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The Port Authority of New York and New Jersey’s (PANYNJ) proposed fare and toll increases aimed at addressing current and future financial needs may be substantial, but are “absolutely necessary,” PANYNJ Executive Director Chris Ward said in a prepared statement.

The proposal calls for a phased $4 and $2 increase in 2011 and 2014, respectively, to address immediate financial needs, as well as fund a 10-year capital investment and infrastructure project plan.

“We recognize that the proposed increase is substantial, but it is also absolutely necessary to ensure the financial strength of the port authority and to maintain and grow the critical transportation infrastructure that serves the bi-state region,” Ward said. “This proposed increase will enable us to complete current projects and execute a $33 billion capital plan that will meet the critical and growing transportation needs of the region while generating 157,000 jobs and $9.7 billion in wages.”

The 10-year capital investment and infrastructure plan includes completion of the rebuilding of the World Trade Center site in New York City, rebuilding bridges, and the repair and replacement of key infrastructure components, including the Lincoln Tunnel.