The Port Authority of New York and New Jersey recently released its proposed $8.3 billion 2023 budget.
“The proposed 2023 budget outlines the agency’s priorities for the following year and provides prudent guidance for the investments that we must make in order to operate at the highest standards and transform our legacy infrastructure into best-in-class facilities,” Kevin O’Toole, Port Authority chairman, said. “Despite the substantial financial hit that our agency took from the COVID-19 pandemic, which continues to affect our facilities in various ways, we are laser-focused on building a future that benefits all users of our facilities and supports the entire region’s economy.”
The agency suffered a $3 billion revenue loss during the pandemic.
The proposed 2023 budget includes $3.6 billion in operating expenses and $1.7 billion for debt service and deferred expenses.
Starting Jan. 8, there will be automatic inflation-based adjustments on bridge, tunnel, and AirTrains fees. Tunnels and bridges will increase by $1, while AirTrain fares will increase by 25 cents.
The budget would also invest $2.9 billion in capital spending to modernize existing facilities or build new ones.
The public is invited to review the proposed budget and submit written comments by Dec. 11.
A board meeting will be held on Dec. 15.