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Rail News: Financials

PANYNJ board approves fiscal plan including PATH fare increases


On Aug. 19, the Port Authority of New York and New Jersey (PANYNJ) approved a two-part fiscal plan that includes revised fare and toll increases, as well as an agency accountability and review process.

The plan covers $25.1 billion in capital projects during the next 10 years, but $15 billion of that would be invested in projects over the next four years. The plan is designed to address safety, security and state-of-good repair projections, including completion of the World Trade Center, while phasing in other less immediate projects over the next decade, PANYNJ officials said in a prepared statement.

Immediate projects include PATH car, signal and station modernizations; and infrastructure improvements to rail and roads in the port.

The financial plan also reduces originally proposed rate increases. As approved, fares on the Port Authority Trans-Hudson (PATH) train will increase 25 cents per year for the next four years.

Contact Progressive Railroading editorial staff.

More News from 8/22/2011