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Fort Lee NJ, in a letter Port Authority Executive Director Rick Cotton told New York and New Jersey congressional representatives that the agency needed nearly $2 billion in aid following sharp revenue declines in March across its various transportation assets. Cotton said vehicle traffic on the bi-state agency’s crossings is down 22% compared to a year ago while ridership on the PATH rail transit has dropped 75%.
Tolls Set to Increase as Port Authority unveils proposed $7.8B budget
DECEMBER 2, 2014, 6:28 PM LAST UPDATED: TUESDAY, DECEMBER 2, 2014, 6:34 PM
BY SHAWN BOBURG
STAFF WRITER |
THE RECORD
Days before tolls on Hudson River crossings are set to rise again, the Port Authority on Tuesday released a proposed spending plan for 2015 that relies heavily on those tolls to pay for upgrades to some of the region’s airports, rail lines, roadways and the World Trade Center.
The $7.8 billion overall budget — larger than that of approximately a dozen U.S. states — is about $400 million less than what the agency spent in 2014, mostly due to a significant drop in spending to rebuild the World Trade Center, which is taking shape and will start bringing in office rental revenues in 2015.
That may come as little comfort to motorist who will see the fourth toll hike in as many years starting Dec. 6. Cash tolls will rise $1, to $15, while E-ZPass rates will rise $0.75, to $12.50 during peak hours and $10.50 at off-peak times. It is estimated that an additional $100 million will be collected at the bridges and tunnels in 2015 compared with this year.
The agency’s 2015 budget will be voted on by commissioners at their Dec. 10 meeting.
The agency plans to spend $2.9 billion on day-to-day operations—a 1.8 percent increase over this year. The agency said Tuesday that it was the ninth consecutive year that it had kept its operating budget at or below the annual rate of inflation. That is despite adding hundreds of new officers to a police force that is expected to number 1,840 in 2015, the largest it has been in at least a decade.
https://www.northjersey.com/news/port-authority-unveils-proposed-7-8b-budget-1.1144925
