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Rail News: Shippers

PANYNJ committee picks two firms for agency review


A special committee of the Port Authority of New York and New Jersey’s (PANYNJ) board has selected consulting and advisory firms Navigant Consulting Inc. and Rothschild Inc. to assist in a “top-to-bottom” review of the agency, PANYNJ officials said in a prepared statement.

The committee, created at the direction of N.Y. Gov. Andrew Cuomo and N.J. Gov. Chris Christie, was charged in September with a complete review of the agency, including past and current governance, management and financial practices, and capital projects and spending.

“The selection of these two firms underscores the board’s commitment to complete a thorough review of this agency,” said PANYNJ Chairman David Samson.

Navigant will oversee an analysis of PANYNJ’s 10-year capital plan, capital projects and spending, World Trade Center program costs, existing business operations and processes, and employee compensation and benefits. Rothschild will evaluate capitalization alternatives and sources, and provide financial advice to the committee.

An initial report on the committee’s findings and recommendations is scheduled to be delivered to Cuomo and Christie in January, with a final report due by June 30, 2012.

Contact Progressive Railroading editorial staff.

More News from 11/30/2011