The Port Authority of New York and New Jersey (PANYNJ) has released the agency’s proposed US$9.3bn 2024 budget, which consists of US$3.9bn in operating expenses, US$3.6bn in capital expenses, and US$1.8bn for debt service and deferred expenses.
The agency’s proposed US$3.6bn capital budget reflects a return to pre-Covid spending levels following several years of reduced spending due to the pandemic. Among other projects, the spending will support the advancement of the redevelopment of John F. Kennedy International Airport as well as the development of a new AirTrain Newark system to replace the current outmoded system serving Newark Liberty International Airport.
Additionally, the proposed budget supports agency priorities centering on safety and security, customer service and operational excellence, innovation, and sustainability and resiliency. Among other items, this funding will support the agency’s largest-ever allocation toward safety and security, totaling nearly US$1bn. The funding strengthens the agency’s cybersecurity posture while advancing new Port Authority Police Department initiatives in response to an evolving threat landscape. Further steps toward the agency’s commitment to reach net zero carbon emissions by 2050 are also included in the proposed budget, including US$86m toward net zero initiatives in addition to over US$220m to expand resiliency and flood mitigation measures.
To drive innovation efforts, the proposed budget set out US$219m for systems and technology supporting innovation. Additionally, US$3m will support the agency’s employee innovation hub, which explores new technologies that may be of high value to the agency.
Meanwhile, the US$3.9bn proposed operating budget is focused on improving customers’ day-to-day experiences at agency facilities through diligent maintenance and customer service. Members of the public are invited to submit written comments on the proposed December 11. People wishing to address the Board of Commissioners on the proposal as part of the board meeting on December 14, 2023, when the proposed 2024 budget will be on the agenda for action, can submit any of the following:
- Written statements, which will be filed with the board meeting transcripts. The agency will provide written comments received to the board commissioners prior to the meeting.
- Pre-recorded video statements, which will be broadcast as part of the public board meeting. Advance registration is required.