Posted on

Port Authority of New York and New Jersey Posts Single Worst Quarter on Record

Kevin O’Toole.

photo Chairman Kevin O’Toole

the staff of the Ridgewood blog

Fort Lee NJ, Today the Port Authority of New York and New Jersey released its six-month financial results which revealed an approximately $777 million decline in revenues through June 30, 2020 as compared to the agency’s budget, with additional losses against 2020 Budget expected through the balance of the year. Since the full force of the Covid-19 crisis started in March, the agency’s revenue loss has averaged $240 million per month as compared to budget. Based on these results, together with the forward-looking forecasts, the Port Authority continues to project a $3 billion loss in revenues for the 24-month period ending March 2022.

Continue reading Port Authority of New York and New Jersey Posts Single Worst Quarter on Record