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12/4/2012    



Passenger Rail Article
New York-area port authority to consider $2.7 billion budget proposal for 2013



Passenger Rail
The Port Authority of New York and New Jersey's (PANYNJ) board is scheduled to act on Dec. 6 on a proposed $2.7 billion operating budget for 2013.

The budget would remain essentially flat, increasing only 0.6 percent on a year-over-year basis, PANYNJ officials said in a prepared statement. The proposed spending plan would keep administrative expenses flat for a fifth consecutive year, maintain headcount at the lowest levels in 40 years, and cut compensation and benefit costs, they said.

Debt service would increase 6.4 percent to $886 million due to higher scheduled interest and principal payments on outstanding debt.

The budget also projects gross operating revenue to increase 2.3 percent to $4.2 million because of fixed rentals and higher toll and fare revenue. Also, grants and contributions, insurance and other revenue is expected to drop 28.7 percent to $439 million due to a change in land purchase strategies in the Cross Harbor program, and fulfillment of third-party contributions related to the World Trade Center.

Passenger facility charges are expected to increase 3.7 percent due to higher ridership levels, PANYNJ officials said.

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