The Port Authority of New York and New Jersey Board of Commissioners recently voted to approve a $7.9 billion budget for 2022.
The budget includes $1.8 billion for debt service and deferred expenses, $2.7 billion for annual capital spending, and $3.4 billion for operating expenses.
The debt service and deferred expense budget reflects an increase of $74 million, 4.5 percent, from 2021’s budget. Capital spending increased $316 million, 13 percent, but is reduced from pre-COVID-19 planned spending. Operating expenses budget increased $211 million, 6.6 percent, and reflects a 7 percent reduction in employees.
The reduction allows for targeted incremental spending, nondiscretionary contractual increases, and inflation-based growth for labor and contracts.
“This budget is disciplined and responsible,” Port Authority Executive Director Rick Cotton said. “The budget recognizes the very difficult financial environment while providing the needed resources to enable the agency to carry out its responsibilities and accommodate the growing volume of travelers.”
Effective on Jan. 3, there will be a $3 per bus toll increase, and effective in March, AirTrain fare will increase by a quarter. Toll rates for autos and trucks, and PATH fares, remain unchanged.
New projects and initiatives include sustainability initiatives to advance net-zero commitments.