4 billion for operating expenses is a 6.6%, or $211 million, increase over the 2021 budget. The $2.7 billion for capital spending is a 13%, or $316 million, increase over the 2021 budget.

The authority’s 2021 operating expense budget reduced the headcount by 7%, which the agency said totaled 626 positions. The 2022 budget maintains the same headcount.

Its $1.8 billion debt service and deferred expense budget for 2022 is a 4.5% increase over 2021, or $74 million.

The agency’s assets include John F. Kennedy International Airport, Newark Liberty International Airport and the Port Authority Trans-Hudson (PATH).

While PATH fares and tolls for autos and trucks will not increase in 2022, tolls for buses will increase by $3 per bus starting Jan. 3, 2022, under a toll increase the board adopted in September 2019. The AirTrain will also see an “automatic inflation increase” of 25 cents starting in March 2022.

This article was published by The Center Square and is republished here with permission. Click here to view the original.

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