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The Port Authority of New York and New Jersey last week released its 2023 budget proposal of $8.3 billion for capital and operating expenditures.
The budget contains $3.7 billion for operating expenses, $2.9 billion for annual capital spending and $1.7 billion for debt service and deferred expenses, PANYNJ officials said in a press release.
Following a $3 billion loss during the pandemic, the proposed budget prioritizes safety, security, cleanliness and customer service while improving and rebuilding legacy infrastructure, they said.
The capital budget calls for implementation of a new fare collection system for Port Authority Trans-Hudson (PATH) and AirTrain riders, and a capacity expansion on the PATH commuter railroad.
The proposed budget also would allocate more than $55 million to advance the authority's net-zero emissions and climate resiliency goals.
The operating budget reflects a $112 million increase, or 3.2%, from 2022. The increase was attributed to additional staffing, security and maintenance costs due to growing volume at the port authority facilities.