The Port Authority of New York and New Jersey has announced its US$6.5 billion 2016 budget, which aims to fund critical state-of-good-repair to existing transportation facilities and new infrastructure that is needed to sustain and accelerate growth, including a $175 million investment in port infrastructure.
The $3.0 billion operating budget represents a 2.8% increase in expenses over the prior year’s budget.
Among the new and continued initiatives funded by the operating budget are programs to secure agency facilities and improve the Port Authority Bus Terminal's quality of commute, as well as a port commerce master plan.
The proposed $3.5 billion capital budget provides funds to maintain critical transportation facilities, including the region's airports, seaports, tunnels, bridges and terminals.
$175 million will be used to support port facilities by replacement and rehabilitation of berths and wharves, as well as improving roadway access and developing Greenville Yards for intermodal transportation.
Funds also are included for the redevelopment of the Greenville Yard to support a new ship-to-rail facility.
Pat Foye, Executive Director at the Port Authority of New York said: “This is a fiscally responsible budget that provides us the resources to plan for future growth at our airports, in trans-Hudson travel and in cargo growth at our seaports, while allowing us to invest in projects that create jobs and enhance regional mobility.
“Our staff meticulously prioritized our resources to continue to keep the increase in core operating expenses to 2.4 percent.”
PTI previously reported the Port of New York as one of the many US ports that are currently building infrastructure to accommodate the larger ships sailing through the Panama Canal once it is completed in April, 2016.
The port will spend around $6 billion to deepen its channel and modernise its container terminals.