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The Port of New York and New Jersey (PANYNJ) late last week unveiled proposed $3.1 billion operating and $2.9 billion capital budgets for 2017.As proposed, the operating budget will increase 3 percent over the 2016 budget, including the costs of running and maintaining new facilities at the World Trade Center site. The operating budget also takes into account contractual five-year step increases in rent for certain PANYNJ facilities.The proposed capital budget funds major investments including state-of-good-repair work on tunnels, bridges, airports and the Port Authority Trans-Hudson (PATH) rail system; installation of positive train control on PATH; redevelopment of the Greenville Yard to support a new ship-to-rail facility; and redevelopment of LaGuardia Airport."We continue to prioritize safety, security and a customer friendly traveler experience, while investing capital into modernizing and maintaining our facilities in a state of good repair," said Executive Director Pat Foye in a press release.Highlights of the operating budget proposal include $1.5 billion to operate and maintain facilities; $706 million to maintain vigilance for potential threats and invest in new technology, infrastructure and best practices for security; and $385 million in rent and payments in lieu of taxes for PANYNJ facilities.Proposed capital budget highlights include $217 million for PATH; $153 million for the Greenville Yard project; and $887 million for tunnels, bridges and terminal facilities.The authority is soliciting public comment on the proposed budgets via a budget webpage. The PANYNJ's board is scheduled to consider the budgets for approval on Dec. 8.
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