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Rail News: Financials
PANYNJ unveils 2018 capital, operating budgets
The Port Authority of New York and New Jersey (PANYNJ) on Wednesday released its proposed $3.4 billion capital budget for 2018, which includes funds to advance LaGuardia Airport's "AirTrain" project.
The proposal also allocates money for planning activities for an extension of the Port Authority Trans-Hudson (PATH) system to the Newark Liberty International Airport Station, PANYNJ officials said in a press release.
In addition, the budget would provide money for state-of-good-repair work across the PATH system, as well as implementation of positive train control by the end of 2018. PANYNJ also has set aside funds for the construction of an intermodal container transfer facility at Greenville Yards in the Port Jersey Marine Terminal.
Meanwhile, the agency unveiled a $3.2 billion operating budget that includes $726 million to boost safety at its facilities.
PANYNJ's board will consider the budgets Dec. 7. The agency will continue accepting written comments on the budget proposal through Dec. 5.
"This proposed budget sets out a fiscally responsible plan that enables the Port Authority to maintain and operate a safe and secure transportation network while we make the critically imperative investments to upgrade and replace facilities that are far below global standards," said PANYNJ Executive Director Rick Cotton.
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