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12/18/2023
The Port Authority of New York and New Jersey's (PANYNJ) board approved a $9.3 billion budget for 2024 that includes $3.6 billion in capital expenses.
The approved capital budget reflects a return to pre-COVID spending levels, PANYNJ officials said in a news release. The funds will support a number of projects, including the replacement of Port Authority Trans-Hudson's current fare collection with a modern "tap-and-go”"system, and the development of a new AirTrain Newark system to replace the current outmoded system serving Newark Liberty International Airport.
In addition, the budget will enable PANYNJ to advance the EWR Station access project designed to expand rail and airport access for underserved Newark and Elizabeth communities. Moreover, the budget allocates $86 million for net-zero initiatives and more than $220 million to expand resiliency and flood mitigation measures.
Meanwhile, PANYNJ also announced it hired Doppelmayr, a supplier of cable-propelled transport systems, as part of the first phase of a multiphase procurement process to replace the AirTrain Newark system. The contract includes $570 million for design and construction, and $385 million for the operation and maintenance of the automated people mover system and its vehicles for 20 years.
The new AirTrain Newark replacement system is expected to open in 2029.