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Rail News: Passenger Rail
12/4/2012
Rail News: Passenger Rail
New York-area port authority to consider $2.7 billion budget proposal for 2013
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The Port Authority of New York and New Jersey's (PANYNJ) board is scheduled to act on Dec. 6 on a proposed $2.7 billion operating budget for 2013.
The budget would remain essentially flat, increasing only 0.6 percent on a year-over-year basis, PANYNJ officials said in a prepared statement. The proposed spending plan would keep administrative expenses flat for a fifth consecutive year, maintain headcount at the lowest levels in 40 years, and cut compensation and benefit costs, they said.
Debt service would increase 6.4 percent to $886 million due to higher scheduled interest and principal payments on outstanding debt.
The budget also projects gross operating revenue to increase 2.3 percent to $4.2 million because of fixed rentals and higher toll and fare revenue. Also, grants and contributions, insurance and other revenue is expected to drop 28.7 percent to $439 million due to a change in land purchase strategies in the Cross Harbor program, and fulfillment of third-party contributions related to the World Trade Center.
Passenger facility charges are expected to increase 3.7 percent due to higher ridership levels, PANYNJ officials said.
The budget would remain essentially flat, increasing only 0.6 percent on a year-over-year basis, PANYNJ officials said in a prepared statement. The proposed spending plan would keep administrative expenses flat for a fifth consecutive year, maintain headcount at the lowest levels in 40 years, and cut compensation and benefit costs, they said.
Debt service would increase 6.4 percent to $886 million due to higher scheduled interest and principal payments on outstanding debt.
The budget also projects gross operating revenue to increase 2.3 percent to $4.2 million because of fixed rentals and higher toll and fare revenue. Also, grants and contributions, insurance and other revenue is expected to drop 28.7 percent to $439 million due to a change in land purchase strategies in the Cross Harbor program, and fulfillment of third-party contributions related to the World Trade Center.
Passenger facility charges are expected to increase 3.7 percent due to higher ridership levels, PANYNJ officials said.
