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Rail News Home Rail Industry Trends

12/18/2006



Rail News: Rail Industry Trends

New York/New Jersey port authority signs off on 10-year capital plan, 2007 budget


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Last week, the Port Authority of New York and New Jersey (PANYNJ) approved a 10-year, $26.1 billion capital plan — the agency’s first long-range spending plan.

The agency budgeted $8 billion to reconstruct the World Trade Center site, including the WTC Transportation Hub; $4 billion for regional transportation projects, including $2 billion for the Trans-Hudson Express (THE) rail tunnel; $1.9 billion to upgrade the port and add an ExpressRail system; and other funds to purchase new Port Authority Trans-Hudson (PATH) passenger cars.

The authority also adopted a $5.7 billion 2007 operating and capital budget, which will increase 1.1 percent compared with this year’s spending plan. The budget includes funds to improve security, advance purchase PATH cars, and begin preliminary planning and site acquisition for THE Tunnel project.


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