PANYNJ unveils 2016 budgets

The Port Authority of New York and New Jersey (PANYNJ) yesterday released its proposed 2016 capital and operating budgets.

The port's $3.5 billion capital budget includes $35 million for redeveloping the Greenville Yard to support a new ship-to-rail facility, along with funds for implementation of positive train control (PTC) on the Port Authority Trans-Hudson (PATH) passenger-rail lines.

PANYNJ also plans to invest in modernizing PATH's Harrison Station and completing the World Trade Center Station, port officials said in a press release.

The authority has allotted $290 million toward rehabilitation and resiliency efforts after Hurricane Sandy, capacity expansion, and continued installation of PTC and station upgrades on PATH.

Additionally, PANYNJ in 2016 will identify the operational and capital requirements necessary to provide for its role in the Gateway Development Corp., which the port will create to oversee the development, execution and financing of Amtrak's Gateway project, according to the budget document. Last month, the governors of New York and New Jersey formally announced that the port would create the entity.

As part of its $3 billion operating budget, the port plans to spend $26 million on two new police recruit classes to bring 250 officers onto its police force, PANYNJ officials 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," said Port Authority Executive Director Pat Foye.