Meet the critical transportation infrastructure needs of the bistate region’s people, businesses, and
visitors by providing the highest-quality and most-efcient transportation and port commerce facilities
and services to move people and goods within the region, provide access to the nation and the
world, and promote the region’s economic development.
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Egg Harbor
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GA RD EN S TATE PAR KWAY
ATL AN TI C CI TY
EX PRE SS WAY
ATLANTIC CITY
INTERNAT’L
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ATL ANTIC
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West Point
Beacon
Poughkeepsie
N E W YO R K
Newburgh
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TETERBORO
AIRPORT
PATH
LINCOLN
TUNNEL
PORT AUTHORITY
BUS TERMINAL
LAGUARDIA AIRPORT
JOHN F. KENNEDY
INTERNATIONAL
AIRPORT
AIRTRAIN JFK
AIRTRAIN EWR
NEWARK LIBERTY
INTERNATIONAL
AIRPORT
HOLLAND TUNNEL
WORLD TRADE CENTER
GEORGE
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GR EENVILLE
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PORT JERSEY- PORT AUTHORI T Y
MARINE TER MINAL
HOWL A N D HOOK
MARINE TER M I NAL
GOETHALS BRIDGE
BAYON N E
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Port Authority of NY & NJ Facility Map
Mission
The Port Authority of NY & NJ 1 2017 Budget
Table of Contents
Chapter 1: Preface Page
Government Finance Officers Association Award 2
Letter from the Chairman and the Executive Director 3
Chapter 2: Budget Summary
2017 Budget Overview 7
Revenues and Reserves (Pursuant to Port Authority Bond Resolutions) 9
Assets and Liabilities (Pursuant to Port Authority Bond Resolutions) 10
2017 Total Expenditure Budget 11
Chapter 3: Budget Details
Sources and Uses of Funds 15
Operating Revenues 16
Operating Expenses 18
Staffing 21
Debt Service on Financing Obligations 23
Capital Expenditures 24
Chapter 4: Departmental Budget Summaries
Tunnels, Bridges & Terminals (TB&T) 29
Port Authority Trans-Hudson (PATH) 36
Aviation 43
Port Department 51
World Trade Center (WTC) 58
Real Estate & Development 63
Staff Departments 66
Chapter 5: Capital Budget Summary
Capital Project Listings 69
Appendix
Appendix 1. Economic Outlook 87
Appendix 2. Consolidated Statements of Revenues, Expenses and Changes in Net Position 89
Appendix 2A. Consolidated Statements of Net Position 90
Appendix 2B. Information on Port Authority Operations 91
Appendix 3. Outstanding Obligations and Financing 92
Appendix 4. Budget Process and Financial Policies 94
Appendix 5. Organizational Chart 97
Appendix 6. Operating Performance Metrics 98
Appendix 7: Glossary 100
The Port Authority of NY & NJ 2 2017 Budget
Government Finance Officers Association Award
The Government Finance Officers Association of the United States and Canada (GFOA) presented
a Distinguished Budget Presentation Award to Port Authority of New York and New Jersey for
its annual budget for the fiscal year beginning January 1, 2016. In order to receive this award,
a governmental unit must publish a budget document that meets program criteria as a policy
document, as an operations guide, as a financial plan, and as a communications device. This
award is valid for a period of one year only. We believe our current 2017 Budget continues to
conform to GFOA program requirements, and we will be submitting it to GFOA to determine its
eligibility for an award.
The Port Authority of NY & NJ 3 2017 Budget
Letter from the Chairman and the Executive Director
Dear Governors,
On behalf of the Port Authority of New York and New Jersey and its Board of Commissioners, we are pleased to
share details of the agency’s $7.4 billion 2017 budget, which the Board authorized at its December 2016 meeting.
The $7.4 billion 2017 budget provides $2.9 billion for capital investment, and $3.1 billion for operating expenses, with
the remainder for debt service charged to operations and deferred operating expenses. This budget continues our
focus on returning to our core transportation mission and keeping the region moving.
Through the budget process the agency has sought to balance the operations and maintenance of existing
infrastructure while anticipating and investing in assets to meet future growth in customer transportation needs. The
agency spent the past several months closely scrutinizing expenditures to ensure that our resources are utilized in
the most efficient and effective manner while ensuring safe and reliable service for all our stakeholders.
The $3.1 billion 2017 operating budget represents an increase of 1.3 percent in expenses over the prior year budget
before consideration of the costs of operating and maintaining new facilities at the World Trade Center and the
contractual five-year step increases in rents for certain Port Authority facilities. After consideration of these
expenditures, the operating budget represents a year-to-year increase of 3.1 percent. This fiscally responsible
budget ensures that the agency’s resources are used to benefit the traveling public and the region, while maintaining
our ongoing operations.
The $2.9 billion budgeted in 2017 for capital investment provides continued funding for several major ongoing
projects that will modernize and revitalize critical transportation assets for the bi-state region. These projects include
the rehabilitation of the George Washington Bridge - the world’s busiest bridge, the ongoing Terminal B
Replacement project that is a key element of the overall redevelopment of LaGuardia Airport, and the Port Authority
Trans-Hudson (PATH) Signal System Replacement Program, which is on schedule for completion in 2018. The 2017
capital investment budget also provides continued funding for both the Bayonne Bridge Navigational Clearance
Project, which will provide clearance for larger, modern container ships calling on our ports starting this year; the
Goethals Bridge Replacement which is on-track to complete one of its two new spans this year; and the Harrison
PATH Station Renovation project.
This one-year budget was adopted in the context of developing our proposed ten-year, 2017 - 2026 Capital Plan
which we recently issued for public review and comment. This proposed ten-year plan provides a broad
reassessment and update to our existing long-term capital plan, and reflects a more focused investment on the
region’s transportation needs. In addition to delivering projects already under construction and maintaining existing
assets in a state of good repair, the proposed ten-year plan provides significant funding for priorities including a new
Port Authority Bus Terminal, the modernization of our airport facilities including Newark Terminal A, a new
LaGuardia AirTrain, and advancing the redevelopment of JFK, together with the expansion of the PATH system to
Newark Liberty Rail Link Station. Additionally, reflecting the Port Authority’s central role in the region’s trans-Hudson
transportation network, the ten-year plan proposes a significant commitment by the Port Authority to support debt
service on up to $2.7 billion of borrowing by the Gateway Program Development Corporation.
Both the proposed ten-year capital plan and this 2017 budget reflect a number of difficult choices to balance
operating needs and investment priorities in a fiscally responsible manner.
As we put this budget and proposed ten-year capital plan forward, the Board and agency have continued to
implement reforms in how we do business over the last several years, reflecting a commitment to transparency and
The Port Authority of NY & NJ 4 2017 Budget
accountability at the agency consistent with the recommendations set forth in the Special Panel’s 2014 report,
Keeping the Region Moving. Hundreds of thousands of people rely daily on the agency’s facilities and the Board
remains committed to ensuring that the public funds entrusted to the agency are used wisely and advance its core
mission of moving people and goods, provide access to the nation and the world and promote the region’s economic
development.
Port Authority operations are vital to the economic health of the New York-New Jersey region by supporting more
than 500,000 regional job-years, $23 billion in annual wages and $80 billion in economic activity annually. We
remain committed to efficiency and transparency in all we do, and to providing the people of New York and New
Jersey, and the millions who visit our region annually, with safe and reliable transportation facilities. We thank you
for your leadership, and we shall continue to update you on our progress.
Sincerely,
John J. Degnan Patrick Foye
Chairman Executive Director
The Port Authority of NY & NJ 5 2017 Budget
6Budget Summary
The Port Authority of NY & NJ 6 2017 Budget
The Port Authority of NY & NJ 7 2017 Budget
2017 Budget Overview
The Port Authority plays a vital role in the regional economy, annually moving millions of people and millions of tons
of cargo through its interstate transportation network, aviation, and seaport facilities. The 2017 Budget enables the
agency to sustain the operation and maintenance of its existing facilities and make additional investments to meet
future needs of the region.
The Port Authority's 2017 Budget results from a fiscally disciplined review of agency responsibilities and associated
streams of revenues and expenditures, that confirm activities are in line with strategic priorities and that cost
increases are minimized, while providing safe and reliable service to our customers. Improving performance and
competitiveness, integrating technology and service improvements across our transportation facilities and funding
enhancements to address constantly evolving security risks while ushering the World Trade Center complex to
completion are a few areas in which the agency is seeking to more effectively serve its customers during 2017.
The Port Authority’s budget is supported by multiple sources of funds including, revenues from tolls, fares, landing,
and dockage fees; rentals and other charges for the use of Port Authority facilities, the issuance of consolidated
bonds and notes, grants, capital contributions, financial income earned on its investment portfolio, the application of
airport Passenger Facility Charges and other financing, including public private partnerships. The Port Authority
raises funds for the improvement, construction or acquisition of its facilities based primarily upon the strength of its
own credit. The Port Authority has no power to levy taxes or assessments. Its bonds, notes, and other obligations
are not obligations of the States of New York or New Jersey (the “States”) or of either of them, and are not
guaranteed by the States or by either of them.
2017 Budget uses of $7.4 billion is comprised of $3.1 billion for the operating expenses, $2.9 billion for capital
investments, and $1.4 billion for debt service charged to operations and deferred operating expenses. This
expenditure budget was prepared in a fiscally disciplined manner consistent with the Agency’s fiduciary responsibility
to its stakeholders and its mission to ensure continuous safe and secure operations, enhance customer service, and
plan for the future needs of the region.
Gross Operating
Revenues
71%
Consolidated
Bond
Issuances
12%
Other
Sources
10%
Grants and
Contributions, and
Miscellaneous Revenues
5%
Passenger
Facility
Charges
2%
2017 Budget Sources
Capital
Expenditures
39%
Operating
Expenses
43%
Debt Service -
Operations and
Reserves
16%
Deferred &
Other Expenses
2%
2017 Budget Uses
The Port Authority of NY & NJ 8 2017 Budget
The 2017 Operating Budget of $3.1 billion represents a 1.3% increase before consideration of additional costs of
operating and maintaining newly completed locations at the World Trade Center (WTC), and the contractual five-
year step increases in rents for certain Port Authority facilities. After consideration of these costs, the 2017 Operating
Budget represents an increase of 3.1% from the 2016 Budget and provides for ongoing operations, maintenance,
and security at all our facilities.
The 2017 Capital Budget of $2.9 billion includes $1.1 billion (38%) for state of good repair (SGR) projects, continuing
the agency’s focus on ensuring its critical assets are available for use. The Capital Budget also include investments
for a number of ongoing transportation projects such as the La Guardia Airport (LGA) Redevelopment Program,
Bayonne Bridge (BB) Navigational Clearance Program, Port Authority Bus Terminal (PABT) Replacement Program,
Reconstruction of the Transfer Bridge at Greenville Yards, PATH Signal Replacement Program, Replacement and
Upgrade of Harrison Station at PATH, and the completion of additional components of the WTC, including the bus
parking facility, MTA connections and West Bathtub Vehicular Access.
Overall, the Port Authority’s 2017 Budget provides the financial resources necessary to advance the agency’s core
mission of moving people and goods within the Port District.
The Port Authority of NY & NJ 9 2017 Budget
Revenues and Reserves
Pursuant to Port Authority Bond Resolutions
Year ended December 31
st
(in thousands)
2015 Actual
2016 Estimate
2017 Budget
Gross operating revenues:
$4,818,831
$5,049,542
$5,133,643
Expenses:
Operating & Maintenance Expenses
2,671,485
2,723,885
2,888,246
Allocated Expenses
229,167
226,041
227,851
Total Operating Expenses
2,900,652
2,949,926
3,116,097
Operating Asset Obligations
21,387
18,871
16,051
Total Expenses
2,922,039
2,968,797
3,132,148
Net Operating Revenues before Net Recoverables
& Contingencies
1,896,792
2,080,745
2,001,495
Operating and Maintenance Contingencies
50,000
–
–
Net Revenue related to Superstorm Sandy
123
–
–
Net Operating Revenues
1,846,915
2,080,745
2,001,495
Financial income:
Interest Income
18,370
(2,895)
35,759
Net increase/(decrease) in Fair Value of
investments
(14,290)
–
–
Contributions in Aid of Construction
272,335
350,729
306,966
Application of WTC Retail Joint Venture Payments
66,963
91,395
10,324
Application of Passenger Facility Charges
273,721
98,554
176,897
Application of 4 WTC Associated Payments
36,766
40,728
65,293
Grants, in Connection with Operating Activities
101,074
118,580
25,341
Pass-through grant program payments
(51,429)
(78,250)
(5,750)
Net Revenues Available for Debt Service
and Reserves
2,550,425
2,699,586
2,616,325
Debt Service:
Interest on Bonds and Other Asset Obligations
876,817
906,759
879,163
Debt Maturities and Retirements
259,315
268,520
300,090
Repayment of Asset Financing Obligations
51,928
2,240
1,276
Total Debt Service
1,188,060
1,177,519
1,180,529
Revenues after Debt Service and Transfers
to Reserves
1,362,365
1,522,067
1,435,796
Direct Investment in Facilities
(1,949,785)
(1,340,125)
(2,001,000)
Non-cash pension adjustment*
–
(49,640)
(60,917)
(Decrease) / Increase in Reserves
(587,420)
132,302
(626,121)
Reserves Balances, January 1**
4,427,267
3,839,847
3,972,149
Reserves Balances, December 31
$3,839,847
$3,972,149
$3,346,028
* Estimated non-cash adjustments are subject to 2017 actuarial evaluations which could impact operating expenses.
** 2016 Budget beginning reserves based on estimates prior to year-end 2015.
The Port Authority of NY & NJ 10 2017 Budget
Assets and Liabilities
Pursuant to Port Authority Bond Resolutions
December 31
st
(in thousands)
2015 Actual
2016 Budget
2016 Estimate
2017 Budget
ASSETS
Invested in facilities
$50,629,546
$53,800,178
$53,129,544
$56,030,544
Cash and Investments
6,551,749
4,746,179
5,248,836
5,208,965
Other Assets
5,006,530
4,920,571
4,824,216
4,179,222
Total Assets & Deferred Outflows
62,187,825
63,466,928
63,202,596
65,418,731
LIABILITIES
Consolidated Bonds and Other Financing Obligations
22,252,500
22,823,068
21,868,677
22,372,215
Other Obligations
2,676,690
2,616,690
2,616,690
2,553,200
Accounts Payable and Other Liabilities
2,855,283
2,991,245
2,949,474
3,050,592
Total Liabilities & Deferred Inflows
27,784,473
28,431,003
27,434,841
27,976,007
NET POSITION
34,403,352
35,035,925
35,767,755
37,442,724
Net position is composed of:
Facility Infrastructure Investment
30,563,505
31,489,909
31,795,606
34,096,696
Reserves:
General Reserve Fund
2,297,475
2,324,352
2,228,695
2,246,766
Consolidated Bond Reserve Fund
1,542,372
1,221,664
1,743,454
1,099,262
Total Reserves:
3,839,847
3,546,016
3,972,149
3,346,028
NET POSITION
$34,403,352
$35,035,925
$35,767,755
$37,442,724
The Port Authority of NY & NJ 11 2017 Budget
2017 Total Expenditure Budget
(in thousands)
Personal Services*
Material & Services
Total Expenditures
Chief, Capital Planning, Execution & Asset Management
$1,802
$284
$2,086
Business Diversity and Civil Rights
3,105
2,251
5,356
Environmental & Energy Programs
3,031
2,144
5,175
Ferry Transportation
–
1,757
1,757
Planning and Regional Development
3,667
951
4,618
Project Management
3,265
3,810
7,075
WTC Operations
7,669
450,318
457,987
Chief, Human Capital
Human Resources
18,760
9,144
27,904
Labor Relations
2,013
268
2,281
Chief, Major Capital Projects / WTC Construction
22,682
118,777
141,459
Chief, Procurement & Contracting Officer
13,826
2,336
16,162
Chief, Public & Government Affairs
231
38
269
Government & Community Affairs
2,746
1,836
4,582
Media Relations
1,790
691
2,481
Marketing
3,664
5,392
9,056
Chief, Real Estate & Development
1,746
496
2,242
Real Estate & Development
7,793
35,692
43,485
(1)
Chief Technology Officer
18,573
98,480
117,053
Chief Engineer
99,283
230,054
329,337
Capital Construction Contracts
–
759,680
759,680
Chief Financial Officer
1,008
2,877
3,885
Comptroller
12,757
1,356
14,113
Management & Budget
5,731
1,178
6,909
Financial Planning
2,012
1,652
3,664
Treasury
5,907
6,929
12,836
Chief Operating Officer
4,611
6,208
10,819
Aviation
278,510
1,073,004
1,351,514
Port
30,904
67,471
98,375
Rail Transit
222,550
13,631
236,181
Tunnels, Bridges & Terminals
137,733
540,247
677,980
Operations Services
75,385
65,365
140,750
(1)
Executive Director
1,199
118
1,317
General Counsel / Law
19,932
11,890
31,822
Inspector General / Office of Investigations
15,302
6,086
21,388
Audit
11,042
2,836
13,878
Office of Continuous Improvement
683
111
794
Secretary
4,275
3,087
7,362
Special Panel Implementation Office
1,006
288
1,294
Chief Security Officer
11,645
3,375
15,020
Emergency Management
3,801
7,840
11,641
Port Authority Police / Public Safety
440,172
41,387
481,559
Security Operations & Program
13,014
101,858
114,872
World Trade Center Security
1,833
38,665
40,498
Corporate Expenditures:
Amounts in Connection with Operating Asset Obligations
–
16,051
16,051
Debt Service Allocated to Operations & Capitalized Interest
–
1,362,922
1,362,922
Insurance Premiums & Self Insured Loss Reserves
–
182,859
182,859
Municipal Rents and Payments in Lieu of Taxes (PILOT)
–
347,996
347,996
Port Authority Insurance Captive Entity, LLC (PAICE)
–
445
445
Agency Budget Provisions - Capital & Operating
1,914
69,215
71,129
Regional Programs
664
70,985
71,649
Special Project Bonds
–
83,053
83,053
Total Port Authority Budget
$1,519,236
$5,855,384
$7,374,620
(1) Net after interdepartmental chargebacks to other departments
* Personal Services includes salaries and employee benefits.
The Port Authority of NY & NJ 12 2017 Budget
(PAGE INTENTIONALLY LEFT BLANK)
The Port Authority of NY & NJ 13 2017 Budget
The Port Authority of NY & NJ 14 2017 Budget
The Port Authority of NY & NJ 15 2017 Budget
Sources and Uses of Funds
The 2017 Budget related sources and uses of $7.4 billion are $518 million, or 6.6%, lower than the 2016 Budget
primarily as a result of lower planned capital expenditures.
Sources of Funds
(in thousands)
2016
Budget
2016
Estimate
2017
Budget
2017 vs.
2016 Budget
% Change
Gross Operating Revenues
$4,988,956
$5,049,542
$5,133,643
$144,687
2.9%
Consolidated Bond Issuances
1,200,000
1,200,000
725,000
900,000
(300,000)
(25.0%)
Other Sources*
1,155,016
1,155,017
392,387
761,906
(393,110)
(34.0%)
Grants, Contributions and Misc. Revenues**
Miscellaneous Revenues
449,845
449,845
523,181
402,174
(47,671)
(10.6%)
Application of Passenger Facility Charges***
98,555
98,554
176,897
78,342
79.5%
Total
$7,892,372
$6,788,664
$7,374,620
($517,752)
(6.6%)
*Other sources include unspent proceeds from previous bond issuances, financial income, and the application of monies from the Consolidated Bond Reserve
Fund for purposes for funding capital investments in Port Authority facilities.
**Grants, contributions, and miscellaneous revenues include grants and capital contributions from third parties.
***Application of Passenger Facility Charges (PFCs) is based on the timing of capital spending on related eligible capital projects.
Uses of Funds
(in thousands)
2016
Budget
2016
Estimate
2017
Budget
2017 vs.
2016 Budget
% Change
Operating Expenses
$3,038,482
$3,018,437
$3,132,148
$93,666
3.1%
Debt Service – Operations
1,231,912
1,177,519
1,180,529
(51,383)
(4.2%)
Deferred Expenses*
121,454
121,452
83,360
159,844
38,390
31.6%
Capital Expenditures
3,500,524
2,509,348
2,902,099
(598,425)
(17.1%)
Total
$7,892,372
$6,788,664
$7,374,620
($517,752)
(6.6%)
* Deferred expenses include the purchase of ancillary equipment utilized at Port Authority facilities and corporate information technology components. These
deferred expenses are amortized over the expected period of beneficial use.
The Port Authority of NY & NJ 16 2017 Budget
Operating Revenues
The 2017 Operating Revenue Budget of $5.1 billion reflects an increase of $84 million, or 1.7%, compared to the
2016 Estimate, and $145 million, or 2.9%, compared to the 2016 Budget.
2017 Operating Revenue Highlights
Higher fixed and percentage rentals revenues of $56 million, reflecting an increase in occupancy and tenant
services at WTC, and scheduled escalations and higher activity at Aviation and Port facilities.
Higher tolls and fares of $48 million resulting from increased vehicular activity at all TB&T crossings and
PATH passenger ridership. No toll or fare rate increase is assumed.
Higher aviation fees of $31 million related to higher recoverable costs.
Tolls and fares
36%
Rentals
30%
Aviation fees
22%
Parking and other
7%
Utilities
3%
Rentals- Special
Project Bonds
2%
2017 Budget
Operating Revenues
by Category
2017 Operating Revenues Budget by Category and Business Segment
(in thousands)
Total
TB&T
PATH
Aviation
Port
Development
WTC
Ferries &
Regional
Tolls and fares
$1,866,007
$1,678,331
$187,676
$ –
$ –
$ –
$ –
$ –
Rentals
1,558,163
44,203
8,776
1,024,947
221,809
18,033
240,197
198
Aviation fees
1,116,317
–
–
1,116,317
–
–
–
–
Parking and other
375,231
13,985
1,684
277,039
59,877
554
21,592
500
Utilities
134,872
2,289
266
109,564
1,862
7,642
13,247
2
Rentals- Special
Project Bonds
83,053
–
–
83,053
–
–
–
–
Total
$5,133,643
$1,738,808
$198,402
$2,610,920
$283,548
$26,229
$275,036
$700
The Port Authority of NY & NJ 17 2017 Budget
Revenue Category Descriptions
Rentals – Amounts charged for the use of space at various facilities. There are two primary types of rentals: Fixed
Rentals, which are fixed monthly amounts stipulated in tenants’ lease agreements;
and Percentage Rentals, which are based on certain types of revenue producing activities.
Tolls and fares – Amounts generated from tolls collected at the Port Authority six vehicular crossings and fares
charged to passengers of the Port Authority Trans-Hudson (PATH) railroad system.
Aviation fees – Amounts derived from various cost recovery formulas contained in agreements with airlines,
operating at certain PA aviation facilities (LGA, JFK, EWR, TEB) based on Port Authority operating and capital
expenditures, covering items such as flight fees, landing fees, monorail fees, and fuel and security related
recoveries.
Parking and other – The Port Authority charges an hourly or daily rate for the use of public parking lots located at
its Aviation and Bus Terminal facilities.
Utilities – These revenues include the resale of electricity, water, steam, and other fuels to tenants based
on consumption levels.
Rentals – Special Project Bonds – This represents special limited obligations issued for the purpose of providing a
single project for a lessee or for the purpose of refunding all or any part of a prior series of Special Project Bonds, or
a combination of such purposes. Special Project Bonds are secured solely by a pledge of facility rental under a lease
with the lessee.
The Port Authority of NY & NJ 18 2017 Budget
Operating Expenses
The 2017 Operating Expense Budget of $3.1 billion reflects an increase of $58 million, or 1.9%, compared to the
2016 Estimate, and a $39 million, or 1.3%, increase compared to the 2016 Budget before consideration of the costs
of operating and maintaining newly opened facilities at World Trade Center (WTC), and the contractual five-year
step increases in rents for certain Port Authority facilities. After consideration of these costs, the 2017 Operating
Budget represents an increase of 3.1% from the 2016 Budget. The 2017 Budget provides for ongoing operations,
maintenance, and security of our facilities. It represents a fiscally disciplined approach that ensures the agency’s
continuous safe and secure operations, proper maintenance of our extensive network of transportation assets, and
support of workforce training and succession planning initiatives.
2017 Operating Expense Highlights
Contractual increase in payments to municipalities hosting Port Authority facilities.
Full year operations of the WTC Transportation HUB and retail complex, and the phase in of additional WTC
Site components.
Increased salaries based on market indicators, increased pension and healthcare costs for existing and
retired employees based on actuarial evaluations.
Workforce training and succession planning initiatives including additional police classes to address attrition
and operations and maintenance training programs.
Contractual escalations for certain operation and maintenance contracts.
The Port Authority of NY & NJ 19 2017 Budget
2017 Operating Expenses Budget by Category and Business Segment
(in thousands)
Total
TB&T
PATH
Aviation
Port
Development
WTC
Allocated &
Other (incl.
Ferry)
Operations
$861,118
$143,582
$131,182
$444,441
$36,589
$8,793
$79,222
$17,309
Security
706,839
153,179
63,447
383,480
23,979
813
80,118
1,823
Maintenance
679,107
115,178
119,751
289,089
54,975
2,581
71,064
26,469
Management services
401,084
44,443
34,389
93,417
30,435
837
28,635
168,928
Rent & PILOT
384,244
3,689
1,160
267,421
26,073
1,912
65,348
18,641
Interest expense
99,756
99,756
–
–
83,053
–
–
–
16,703
Total
$3,132,148
$460,071
$349,929
$1,560,901
$172,051
$14,936
$324,387
$249,873
Expense Category Descriptions
Operations – Includes customer service, facility management, facility operations, leasing and utilities.
Security – Costs incurred to provide safe and secure facilities by maintaining vigilance for potential threats,
investing in infrastructure and new technology, and utilizing best practices in security and emergency preparedness
operations.
Maintenance – Costs incurred to keep property, facility structures and equipment operating at a high
level of performance, including conforming with applicable codes and regulations. Activities include
electrical, general maintenance (e.g., elevators and escalators, tunnel subway pumps, automotive maintenance
and servicing, etc.), inspections, mechanical, janitorial/grounds keeping and snow and ice removal.
Management Services – Functions that support line business operations as well as agency-wide management,
including corporate costs related to agency oversight, departmental management, audit, financial services, human
resource management, insurance, legal services, planning, public and government affairs, technology support, and
training.
Operations
27%
Security
23%
Maintenance
22%
Management services
13%
Rent & PILOT
12%
Interest expense
3%
2017 Budget
Operating Expenses
by Category
The Port Authority of NY & NJ 20 2017 Budget
Rent & PILOT – Payments to governmental agencies and other landlords in return for the use of land, buildings,
offices, or other property.
Interest Expense – Interest on special project bonds, operating asset obligations including equipment notes, and
fund for Regional Development Buy-Out Obligation.
Allocated & Other (incl. Ferry) – Comprised of staff department and development expenses allocated to facilities,
regional programs, and direct expenses for ferries.
The Port Authority of NY & NJ 21 2017 Budget
Staffing
2017 expected salary and benefits provided to the Port Authority and PATH employees of $1.2 billion comprises of
39% of the 2017 Operating Budget. Agency employees manage, build, operate, maintain and secure the Agency’s
intricate network of airport, rail, roadway, and seaport transportation and commercial facilities.
Approximately 70% of the workforce is represented through various collective bargaining units and perform core
operations, maintenance, policing, and firefighting activities. Non-represented staff generally provide centralized
management, advisory, technical/engineering, administrative support to all Port Authority business segments.
Collectively, the Agency’s workforce ensures that the Port Authority facilities are operated in a safe and efficient
manner. The Agency has sought to make the most cost-effective use of its human resources by leveraging
technology to realize efficiencies, benchmarking to our peers, recalibrating staff positions and workload as
necessary, proactively managing overtime usage, and optimizing the agency mix of internal and external
human capital.
In 2017, the budgeted permanent positions will increase by 10 to 7,147.
Workforce training and succession programs continue to be a priority in 2017. The 2017 Budget includes:
Two additional Port Authority Police classes to address attrition.
Significant maintenance and operations training and succession planning efforts, including PATH Car
Equipment Apprentice Training, Electrical Trades Helper Training and TB&T Operations Supervisory and
Tunnel Bridge Agent Training.
Operations
25%
Maintenance
18%
Management
30%
Security
27%
Agency Staffing by Function
The Port Authority of NY & NJ 22 2017 Budget
Permanent Authorized Positions by Department
2015 Actual
2016 Budget*
2017 Budget
Chief, Capital Planning, Execution & Asset Management
5
7
7
Project Management
8
17
17
Business Diversity and Civil Rights
15
18
17
Environmental & Energy Programs
12
12
12
Planning & Regional Development
22
20
20
World Trade Center Operations
16
16
16
Chief, Major Capital Projects/ World Trade Center Construction
101
96
96
Chief, Human Capital
Human Resources
75
77
77
Labor Relations
6
9
9
Chief, Procurement & Contracting Officer
92
92
92
Chief, Public & Government Affairs
2
2
2
Government & Community Affairs
13
12
12
Media Relations
10
10
10
Marketing
24
23
23
Chief, Real Estate & Development
50
48
48
Chief, Technology Officer
103
102
102
Chief Engineer
538
546
546
Chief Financial Officer
3
4
4
Comptroller
98
99
99
Management & Budget
41
37
37
Financial Planning
7
11
11
Priority Programs
6
4
4
Treasury
42
40
40
Chief Operating Officer
9
10
10
Aviation
1,217
1,247
1,247
Port
169
169
172
Rail Transit
1,073
1,082
1,084
Tunnels, Bridges & Terminals
873
890
890
Operations Services
423
423
429
Executive Director
4
4
4
General Counsel / Law
127
128
128
Inspector General / Office of Investigations
47
76
76
Audit
77
77
77
Office of Continuous Improvement
–
2
2
Secretary
16
16
16
Transparency Office
2
6
6
Special Panel Implementation Office
4
3
3
Chief Security Officer
9
7
7
Emergency Management
17
15
15
Security Business Resource Management
60
72
72
Security Operations & Programs
21
65
65
World Trade Center Security
1
4
4
Port Authority Police / Public Safety
1,540
1,539
1,539
Total Permanent Authorized Positions
6,978
7,137
7,147
* 2016 Budget has been updated to reflect current year reallocation of positions between departments.
The Port Authority of NY & NJ 23 2017 Budget
Debt Service on Financing Obligations
:
The Port Authority’s strong credit (Fitch and S&P: AA-, Moody’s: Aa3) allows it to efficiently access capital markets
at competitive interest rates to finance long-term capital investments in its facilities. The Port Authority is projected to
have approximately $20.4 billion of Consolidated Bonds outstanding as of December 31, 2016. (See Appendix 3 for
more information)
In 2016, the Port Authority issued approximately $1.3 billion in Consolidated Bonds, including $494 million to fund
capital projects and $978 million to refund certain outstanding Consolidated Bonds to achieve debt service savings
1
.
The bonds were issued at competitive rates, demonstrating the continued interest of investors in Port Authority
obligations.
The 2017 Operating Budget includes $1.2 billion of debt service, with approximately $1.1 billion related to debt
service on outstanding Consolidated Bonds.
Debt Service on Financing Obligations
Year ended December 31
st
(In thousands)
2015 Actual
2016 Budget
2016 Estimate
2017 Budget
Consolidated Bonds:
Interest on Consolidated Bonds
$809,574
$794,721
$838,569
$806,184
Principal on Consolidated Bonds
259,315
265,930
268,520
300,090
Costs of Issuance
782
1,045
969
774
Subtotal
$1,069,671
$1,061,696
$1,108,058
$1,107,048
Special Obligations:
Interest on Special Obligations*
$39
$1,361
$606
$4,007
Principal on Special Obligations*
49,570
100,000
–
–
Debt Service on Marine Ocean Terminal at Bayonne
3,487
3,562
3,562
4,181
Interest on 4WTC Liberty Bonds
65,293
65,293
65,293
65,293
Subtotal
$118,389
$170,216
$69,461
$73,481
Total Debt Service
$1,188,060
$1,231,912
$1,177,519
$1,180,529
* Includes Variable Rate Master Notes and Commercial Paper obligations.
Note: Interest expense excludes approximately $182 million of interest allocated to capital.
1) In October 2015, the Port Authority issued approximately $1.03 billion with the intent of advance refunding Consolidated Bond Series 144
th
and 148
th
.
Consolidated Bond Series 144
th
matured in 2016 and the Consolidated Bond Series 148
th
will mature in August 2017.
The Port Authority of NY & NJ 24 2017 Budget
Capital Expenditures
The 2017 Capital Budget provides $2.9 billion of capital investment across all facilities. Additional details on these
projects are in the Capital Budget Summary section that follows. The 2017 capital spending plan represents the Port
Authority’s commitment to maintain its assets in a state of good repair (SGR) and enhances the regional
transportation network.
The 2017 Capital Budget reflects a continuous risk-based prioritization and ranking process that is being utilized to
finalize the 2017-2026 ten-year capital plan. This process considers asset condition, operational and revenue
impact, threat assessment, customer service, regional benefit, and regulatory or statutory requirements. Further,
these projects will be vetted and assessed through their planning, design, and construction stages throughout the
year. Note that the 2017 Capital Budget is subject to change based on the development of the new 2017-2026
Capital Plan.
2017 Capital Spending Highlights
Port Maintenance
Replacing and rehabilitating berths and wharves
Developing Greenville Yards for intermodal transportation
Mass Transit Systems
PATH Signal System Replacement Program
Improved PATH station capacity and modernization
Port Authority Bus Terminal Replacement Planning
Mandatory
12%
Security
1%
System
Enhancements
47%
State of
Good Repair
38%
Regional
2%
2017 Budget
Capital Expenditures
by Category
The Port Authority of NY & NJ 25 2017 Budget
Redevelopment of Aviation Facilities
Continued redevelopment of LaGuardia Airport
Terminal A replacement at Newark Liberty International Airport
Improvement of Interstate Transportation
Bayonne Bridge Navigational Clearance Program
Goethals Bridge Replacement Program
Continued Development of the World Trade Center Site
WTC Retail, LLC
Site infrastructure, Streets, and System Integration
Net Capital Expenditures by Business Segments
(in thousands)
2015 Actual
2016 Budget
2016 Estimate
2017 Budget
Tunnels, Bridges & Terminals
$956,305
$952,171
$913,191
$886,975
PATH
154,731
290,004
212,051
216,876
Aviation
792,044
887,568
653,746
988,748
Port
93,750
174,988
94,035
153,050
Development and Ferry Transportation
2,702
2,030
632
1,621
World Trade Center
1,018,511
977,749
626,230
531,719
Regional Programs
2,552
35,140
115
67,500
Agency Provisions
–
180,275
8,256
54,511
Agency Total
$3,020,595
$3,499,925
$2,508,256
$2,901,000
Note: Capital investment includes capitalized interest expense.
The Port Authority of NY & NJ 26 2017 Budget
(PAGE INTENTIONALLY LEFT BLANK)
The Port Authority of NY & NJ 27 2017 Budget
The Port Authority of NY & NJ 28 2017 Budget
The Port Authority of NY & NJ 29 2017 Budget
Tunnels, Bridges and Terminals (TB&T)
Left: The new Goethals Bridge is the first major bridge constructed in New York City since the Verrazano Narrows Bridge in 1964.
Right: The Bayonne Bridge “Raise the Roadway” investment ensures the Port of NY & NJ’s readiness to accommodate Neo-Panamax
vessels by raising the bridge’s original air draft of 151 feet to 215 feet.
Mission
TB&T connects the road networks of New York and New
Jersey through six vehicular tunnels and bridges, and two
interstate bus terminals that facilitate the movement of
people and goods safely and efficiently throughout the
region.
TB&T Facilities
TB&T facilities operate in three regions. In the northern
region are the George Washington Bridge (GWB) and the
GWB Bus Station (GWBBS). In the central region are the
Lincoln Tunnel (LT), Holland Tunnel (HT), and the Port
Authority Bus Terminal (PABT). In the southern region are
three Staten Island Bridges (SIB) - Bayonne Bridge (BB),
Goethals Bridge (GB) and Outerbridge Crossing (OBX).
These TB&T facilities, which operate 24 hours a day,
7 days a week, 365 days a year, are critical to the movement
of commuters and freight between New York and New
Jersey, and connect the region to the rest of the country.
The Port Authority of NY & NJ 30 2017 Budget
Tunnels, Bridges and Terminals
Core Functions
Operate and maintain four long-span bridges, two trans-Hudson tunnels, the GWBBS and the PABT.
Deliver a capital program that ensures safety and security standards across TB&T facilities, and provides for
the future needs of the region.
Provide toll collection services and management for both electronic toll collection and cash operations.
Activity Levels
TB&T’s eastbound vehicle volume is expected to reach 118.3 million in 2017, a modest increase of 0.2 million over
the 2016 Estimate. The 2017 activity levels represent an increase of 3.4 million vehicles, or 2.9%, over the 2016
Budget across all vehicle types. TB&T total traffic volume in 2016 is reflective of the growth seen in 2015, mirroring
an overall improvement in the economy, lower gasoline prices, and personal income gains.
TB&T Vehicular Volumes – All Vehicles
Staffing
TB&T has 890 permanent positions dedicated to operating, maintaining, and managing its facilities.
Operations (523)
Facility management has staff at GWB (126), GWBBS (2), HT (127), LT (137), PABT (54), SIB (71), and department
wide operations (6), who are responsible for toll collection, traffic management, incident and emergency response,
bus and passenger operations, and construction activities at TB&T facilities.
Maintenance (276)
Maintenance staff at GWB (48), HT (69), LT (71), PABT (53), and SIB (35) perform daily maintenance activities
including critical emergency response, structural general maintenance, plumbing, electrical requirements, paving,
building maintenance, and general condition repairs in the course of operations.
110,000
112,000
114,000
116,000
118,000
120,000
2012
Actual
2013
Actual
2014
Actual
2015
Actual
2016
Estimate
2017
Budget
(in thousands)
The Port Authority of NY & NJ 31 2017 Budget
Tunnels, Bridges and Terminals
Management (91)
Management and administrative staff (91) support the operations and maintenance of the facilities, and provide
department-wide management oversight and administrative services. Staff supports capital program delivery, asset
management, development programs at facilities and department properties, transportation and business planning,
financial services and analysis, and revenue program management. In addition, staff supports the operations and
maintenance of the toll collection system and customer service contracts, as well as oversees a variety of operating
and maintenance agreements.
2017 Operating Revenues
TB&T’s 2017 Operating Revenue Budget of $1.7 billion is $6 million higher than the 2016 Estimate. The 2017
Operating Revenue Budget reflects an increase of $43 million, or 2.5%, compared to the 2016 Budget.
Tolls constitute 96% of the total TB&T revenue. As the last scheduled toll increase took effect in December 2015, the
2017 toll revenue increase is wholly a function of volume across all vehicle types.
The balance of TB&T revenue is comprised of rentals from tenants and public vehicular parking at PABT.
TB&T Operating Revenues by Category
(in thousands)
2015 Actual
2016 Budget
2016 Estimate
2017 Budget
Tolls
$1,543,506
$1,637,311
$1,674,500
$1,678,331
Rentals
40,695
42,319
41,367
44,203
Parking and other
13,334
13,925
14,956
13,985
Utilities
2,040
2,314
2,244
2,289
Total Operating Revenues
$1,599,575
$1,695,869
$1,733,067
$1,738,808
Tolls
96%
Rentals
3%
Parking and other
1%
2017 Budget
TB&T Operating Revenues
by Category
The Port Authority of NY & NJ 32 2017 Budget
Tunnels, Bridges and Terminals
2017 Operating Expenses
TB&T’s 2017 Operating Expense Budget of $516 million is $7.8 million, or 1.5%, higher than the 2016 Estimate. The
2017 Budget is $12.7 million, or 2.5%, higher than the 2016 Budget.
The 2017 Budget supports revenue collection systems, maintenance of assets, and traffic and customer service
management while providing safe and reliable facility operations. The 2017 Budget provides resources to support
the New York State Department of Motor Vehicles registration suspension program for persistent toll violators,
existing Intelligent Transportation Systems field devices to improve operations and traveler information, the
reopening of the GWBBS, and converting the Bayonne Bridge to cashless tolling.
The budget funds critical customer service initiatives, including further interim improvements at PABT that provides
for the rehabilitation of structural concrete, maintenance of the bus tracking system, and improvements on pull-
through bus platforms.
The 2017 Budget also provides resources for critical training and succession planning initiatives. Other expenses
include insurance and engineering, which ensure the protection, preservation, and continued maintenance of TB&T's
facilities and assets.
TB&T Operating Expenses by Category
(in thousands)
2015 Actual
2016 Budget
2016 Estimate
2017 Budget
Operations
$147,021
$144,018
$140,552
$143,582
Security
145,156
143,820
153,032
153,179
Maintenance
105,102
112,072
107,950
115,178
Management services
41,525
43,056
47,806
44,443
Rent
3,688
3,502
3,522
3,689
Sub-total Operating & Maintenance
442,492
446,468
452,862
460,071
Allocated
57,381
56,375
54,883
55,469
Total Operating Expenses
$499,873
$502,843
$507,745
$515,540
Management
Services
10%
Maintenance
25%
Operations
31%
Rent
1%
Security
33%
2017 Budget
TB&T Operating & Maintenance Expenses
by Category
The Port Authority of NY & NJ 33 2017 Budget
Tunnels, Bridges and Terminals
2017 Capital Budget Overview
TB&T’s 2017 Capital Budget of $887 million in expenditures includes $552 million to rehabilitate and maintain TB&T
facilities in a state of good repair (SGR), and $332 million for system enhancement projects (SEP).
The Bayonne Bride Navigational Clearance Program, a SEP with spending of $240 million, will meet a milestone of
achieving increased navigational clearance in 2017 and transition to cashless tolling. Also included in the SEP
category is the PABT Replacement Planning at $47 million.
Included in state of good repair is $66 million of Port Authority funding for the Goethals Bridge Replacement public-
private partnership. This project is anticipated to meet several milestones in 2017, such as commencement of
eastbound service and demolition of the existing bridge. The Lincoln Tunnel Access Program, with Port Authority
spending of $261 million, is included in SGR projects. TB&T capital expenditures also include $3 million and $0.5
million for security and mandatory projects, respectively.
TB&T Net Capital Expenditures by Facility
(in thousands)
2015 Actual
2016 Budget
2016 Estimate
2017 Budget
Holland Tunnel
$35,734
$57,389
$49,093
$38,903
Lincoln Tunnel
200,592
282,850
239,484
283,676
George Washington Bridge
55,207
100,872
68,595
146,629
George Washington Bridge Bus Station
25,565
19,662
13,730
7,541
Bayonne Bridge
332,552
353,789
338,054
241,496
Goethals Bridge
272,785
63,862
164,733
74,337
Outerbridge Crossing
4,582
5,022
4,619
3,479
Port Authority Bus Terminal
29,288
68,725
34,883
90,914
Total Net Capital Expenditures
$956,305
$952,171
$913,191
$886,975
Security & Mandatory
1%
State of Good Repair
62%
System Enhancing
37%
2017 Budget
TB&T Capital Expenditures
by Category
The Port Authority of NY & NJ 34 2017 Budget
Tunnels, Bridges and Terminals
2017 Capital Budget - Significant Projects: TB&T (in thousands)
Project
ID
Asset
Class
Project Title & Description
Operational Impacts
2017
Budget
CB06-087
Bridges
Bayonne Bridge Navigational Clearance Program:
The BBNCP raises the existing air draft clearance to
215 feet from the current 151 feet and includes
replacement of the existing main span deck, the NY
and NJ approach structures and access ramps as
well as strengthening of the Arch structure. The
project includes a shared use path for bicyclists and
pedestrians and provides for future mass transit
options.
Allow larger and more efficient
ships to access the Port of New
York and New Jersey.
$239,803
CB07-103
Bridges
Goethals Bridge Replacement Project: The new
Goethals Bridge will provide six 12-foot wide lanes, a
12-foot wide outer shoulder and a 5-foot wide inner
shoulder in each travel direction, a 10-foot wide
bikeway/walkway along the northern edge of the
westbound roadway, and a center corridor to
accommodate future mass transit. The total length of
Bridge between the NY and NJ abutment will be
7,362 feet including 900 feet of main span over Arthur
Kill. Spending represents PA portion of capital cost
under public private partnership agreement.
Provide safer operating
conditions, decrease congestion,
enhance structural integrity and
reduce life-cycle costs, eliminate
horizontal obstructions within the
Arthur Kill navigation channel,
provide for pedestrian and
bicycle traffic, and provision for
future mass transit expansion.
$65,893
CB03-267
CB03-268
&
CB03-269
Multiple
Lincoln Tunnel Access Program (LTAP): The LTAP
consists of the rehabilitation of the Pulaski Skyway, a
new road for Route 1 & 9 Truck north connecting St.
Pauls Avenue to Secaucus Road, and the
replacement of the Wittpenn Bridge with a new
structure located North of the existing bridge.
Spending represents PA portion of capital cost for NJ
Department of Transportation project.
The LTAP is intended to improve
the roadways and approaches
leading to the Lincoln Tunnel,
foster economic activity, and
improve regional
competitiveness.
$260,543
CB04-319
&
CB04-272
Bridges
George Washington Bridge Replacement of
Suspender Ropes and Rehabilitation of Main
Cables: Provides for replacement of all 592
suspender ropes, main cable rehabilitation, handrails,
necklace lighting, security enhancements, upper level
sidewalks, access ramps, and utility relocations.
Maintain structural integrity and
state of good repair of the bridge
so traffic load restrictions do not
become necessary.
$53,430
CT06-285
Buildings &
Garages
PABT Replacement Planning: Provides planning for
the advancement and further definition of capital
projects related to the development of West Midtown
PABT, including planning for required parking and
staging facilities.
Advance the planning process
for the replacement of the Port
Authority Bus Terminal to meet
future capacity requirements.
$46,810
Multiple
Multiple
PABT Quality of Commute: This program provides
$90 million for improvements to enhance on-time
performance and customer services.
This program is intended to
improve traffic circulation and
throughput, facility access, trip
quality and reliability, customer
communications, and an overall
better passenger environment.
$21,369
The Port Authority of NY & NJ 35 2017 Budget
Tunnels, Bridges and Terminals
2017 Projected Free Cash Flow by Facility
A Free Cash Flow statement represents the cash that a facility is able to generate after monies required to operate,
maintain, or expand its asset base are considered. The following table details 2017 projected free cash flow by
facility.
TB&T Projected Free Cash Flow
(in thousands)
Gross
Operating
Revenues
O&M
Expenses
Allocated
Expenses
EBIDA
Grants,
Contributions &
PFC
Capital
Expenditures
2017 Free
Cash Flow
George Washington
Bridge & Bus Station
$805,672
$119,256
$13,898
$672,518
$449
$154,170
$518,797
Holland Tunnel
207,315
70,748
10,013
126,554
1,811
38,903
89,462
Lincoln Tunnel
267,896
96,722
12,198
158,976
684
283,676
(124,016)
Bayonne Bridge
41,252
21,329
2,744
17,179
98
241,496
(224,219)
Goethals Bridge
202,885
24,927
3,046
174,912
90
74,337
100,665
Outerbridge Crossing
166,210
23,656
2,461
140,093
82
3,479
136,696
Port Authority Bus
Terminal
47,578
103,433
11,109
(66,964)
457
90,914
(157,421)
Total - TB&T
$1,738,808
$460,071
$55,469
$1,223,268
$3,671
$886,975
$339,964
The Port Authority of NY & NJ 36 2017 Budget
Port Authority Trans-Hudson (PATH)
Left: The Signal System Replacement Program is a key component of the modernization of PATH and will allow for Positive Train Control.
Right: Resiliency projects help mitigate future potential problems from severe weather.
Mission
PATH’s mission is to provide a safe, reliable, efficient rail transportation service that contributes to enhanced
regional mobility and economic development.
PATH Facilities
The system encompasses 14 route miles and 13 stations –
6 in New York and 7 in New Jersey – as well as the Journal
Square Transportation Center (JSTC) and a complex
network of electrical cables, communications equipment,
signals, and track infrastructure. PATH’s fleet of 350 active
vehicles operates 24 hours a day, 7 days a week, making it
one of the few 24-hour rail transit systems in the world.
PATH facilities also include the fully operational WTC
Transportation Hub, a state-of-the art station featuring
connections to the WTC site, retail destinations, and the
New York City subway.
Core Functions
Operate and maintain a safe, reliable, and efficient rail transit system and the bus transportation terminal
at JSTC.
The Port Authority of NY & NJ 37 2017 Budget
Port Authority Trans-Hudson (PATH)
Comply with federal safety and environmental rules and regulations.
Continue to improve service and address customer demands.
Deliver a capital program that continues to focus on maintaining facilities in a state of good repair and ensures
regulatory compliance, as well as post-Superstorm Sandy recovery and resiliency efforts.
Activity Levels
PATH’s 2017 ridership is expected to reach 81.8 million trips, an increase of 1.7 million, or 2.1%, over the 2016
Estimate. The 2017 activity levels are 3.1 million passengers, or 3.9%, over the 2016 Budget. This increase reflects
growth in weekday ridership driven by job growth in Manhattan and Hudson County as well as population growth in
Hudson County.
PATH Passenger Volumes
Staffing
PATH employs 1,084 permanent employees dedicated to operating, maintaining, and managing a rail transit system
and bus terminal.
Operations (423)
The operations staff operate and manage the movement of trains in and out of the stations and yards, develop and
maintain train schedules, and provide passenger information and customer care programs throughout the stations,
including compliance with Federal Railroad Administration (FRA) rules and regulations.
Maintenance (602)
The maintenance staff includes Car Equipment (219), Ways and Structures (215), and Power, Signals and
Communication (168). These divisions ensure reliable and efficient train movement by inspecting, repairing or
replacing components of railcars, tracks, station structures, signals, power distribution, and communications.
Management (59)
Management and administrative staff support the operation and maintenance of facilities, including capital program
delivery, asset management, rail operations planning, property and revenue management, strategic business
planning and financial functions, safety and environmental management, and department wide management
oversight and administrative services.
72,000
74,000
76,000
78,000
80,000
82,000
2012
Actual
2013
Actual
2014
Actual
2015
Actual
2016
Estimate
2017
Budget
(in thousands)
The Port Authority of NY & NJ 38 2017 Budget
Port Authority Trans-Hudson (PATH)
2017 Operating Revenues
PATH's 2017 Operating Revenue Budget of $198 million reflects an increase of $3.5 million, or 1.8%, over the 2016
Estimate. The 2017 Operating Revenue Budget is $10 million, or 5.3%, higher compared to the 2016 Budget.
Fares constitute the vast majority of PATH’s operating revenues and are driven entirely by increased passenger
ridership as the last scheduled fare increase was implemented in October 2014.
The remainder of PATH’s revenues are derived from rentals, public parking at JSTC, and advertising throughout the
rail transit system.
PATH Operating Revenues by Category
(in thousands)
2015 Actual
2016 Budget
2016 Estimate
2017 Budget
Fares
$175,263
$180,660
$183,804
$187,676
Rentals
7,238
5,863
9,244
8,776
Parking and other
1,897
1,940
1,608
1,684
Utilities
162
–
266
266
Total Operating Revenues
$184,560
$188,463
$194,922
$198,402
Fares
95%
Rentals
4%
Parking and other
1%
2017 Budget
PATH Operating Revenues
by Category
The Port Authority of NY & NJ 39 2017 Budget
Port Authority Trans-Hudson (PATH)
2017 Operating Expenses
PATH’s 2017 total Operating Expense Budget of $398 million is $11.9 million, or 2.9%, lower compared to the 2016
Estimate. The 2017 Operating Expense Budget is $8.3 million, or 2.1%, higher than the 2016 Budget. The 2017
Operating Budget provides for safe, reliable rail operations, high-quality customer service, and maintenance of
critical infrastructure and assets.
The 2017 Budget provides for the maintenance of PATH’s PA-5 railcar fleet, ensuring these critical operating assets
meet PATH’s standards for safety and reliability. In addition to these resources, the budget funds an expanded
apprentice class for railcar inspection. Training these new inspectors will allow PATH to fill this highly skilled function
as current car inspectors retire.
Additional initiatives funded in the 2017 Budget include an expanded PATH safety program to ensure compliance
with current and future regulations from the FRA and other regulatory agencies. The 2017 Budget also provides
additional expenses to support PATH’s expanded operations at the WTC Transportation Hub.
The 2017 Budget reflects a decrease in PATH discretionary maintenance as compared to the 2016 Estimate as the
department plans to allocate staff to focus on capital work while keeping adequate resoures to provide for
maintenance needs. Other expenses include insurance and engineering work, which ensure the protection,
preservation, and continued maintenance of PATH facilities and assets.
PATH Operating Expenses by Category
(in thousands)
2015 Actual
2016 Budget
2016 Estimate
2017 Budget
Operations
$117,155
$129,386
$125,969
$131,182
Security
66,073
58,535
65,251
63,447
Maintenance
126,132
118,668
128,536
119,751
Management Services
24,355
34,144
35,063
34,389
Rent
1,053
874
884
1,160
Sub-total Operating & Maintenance
334,768
341,607
355,703
349,929
Allocated
54,508
48,283
54,370
48,229
Total Operating Expenses
$389,276
$389,890
$410,073
$398,158
Management services
10%
Maintenance
34%
Operations
38%
Security
18%
2017 Budget
PATH Operating & Maintenance Expenses
by Category
The Port Authority of NY & NJ 40 2017 Budget
Port Authority Trans-Hudson (PATH)
2017 Capital Budget Overview
PATH’s 2017 Capital Budget provides for a total of $217 million in expenditures. A total of $139 million is for critical
state of good repair work, including post-Superstorm Sandy recovery and resiliency efforts in the tunnels, the Signal
System Replacement Program, and the continuation of PATH modernization projects. In 2017, PATH’s Signal
System Replacement Program is expected to achieve full implementation of Automatic Train Control using
Communication-Based Train Control technology on the Newark to Journal Square section, which enables this
section to be compliant with federally mandated Positive Train Control (PTC) requirements. The entire PATH signal
system is anticipated to be in compliance with the FRA mandate requiring full PTC by the end of 2018.
An additional $65 million is for system enhancement, such as upgrades to PATH stations and facilities, and $12
million is for security and mandatory projects.
The combined impacts of PATH’s aging infrastructure, new regulatory requirements, and the effects of 2012’s
Superstorm Sandy continue to drive capital priorities. PATH has developed a comprehensive list of capital projects
that need to be completed to fully restore the system and provide resiliency against future storms.
PATH Net Capital Expenditures by Facility
(in thousands)
2015 Actual
2016 Budget
2016 Estimate
2017 Budget
PATH
$154,697
$290,004
$212,051
$216,876
Journal Square Transportation Center
34
–
–
–
Total Net Capital Expenditures
$154,731
$290,004
$212,051
$216,876
Mandatory
1%
Security
5%
State of Good Repair
64%
System Enhancing
30%
2017 Budget
PATH Capital Expenditures
by Category
The Port Authority of NY & NJ 41 2017 Budget
Port Authority Trans-Hudson (PATH)
2017 Capital Budget - Significant Projects: PATH (in thousands)
Project
ID
Asset
Type
Project Title & Description
Operational Impacts
2017
Budget
CR02-150
Control
Systems
Signal System Replacement Program: Replace
outdated signal system that has exceeded design life
with a computerized Automatic Train Control System
using Communications-Based Train Control
technology. Install secondary train detection system
to serve as a back-up signal system.
Comply with FRA mandates for Positive
Train Control (PTC) and allow for
increased capacity to meet growing
ridership demand. System will allow for
increased capacity of up to 20%, by
ultimately, permitting trains to run safely
while in closer proximity to each other.
$31,004
CR02-458
Buildings &
Garages
Harrison Station Renovation: Redevelop Harrison
Station with platform extension for longer trains, new
station entrances, and protected waiting areas.
Enhance safety and station quality, and
provide expanded capacity to meet
growing ridership demand. Project will
also improve access for disabled riders.
$43,826
CR02-336
Electrical
Power &
Lighting
Replacement and Upgrade of the Christopher St.
Substation: Replace and upgrade the electrical
substation at Christopher Street.
Maintain infrastructure and enhance
reliability, security, and quality of service
for PATH riders.
$10,018
CR02-290
Rail
Systems
PATH to EWR Rail Link Station: Plan for extension
of PATH system from Newark Penn to Newark Liberty
International Airport (EWR) Station, including
conversion of storage tracks to running rail, new
track, new platform at EWR, replacement storage
yard, and new maintenance building and power
supply.
Improve access to Newark Liberty
International Airport by providing a one-
seat ride from Lower Manhattan.
$6,800
Multiple
Multiple
Superstorm Sandy Recovery & Resiliency:
Complete a broad array of projects, including
rehabilitation and replacement of electrical
substations, repair of electrical and communications
equipment, and installation of flood protection at
stations and facilities.
Return damaged assets to a state of
good repair and prepare the system for
future coastal storms.
$60,325
The Port Authority of NY & NJ 42 2017 Budget
Port Authority Trans-Hudson (PATH)
2017 Projected Free Cash Flow by Facility
A Free Cash Flow statement represents the cash that a facility is able to generate after monies required to operate,
maintain, or expand its asset base are considered. The following table details 2017 projected free cash flow
by facility.
PATH Projected Free Cash Flow
(in thousands)
Gross
Operating
Revenues
O&M
Expenses
Allocated
Expenses
EBIDA
Grants,
Contributions &
PFC
Capital
Expenditures
(1)
2017 Free
Cash Flow
PATH
$193,474
$335,825
$47,958
($190,309)
$75,515
$216,876
($331,670)
Journal Square
Transportation Center
4,928
14,104
271
(9,447)
–
–
(9,447)
Total - PATH
$198,402
$349,929
$48,229
($199,756)
$75,515
$216,876
($341,117)
(1) Federal Transit Administration Grants and related capital expenditures for the WTC Transportation Hub are included in World Trade Center.
The Port Authority of NY & NJ 43 2017 Budget
Aviation
Left: Construction of the new unified LaGuardia Terminal B, a $4 billion project creating 8,000 direct jobs and 10,000 indirect jobs.
Right: The LaGuardia Airport Redevelopment Program includes an innovative public-private partnership with LaGuardia Gateway
Partners for a total fixed cost of $4.015 billion to design, build, finance, operate, and maintain a new Terminal B.
Mission
Aviation’s mission is to ensure the safety, security, and efficiency of the region’s airport system to best serve its
customers and to build infrastructure to provide services to meet the demand for air transportation of people, goods,
and services.
Aviation Facilities
John F. Kennedy International Airport (JFK) serves as the
region’s chief international gateway to the world, while
Newark Liberty International Airport (EWR) serves both
national and international markets. LaGuardia Airport
(LGA) serves as the premier short-haul facility in the region.
Stewart International (SWF), acquired in 2007, offers the
potential to increase capacity and augment service already
provided by the major airports in the New York-New Jersey
region. Teterboro (TEB) serves general aviation clients. In
2013, the Port Authority entered into a management
services agreement with the South Jersey Transportation
Authority (SJTA) to advise in the operations and
maintenance of Atlantic City International Airport (ACY).
The Port Authority of NY & NJ 44 2017 Budget
Aviation
Core Functions
Develop, manage, and maintain passenger terminals, runways, and cargo facilities in compliance with Federal
Aviation Administration (FAA) regulatory standards.
Negotiate agreements and handle tenant relationships with airlines that rent passenger terminals and terminal
gates, hangars, and cargo space, as well as with retail merchants and concessionaries.
Supervise contract services for various operational and maintenance activities.
Manage security and coordinate with the Transportation Security Administration (TSA) and Customs and
Border Protection (CBP).
Activity Levels
In 2017, approximately 132 million people are projected to use the Port Authority’s aviation facilities, a growth of 3.7
million, or 2.9%, compared to the 2016 Estimate. The 2017 activity levels represent a growth of approximately 10
million passengers, or 8.3%, over the 2016 Budget.
Aviation Passenger Volumes – Domestic & International
This projected increase is driven by four interrelated components:
It is expected that airline seat capacities will continue to increase but at a slower rate than in 2016;
The U.S. economy is expected to sustain its growth with a projected 2.8% increase in GDP;
The U.S. dollar is expected to continue to strengthen against major foreign currencies, which would help
sustain growth in outbound international travel;
Lower oil prices are expected to continue in 2017. The multiplier effect of oil prices has several implications as
it reduces jet fuel cost, provides a boost to disposable income, lowers production costs, energizes GDP
growth, and encourages higher travel demand.
Cargo activity is expected to increase by 0.2% compared to the 2016 Estimate, but decrease by 1.3% compared to
the 2016 Budget. Competition from other modes of transportation and weakness in the economies of major trading
partners continues to adversely affect cargo.
107,000
112,000
117,000
122,000
127,000
132,000
2012
Actual
2013
Actual
2014
Actual
2015
Actual
2016
Estimate
2017
Budget
(in thousands)
The Port Authority of NY & NJ 45 2017 Budget
Aviation
Staffing
Aviation has 1,247 permanent positions, of which 959 are dedicated to operating, maintaining and managing the
airports, and the remaining 288 support aircraft rescue and firefighting.
Operations (290)
The operations staff at JFK (110), EWR (109), LGA (63), SWF (5), and TEB (3) operate and manage the
aeronautical, landside, security, and customer care functions, while complying with FAA rules and regulations.
Maintenance (530)
The maintenance staff at JFK (224), EWR (167), and LGA (139) provide maintenance programs to ensure that the
facilities’ assets, infrastructure, and equipment operate at a high level of performance, including code and regulatory
compliance.
Management (139)
Management and administrative staff provide support to facilities operations and maintenance, including capital
program delivery, asset management, property and revenue management; strategic and business planning and
financial functions; airspace modernization, environmental management, and overall management oversight and
administrative services.
Security - Aircraft Rescue and Firefighting (ARFF) (288)
ARFF staff at JFK (92), EWR (98), LGA (75), TEB (22), and Central Office (1) provide aircraft rescue and firefighting
services to airlines in accordance with FAA mandated guidelines.
The Port Authority of NY & NJ 46 2017 Budget
Aviation
2017 Operating Revenues
Aviation’s 2017 Operating Revenue Budget of $2.6 billion reflects an increase of $35 million, or 1.4%, compared to
the 2016 Estimate. The 2017 Operating Revenue Budget represents an increase of $53 million, or 2.1%, compared
to the 2016 Budget.
Aviation fees, the largest source of the department’s revenue, include flight fees that are generated through
contractual agreements with the airlines for the recovery of certain operating expenses and capital investment by the
Port Authority at the airports. Included in this category are fuel and security fees, EWR monorail fees, and AirTrain
fare box revenues.
Rentals include fixed, percentage, and variable rentals associated with agreements for terminals, warehouses and
ground rent, fees on airport concessions, cargo, ground transportation, aircraft services, and advertising. Rentals are
expected to increase by $25 million in the 2017 Budget for scheduled lease escalations, and higher percentage and
variable rentals from growth in activity levels partially offset by lower gross revenues at LGA due to the transfer of
Terminal B operations to LaGuardia Gateway Partners as part of the airport's redevelopment effort.
Parking revenue includes fees charged to tenants and customers for public parking at the airports.
Aviation Operating Revenues by Category
(in thousands)
2015 Actual
2016 Budget
2016 Estimate
2017 Budget
Rentals
$997,525
$1,000,078
$1,015,044
$1,024,947
Aviation fees
1,063,901
1,084,758
1,092,935
1,116,317
Parking and other
264,119
265,718
268,262
277,039
Utilities
118,969
120,598
112,528
109,564
Rentals – Special Project Bonds Projects
92,719
86,755
86,755
83,053
Total Operating Revenues
$2,537,233
$2,557,907
$2,575,524
$2,610,920
Rentals
39%
Aviation fees
43%
Parking and other
11%
Utilities
4%
Rentals - Special
Project Bonds
Projects
3%
2017 Budget
Aviation Operating Revenues
by Category
The Port Authority of NY & NJ 47 2017 Budget
Aviation
2017 Operating Expenses
Aviation’s 2017 Operating Expense Budget of $1.7 billion represents an increase of $71 million, or 4.4%, over the
2016 Estimate. The 2017 operating expenses are $68 million, or 4.3%, over the 2016 Budget. This provides for
maintenance, operations, and security.
Maintenance of critical assets at aviation facilities, including maintenance of fire protection and life safety systems,
corrective and preventive maintenance for airport roadways, airside and landside buildings and structures, signage
repairs, and augmented airfield lighting repairs and replacement.
Operations expense provides for transportation and customer service support, which include the operation of AirTrain
systems at JFK and EWR airports, bus and taxi dispatch contracts, and snow removal services within the airfield, parking,
and terminal areas as well as the presence of Customer Care Representatives throughout the airports. The 2017 Budget
provides for parking and shuttle service to the terminals to replace parking areas demolished for the redevelopment of
LGA Terminal B.
Security expense includes policing, unarmed guards, cyber security and technology, and emergency preparedness
operations to help to ensure the safety of passenger and cargo movement. The 2017 Budget includes funds for
enhanced security at airport terminals.
Management expense includes staffing and consulting costs to fund studies and initiatives for increasing airport
efficiency and long-term competitiveness. These studies allow for increased mitigation of operational impacts,
including noise abatement, as well as the strategic visioning of airport assets to enhance the condition, capacity, and
connectivity of the airports in order to meet growing demands.
Rent expense includes rent payable to the cities of New York and Newark. Increases in 2017 reflect contractual five-
year step increases in rent for certain facilities.
Management
services
6%
Maintenance
19%
Operations
28%
Rent
17%
Security
25%
Interest expense
5%
2017 Budget
Aviation Operating & Maintenance Expenses
by Category
The Port Authority of NY & NJ 48 2017 Budget
Aviation
Aviation Operating Expenses by Category
(in thousands)
2015 Actual
2016 Budget
2016 Estimate
2017 Budget
Operations
$433,098
$442,032
$427,722
$444,441
Security
346,247
353,665
362,286
383,480
Maintenance
287,001
289,548
298,696
289,089
Management services
58,729
95,908
91,572
93,417
Rent
239,016
229,942
229,778
267,421
Interest expense
92,719
86,755
86,755
83,053
Sub-total Operating & Maintenance
1,456,810
1,497,850
1,496,809
1,560,901
Allocated
101,116
101,384
99,892
106,618
Total Operating Expenses
$1,557,926
$1,599,234
$1,596,701
$1,667,519
2017 Capital Budget Overview
Aviation’s 2017 Capital Budget provides for $989 million in expenditures. The 2017 Capital Budget focuses on
addressing aging infrastructure, safety and security, and congestion and delays. Over 60% of the 2017 Capital
Budget for Aviation is dedicated to the ongoing modernization effort at LaGuardia Airport, including construction of
LGA Terminal B and related infrastructure. In 2017, several milestones are anticipated for the LaGuardia
Redevelopment Program, including progress on the construction of LGA Terminal B and the West Parking Garage.
A total of $304 million will be used to maintain airport assets in a state of good repair (SGR). SGR projects include
rehabilitation of runways and taxiways, repairing and improving electrical systems, and renewing infrastructure for
fuel and electrical distribution. $665 million will fund projects to enhance overall system capacity, including
redevelopment of LaGuardia Airport. The remaining expenditures are dedicated to improving airport security and
meeting regulatory mandates.
Mandatory
1%
Security
1%
State of Good Repair
31%
System Enhancing
67%
2017 Budget
Aviation Capital Expenditures
by Category
The Port Authority of NY & NJ 49 2017 Budget
Aviation
Aviation Net Capital Expenditures by Facility
(in thousands)
2015 Actual
2016 Budget
2016 Estimate
2017 Budget
LaGuardia Airport
356,755
536,610
435,159
669,493
John F. Kennedy International Airport
305,805
175,528
99,370
152,726
Newark Liberty International Airport
98,821
154,920
112,487
154,247
Teterboro Airport
6,166
7,850
1,783
9,919
Stewart International Airport
24,497
12,660
4,947
2,363
Total Net Capital Expenditures
792,044
887,568
653,746
988,748
Note: Net Capital Expenditures includes capital investment funded with Passenger Facility Charges (PFCs).
2017 Capital Budget - Significant Projects: Aviation (in thousands)
Project
ID
Asset
Class
Project Title & Description
Operational Impacts
2017
Budget
Multiple
Buildings &
Garages
LGA Terminal B Replacement: Replace the
existing 1964 Terminal through a private
consortium under a public-private partnership
(PPP) model.
Allow the airport to accommodate a
projected increased passenger load and
provide acceptable levels of service, while
efficiently meeting all safety, security, and
other operational requirements.
$585,804
Multiple
Other
LGA Capital Infrastructure: Portfolio of projects
being undertaken by the Port Authority at LGA
includes utility infrastructure, electrical
substation, parking, roadways, and select
building demolition.
Address short-term and long-term
infrastructure needs and contribute to the
redevelopment of the overall airport, while
supporting the LGA Terminal B
Replacement Program and Delta's
redevelopment of Terminals C and D.
$30,149
CA03-516
Runways &
Taxiways
JFK Runway 4R- 22L Rehabilitation: Provides
for rehabilitation of Runway 4R-22L and
associated taxiways and infrastructure including
electrical infrastructure, drainage, and outfall
improvements.
Lower pavement maintenance costs,
enhance system capacity, reduce delays,
and accommodate larger (Group VI) aircraft.
$57,048
CA04-583
Other
EWR Infrastructure Renewal Fuel
Distribution: Provides for replacement of the
multiple fuel distribution pipelines with common
distribution piping from the Fuel Farm to
Terminal B and C gates.
Reduce electric usage, ongoing
maintenance costs, and the risk of
fuel leaks.
$20,816
The Port Authority of NY & NJ 50 2017 Budget
Aviation
2017 Projected Free Cash Flow by Facility
A Free Cash Flow statement represents the cash that a facility is able to generate after monies required to operate,
maintain, or expand its asset base are considered. The following table details 2017 projected free cash flow
by facility.
Aviation Projected Free Cash Flow
(in thousands)
Gross
Operating
Revenues
O&M
Expenses
Allocated
Expenses
EBIDA
Grants,
Contributions &
PFC
Capital
Expenditures
2017 Free
Cash Flow
LaGuardia Airport
$365,479
$281,362
$26,317
$57,800
$40,209
$669,493
($571,484)
John F. Kennedy
International Airport
1,255,032
754,204
44,059
456,769
200,421
152,726
504,464
Newark Liberty
International Airport
935,603
473,153
33,532
428,918
24,550
154,247
299,221
Teterboro Airport
46,282
31,109
2,439
12,734
10,952
9,919
13,767
Stewart International Airport
8,524
21,073
271
(12,820)
1,747
2,363
(13,436)
Total - Aviation
$2,610,920
$1,560,901
$106,618
$943,401
$277,879
$988,748
$232,532
The Port Authority of NY & NJ 51 2017 Budget
Port Department
Left: The Port of NY & NJ receives vessels from all of the world's major ocean carriers and serves approximately 23 million regional
consumers. Right: The completion of the NY/NJ Harbor Deepening Navigation Program ensures the Port of NY & NJ’s readiness to
accommodate Neo-Panamax sized vessels.
Mission
The Port Department’s mission is to develop and manage competitive port infrastructure and service that expedites
the movement of cargo in a secure, environmentally sound, and fiscally responsible manner.
Port Facilities
The Port of New York and New Jersey is the largest port on
the East coast, the third largest in the U.S. and 22
nd
largest
in the world. The Port is located in the center of the largest
consumer region in the country, servicing more than 23
million regional consumers, with over 3.6 million containers
that are loaded and unloaded at its docks each year.
Port oversees the following facilities: Port Newark,
Elizabeth-Port Authority Marine Terminal, Port Jersey-Port
Authority Marine Terminal, Brooklyn-Port Authority Marine
Terminal, Howland Hook Marine Terminal, and Greenville Yard Port Authority Marine Terminal. In addition, Port
operates a class 1 freight railroad, New York-New Jersey Rail, LLC, which provides local connectivity for rail cargo
across the Hudson River using barges.
The Port Authority of NY & NJ 52 2017 Budget
Port Department
Core Functions
Develop and maintain all Port facility common areas and marine terminals, focusing on asset management,
service reliability and efficiency, security, and environmental stewardship.
Manage and deliver Port capital initiatives, including terminal development, port-wide rail facilities, and land
side infrastructure.
Promote Port facilities as the premier cargo gateway port on the East Coast for Beneficial Cargo Owners,
ocean carriers, logistic providers for auto and bulk interests, and cruise lines.
Oversee the leasing, administration, and facilitation of improvements and initiatives across port facilities,
carriers, cruise lines, and management of Port’s real estate assets.
Undertake planning and innovative thinking for future port development and partner with Port stakeholders,
regional governments, and the business community to implement such plans.
Activity Levels
The Port of New York and New Jersey handles approximately $193 billion of containerized trade annually. The
critical advantage to operations, for trading partners, regional, state, national, and global stakeholders, and other
users along the supply chain, is direct access to various transportation networks in the country from the port, as well
as a regional market of 23 million consumers.
The 2017 Budget projects 3.6 million containers, an increase of 2.5% above the 2016 Estimate.
Port Volumes – Containers Only
Staffing
Port has 172 permanent positions dedicated to operating, maintaining, and managing the marine terminals and port
system.
Operations (32)
The operations staff at the New Jersey Marine Terminals (26) and New York Marine Terminals (6) are dedicated to
ensuring that the berths, waterways, roadways, rail facilities, multi-tenant properties, and common utilities are
operated in a manner that allows for the safe and efficient movement of international cargo to and from Port
3,000
3,200
3,400
3,600
3,800
4,000
2012
Actual
2013
Actual
2014
Actual
2015
Actual
2016
Estimate
2017
Budget
(in thousands)
The Port Authority of NY & NJ 53 2017 Budget
Port Department
facilities. Staff oversee and administer terminal properties, and ensure compliance with all security regulations and
preparedness for multi-hazards.
Maintenance (75)
The maintenance staff at the New Jersey Marine Terminals (55) and New York Marine Terminals (20) are dedicated
to maintaining the marine terminals and port system, and ensuring compliance with applicable codes and
regulations.
Management (65)
Management and administrative staff support the operations and maintenance of facilities including capital program
delivery, asset management, waterways management, cargo and revenue management, strategic analysis,
maintenance of industry relations, port productivity and strategic planning and financial functions, port security and
emergency management programs, environmental programs management, facility and rail management, and
department-wide management oversight and administrative services.
2017 Operating Revenues
Port’s 2017 Operating Revenue Budget of $284 million, reflects an increase of $10 million, or 3.7%, over the 2016
Estimate. The 2017 Operating Revenue Budget is $14 million, or 5%, higher compared to the 2016 Budget.
Rental revenues, representing 78% of total revenues, are the main source of revenue and correspond to fixed
rentals from various lease agreements located at Port facilities, and percentage rentals derived from container and
other activity.
Parking and other includes revenues collected for the Cargo Facility Charges of $35 million. The remaining revenue
is mainly for dockage and wharfage fees and tenant parking.
Rentals
78%
Parking and other
21%
Utilities
1%
2017 Budget
Port Operating Revenues
by Category
The Port Authority of NY & NJ 54 2017 Budget
Port Department
Port Operating Revenues by Category
(in thousands)
2015 Actual
2016 Budget
2016 Estimate
2017 Budget
Rentals
$205,083
$217,935
$214,659
$221,809
Parking and other
62,246
50,375
56,768
59,877
Utilities
2,934
1,711
2,017
1,862
Total Operating Revenues
$270,263
$270,021
$273,444
$283,548
2017 Operating Expenses
The Port Department’s 2017 Operating Expense Budget is $181 million and represents an increase of $15.7 million,
or a 9.5%, compared to the 2016 Estimate. The 2017 Operating Expense Budget reflects a decrease of $4.9 million,
or 2.7%, compared to the 2016 Budget. This provides for maintenance to critical assets at Port facilities, including
berth and channel dredging and fender repairs.
The 2017 Budget continues to include programs that incentivize environmental initiatives at the Ports, including the
Truck Replacement Program and the Clean Vessel initiative. In addition, the 2017 Budget provides funding to
develop a master plan to provide a framework towards optimizing land use.
The 2017 Budget continues to advance fenders, other marine repairs, and federal, maintenance and bistate
dredging programs. Security expenses associated with policing continue to ensure a coordinated approach to the
safety and security of cargo at the Port facilities. Rent expense includes rent payable to the city of Newark. The 2017
Budget reflects the contractual five-year step increases in rent for certain facilities.
Management services
18%
Maintenance
32%
Operations
21%
Rent
15%
Security
14%
2017 Budget
Port Operating & Maintenance Expenses
by Category
The Port Authority of NY & NJ 55 2017 Budget
Port Department
Port Operating Expenses by Category
(in thousands)
2015 Actual
2016 Budget
2016 Estimate
2017 Budget
Operations
$39,470
$37,238
$28,725
$36,589
Security
23,646
24,235
24,483
23,979
Maintenance
53,986
55,646
53,809
54,975
Management services
24,460
34,064
24,787
30,435
Rent
25,621
24,873
24,899
26,073
Sub-total Operating & Maintenance
167,183
176,056
156,703
172,051
Allocated
8,793
9,500
8,212
8,581
Total Operating Expenses
$175,976
$185,556
$164,915
$180,632
2017 Capital Budget Overview
The Port Department’s 2017 Capital Budget of $153 million includes $42 million to maintain Port assets in a state of
good repair, $88 million to enhance system capacity, and $23 million to meet regulatory requirements.
Approximately 50% of the 2017 Capital Budget for Port is dedicated to the Rail facility being constructed at
Greenville Yard and improvements being made to the Cross Harbor carfloat system. The remainder of the Capital
Budget is dedicated to replacement and rehabilitation of berths and wharves, and other infrastructure to support
Port operations.
Mandatory
15%
State of Good Repair
27%
System Enhancing
58%
2017 Budget
Port Capital Expenditures
by Category
The Port Authority of NY & NJ 56 2017 Budget
Port Department
Port Net Capital Expenditures by Facility
(in thousands)
2015 Actual
2016 Budget
2016 Estimate
2017 Budget
Port Newark
$55,998
$60,550
$59,362
$40,587
Elizabeth PA Marine Terminal
4,248
10,707
4,574
12,154
Brooklyn PA Marine Terminal
5,343
629
–
680
Red Hook Container Terminal
–
–
–
299
Howland Hook Marine Terminal
4,921
12,403
1,571
12,489
NJ Marine Development
–
17,025
–
17,638
Greenville Yard/ NY and NJ, Rail LLC
10,069
28,896
23,062
36,476
Port Jersey PA Marine Terminal
13,171
44,778
5,466
32,727
Total Net Capital Expenditures
$93,750
$174,988
$94,035
$153,050
2017 Capital Budget - Significant Projects: Port (in thousands)
Project
ID
Asset
Class
Project Title & Description
Operational Impacts
2017
Budget
CP16-035
Rail
Systems
Express Rail Intermodal Container Transfer
Facility at Greenville Yard: This project will
provide a new state-of-the-art intermodal rail
facility at Global Marine Terminal’s Port Jersey
facility at Global Container Terminals Bayonne LP.
Improve the flow of goods to and from the
Port of New York and New Jersey and in
accordance with the lease agreement with
Global Container Terminals Bayonne LP.
$29,369
CP17-027
Bridges
Greenville Yard (NJMT)-Reconstruction of
Transfer Bridge 10: Reconstruction of Transfer
Bridge 10 is part of a project to improve the New
York-New Jersey Rail, LLC (NYNJR) Cross-
Harbor carfloat system.
Reduce truck congestion and improve air
quality in the region.
$18,353
The Port Authority of NY & NJ 57 2017 Budget
Port Department
2017 Projected Free Cash Flow by Facility
A Free Cash Flow statement represents the cash that a facility is able to generate after monies required to operate,
maintain, or expand its asset base are considered. The following table details 2017 projected free cash flow
by facility.
Port Projected Free Cash Flow
(in thousands)
Gross
Operating
Revenues
O&M
Expenses
Allocated
Expenses
EBIDA
Grants,
Contributions
& PFC
Capital
Expenditures
2017 Free
Cash Flow
Port Newark
$85,319
$93,674
$5,148
($13,503)
$179
$40,587
($53,911)
Elizabeth PA Marine Terminal
142,448
19,469
1,536
121,443
49
12,154
109,338
Brooklyn PA Marine Terminal
6,277
11,982
542
(6,247)
24
680
(6,903)
Red Hook Marine Terminal
1,740
7,969
271
(6,500)
–
299
(6,799)
Howland Hook Marine Terminal
14,452
10,904
271
3,277
–
12,489
(9,212)
NJ Marine Redevelopment
–
–
–
–
–
17,638
(17,638)
Greenville Yard New York
& New Jersey Rail, LLC
5,062
5,714
–
(652)
42,729
36,476
5,601
Port Jersey PA Marine Terminal
28,250
22,339
813
5,098
675
32,727
(26,954)
Total - Port
$283,548
$172,051
$8,581
$102,916
$43,656
$153,050
($6,478)
The Port Authority of NY & NJ 58 2017 Budget
World Trade Center (WTC)
Left: Access from the Oculus to the corner of Vesey and Church streets opened in Spring 2016. Right: The ultra-modern design of the
104-story One World Trade Center is an innovative mix of architecture, safety, and sustainability.
Mission
The WTC Department’s mission is to maintain and operate the WTC facilities in order to create a financially
successful and physically integrated complex that anchors the revitalization of Lower Manhattan, supports regional
transportation and prosperity, and provides visitors, tenants, the community and the region with a safe, secure,
environmentally sensitive complex, while honoring those lost on 9/11 and February 26, 1993.
WTC Facilities
The WTC is comprised of approximately 16 acres. The redevelopment of the WTC will provide approximately 10
million square feet of space for offices, retail, and other services when fully developed. These facilities are either
owned and operated by the Port Authority or operated by the respective stakeholders listed in parenthesis as follow:
One WTC (joint venture with the Durst Organization)
Towers 2, 3, and 4 (net leased agreement with Silverstein Properties)
WTC Retail, LLC (Westfield)
WTC Transportation Hub
9/11 Memorial and Museum (9/11 Foundation)
Performing Arts Center (PACWTC)
Greek Orthodox Church (GOC)
The Port Authority of NY & NJ 59 2017 Budget
World Trade Center (WTC)
Core Functions
Complete the design and construction of the various projects at the site, including the retail complex (in
coordination with private development partners), WTC Transportation Hub, the Vehicle Security Center, and
certain core site infrastructure.
Manage the WTC campus including security functions and site-wide operations.
Negotiate and implement joint venture agreements for office, retail development, and operations.
Staffing
World Trade Center has 112 permanent positions, of which 96 are dedicated to rebuilding the WTC Site.
Capital (96)
Staff dedicated to rebuild the WTC Site, manage the design guidelines and contracts to construct capital program
elements, and oversee the numerous onsite construction managers and contractors.
Management (16)
Management and administrative staff to manage real estate and business relationships, including property and
revenue management, security, business planning and financial functions, and overall management oversight.
2017 Operating Revenues
WTC’s 2017 Operating Revenue Budget of $275 million is $30 million, or 12%, higher than the 2016 Estimate. The
2017 Operating Revenue Budget represents $27 million, or 11%, increase compared to the 2016 Budget. The main
components of WTC revenue are rentals and fees from tenants.
Rentals
87%
Parking and other
8%
Utilities
5%
2017 Budget
WTC Operating Revenues
by Category
The Port Authority of NY & NJ 60 2017 Budget
World Trade Center (WTC)
WTC Operating Revenues by Category
(in thousands)
2015 Actual
2016 Budget
2016 Estimate
2017 Budget
Rentals
$169,038
$217,375
$211,692
$240,197
Parking and other
17,037
15,256
22,505
21,592
Utilities
13,806
15,580
11,285
13,247
Total Operating Revenues
$199,881
$248,211
$245,482
$275,036
2017 Operating Expenses
WTC total 2017 Operating Expense Budget is $333 million and represents a $30 million, or 10%, increase compared
to the 2016 Estimate. The 2017 Operating Expense Budget increased by $18 million, or 5.7%, compared to the 2016
Budget. $13 million of the increase relates to the full-year impact of assets that transitioned into operations in 2016
and new facilities that will come on line in 2017. The largest component of the Operating Expense Budget is for
security of $80 million.
The 2017 Budget provides for incremental site-wide maintenance, operations and security to support full year
operations of WTC Retail, LLC, Liberty Park, and other infrastructure. WTC Retail, net leased by Westfield America,
initial phase occupying of approximately 350,000 square feet opened on August 16, 2016.
During 2017, additional components of the site will become fully operational, including West Bathtub vehicular
access, bus parking, and additional MTA connections.
Management
services
9%
Maintenance
22%
Operations
24%
Rent & PILOT
20%
Security
25%
2017 Budget
WTC Operating & Maintenance Expenses
by Category
The Port Authority of NY & NJ 61 2017 Budget
World Trade Center (WTC)
WTC Operating Expenses by Category
(in thousands)
2015 Actual
2016 Budget
2016 Estimate
2017 Budget
Operations
$88,688
$76,188
$69,900
$79,222
Security
50,913
81,274
76,916
80,118
Maintenance
32,093
58,652
61,076
71,064
Management services
29,064
31,146
29,692
28,635
Rent & PILOT
50,898
57,087
57,107
65,348
Sub-total Operating & Maintenance
251,656
304,347
294,691
324,387
Allocated
7,092
11,000
8,415
8,941
Total Operating Expenses
$258,748
$315,347
$303,106
$333,328
2017 Capital Budget Overview
WTC’s 2017 Capital Budget provides expenditures totaling $532 million to support the further development of WTC
Vehicular Safety Center (VSC) and other site infrastructure, One World Trade Center, and the completion of WTC
Retail, LLC.
WTC Net Capital Expenditures by Facility
(in thousands)
2015 Actual
2016 Budget
2016 Estimate
2017 Budget
WTC Site Infrastructure
$305,749
$494,495
$232,526
$249,428
WTC Transportation Hub
113,724
148,216
136,483
73,888
WTC Retail, LLC
130,882
180,247
116,697
106,555
One World Trade Center
139,188
152,667
136,308
95,712
WTC Tower 2, 3, & 4
328,968
2,124
4,216
6,136
Total Net Capital Expenditures
$1,018,511
$977,749
$626,230
$531,719
One World
Trade Center
18%
WTC Retail, LLC
20%
WTC Site
Infrastructure
47%
WTC Transportation Hub
14%
WTC Tower 2, 3, & 4
1%
2017 Budget
WTC Capital Expenditures
by Category
The Port Authority of NY & NJ 62 2017 Budget
World Trade Center (WTC)
2017 Projected Free Cash Flow by Facility
A Free Cash Flow statement represents the cash that a facility is able to generate after monies required to operate,
maintain, or expand its asset base are considered. The following table details 2017 projected free cash flow by
facility.
WTC Projected Free Cash Flow
(in thousands)
Gross
Operating
Revenues
O&M
Expenses
Allocated
Expenses
EBIDA
Grants,
Contributions &
PFC
Capital
Expenditures
2017 Free
Cash Flow
WTC Site
$2,144
$145,986
$8,128
($151,970)
$2,732
$249,428
($398,666)
WTC Transportation Hub
–
–
–
–
100,000
73,888
26,112
WTC Retail, LLC
14,125
10,316
271
3,538
10,324
106,555
(92,693)
One World Trade Center
199,010
122,393
271
76,346
–
95,712
(19,366)
WTC 2, 3, 4, & 7
59,757
45,692
271
13,794
65,293
6,136
72,951
Total - WTC
$275,036
$324,387
$8,941
($58,292)
$178,349
$531,719
($411,662)
2017 Capital Budget – Significant Projects: WTC (in thousands)
Project
ID
Asset
Class
Project Title & Description
Operational Impacts
2017
Budget
Multiple
Building &
Garages
WTC Vehicular Safety Center (VSC) and Other
Site Infrastructure: Construction of a secure
screening facility for buses, trucks, and cars
entering the WTC site and other site infrastructure
projects.
Provide comprehensive security
screening for vehicles entering the
WTC site.
$249,248
CW30-001
Buildings &
Garages
WTC Retail: Development and completion of
approximately 365,000 square feet of world-class
retail and restaurant space.
Support the revival of Lower
Manhattan’s economy and contribute
to economic growth in the region.
$106,555
Multiple
Buildings &
Garages
One World Trade Center: Construction of base
building improvements and the building
maintenance unit.
Expansion of the pre-built program to
increase lease up and occupancy.
$95,712
The Port Authority of NY & NJ 63 2017 Budget
Real Estate & Development
Left: The Teleport is a 100-acre business park in Staten Island containing multiple class A and specialized office buildings and
development-ready sites. Right: The Port Authority's massive public transportation network offers opportunities for retailers, food and
beverage vendors, and service providers to capitalize on its passenger traffic.
Mission
To identify and leverage the value of Port Authority property and increase revenue opportunities, as well as to
enhance the productivity of Port Authority staff via an efficient and functional work environment.
Real Estate & Development Facilities
The department oversees certain Port Authority properties, including Bathgate Industrial Park, Industrial Park at
Elizabeth, the Teleport, and Waterfront Development (Queens West Waterfront Development and the Hoboken South
Waterfront Development).
Essex County Resource Recovery Facility, which is managed under a restructured operating agreement where the
facility operator is responsible for all operating and capital expenditures, and the Newark Legal and Communications
Center, which transferred the beneficial interest in the net lease agreement to the building tenant, are also included.
Core Function
Maximize Port Authority revenues by identifying opportunities such as retail and industrial space leasing,
investigating the disposition of non-core assets and selling undeveloped parcels to help fund the agency’s core
transportation mission.
The Port Authority of NY & NJ 64 2017 Budget
Real Estate & Development
Staffing
Real Estate and Development has 48 permanent positions performing an array of real estate functions that optimize
the value of Port Authority assets and support other Agency objectives.
2017 Operating Revenues
Development’s 2017 Operating Revenue Budget of $26 million is essentially flat compared to the 2016 Estimate. The
2017 Operating Revenue Budget is $1.5 million lower, or 5.6%, compared to the 2016 Budget. Operating revenues
are mainly comprised of fixed rentals and resale of electricity.
Development Operating Revenues by Category
(in thousands)
2015 Actual
2016 Budget
2016 Estimate
2017 Budget
Rentals
$19,468
$17,941
$18,984
$18,033
Parking and other
425
463
535
554
Utilities
6,668
9,367
6,894
7,642
Total Operating Revenues
$26,561
$27,771
$26,413
$26,229
2017 Operating Expenses
Development’s 2017 total Operating Expense Budget of $15 million is $2.7 million, or 22.2%, higher than the 2016
Estimate. The 2017 Operating Expense Budget is $1 million, or 6.6%, lower compared to the 2016 Budget. The 2017
Budget provides for operating and maintaining Development facilities, which allows the Port Authority to earn
revenues through rent and resale of utilities.
Development Operating Expenses by Category
(in thousands)
2015 Actual
2016 Budget
2016 Estimate
2017 Budget
Operations
$7,303
$10,014
$5,568
$8,793
Security
677
784
785
813
Maintenance
2,314
2,112
3,049
2,581
Management services
1,139
686
737
837
Rent
1,987
2,115
1,830
1,912
Sub-total Operating & Maintenance
13,420
15,711
11,969
14,936
Allocated
239
287
268
13
Total Operating Expenses
$13,659
$15,998
$12,237
$14,949
The Port Authority of NY & NJ 65 2017 Budget
Real Estate & Development
2017 Capital Budget Overview
Development’s 2017 Capital Budget of $1 million is for a mandatory project related to the Teleport.
Development Net Capital Expenditures by Facility
(in thousands)
2015 Actual
2016 Budget
2016 Estimate
2017 Budget
Bathgate Industrial Park
$1,238
$ –
$ –
$ –
Teleport
872
1,305
610
1,022
Total Net Capital Expenditures
$2,110
$1,305
$610
$1,022
2017 Projected Free Cash Flow by Facility
A Free Cash Flow statement represents the cash that a facility is able to generate after monies required to operate,
maintain, or expand its asset base are considered. The following table details 2017 projected free cash flow by
facility.
Development Projected Free Cash Flow
(in thousands)
Gross
Operating
Revenues
O&M
Expenses
Allocated
Expenses
EBIDA
Grants,
Contributions &
PFC
Capital
Expenditures
2017 Free
Cash Flow
Essex County Resource
Recovery Facility
$20
$239
$ –
($219)
$ –
$ –
($219)
Industrial Park at
Elizabeth
1,212
202
–
1,010
–
–
1,010
Bathgate Industrial Park
3,935
1,971
–
1,964
–
–
1,964
Teleport
12,141
12,051
–
90
–
1,022
(932)
Newark Legal &
Communications Center
–
105
–
(105)
–
–
(105)
Queens West Waterfront
Development
968
–
–
968
–
–
968
Hoboken South
Waterfront Development
7,953
368
13
7,572
–
–
7,572
Total - Development
$26,229
$14,936
$13
$11,280
$ –
$1,022
$10,258
The Port Authority of NY & NJ 66 2017 Budget
Staff Departments
The Port Authority has certain corporate departments that provide centralized management, advisory, technical,
administrative, and capital planning support services to Port Authority facilities. Costs associated with these
centralized services are allocated to operating facilities and capital projects on the basis of direct labor.
Allocated Expenses by Staff Department
(in thousands)
2015
Actual
2016
Budget
2016
Estimate
2017
Budget
Chief, Capital Planning, Execution & Asset Management
$2,246
$2,324
$2,479
$1,487
Business Diversity and Civil Rights
3,516
5,118
4,794
5,356
Environmental and Energy Programs
4,725
5,212
4,830
5,175
Planning & Regional Development
4,327
4,650
4,328
4,618
Chief, Human Capital
Human Resources
21,991
24,630
24,101
25,727
Labor Relations
2,211
2,147
2,292
2,281
Chief, Major Capital Projects / WTC Construction
3,424
4,288
4,288
1,954
Chief, Procurement & Contracting Officer
12,014
10,394
9,920
10,514
Chief, Public & Government Affairs
4
302
2
269
Government & Community Affairs
3,544
4,878
4,163
4,582
Media Relations
1,746
2,399
2,665
2,481
Marketing
4,999
4,570
5,016
4,483
Chief, Real Estate & Development
1,643
2,127
1,261
2,241
Real Estate
21,824
22,470
19,414
14,405
Chief Technology Officer
77,086
81,629
84,504
84,510
Chief Engineer
1,085
1,738
1,670
1,648
Chief Financial Officer
2,964
3,781
3,800
3,885
Comptroller
10,747
11,029
10,893
11,692
Management & Budget
5,965
6,853
6,354
6,098
Financial Planning
1,260
1,416
1,182
2,464
Treasury
10,762
11,479
9,760
11,183
Chief Operating Officer
4,558
7,234
5,787
7,741
Operation Services
3,970
5,513
4,314
5,260
Executive Director
1,268
1,306
1,148
1,317
General Counsel / Law
21,671
19,798
18,158
21,781
Inspector General / Office of Investigations
9,480
9,517
8,988
9,206
Audit
9,148
9,610
10,109
9,727
Office of Continuous Improvement
1,045
890
3,918
794
Secretary
6,949
7,317
7,148
7,362
Special Panel Implementation Office
867
1,306
858
1,294
Other
2,379
(1,591)
(5,485)
(586)
Sub-total General Administrative
259,418
274,334
262,659
270,949
Allocated Expenses:
Less General Administrative Allocated to Capital
35,235
51,849
38,348
47,416
General Administrative Allocated to Operations
224,183
222,485
224,311
223,533
Development Expenses Allocated to Operations
4,984
4,344
1,730
4,318
Total Allocated Expenses to Operations
$229,167
$226,829
$226,041
$227,851
The Port Authority of NY & NJ 67 2017 Budget
The Port Authority of NY & NJ 68 2017 Budget
The Port Authority of NY & NJ 69 2017 Budget
Capital Project Listings
The definitions of project category and stage designations below support the capital project listing in the
following section.
Category Designations
Stages Designations
(MAND) Mandatory
(SEC) Security
(SGR) State of Good Repair
(SEP) System Enhancement Projects
(SRP) State and Regional Projects
(Stage P) Planning
(Stage 1) Conceptual Design
(Stage 2) Preliminary Design
(Stage 3) Contract Documents
(Stage 4) Construction
(Stage 5) Closeout Stage
(Stage M1) Multiple Stages, Reporting Stage 1
(Stage M2) Multiple Stages, Reporting Stage 2
(Stage M3) Multiple Stages, Reporting Stage 3
(Stage M4) Multiple Stages, Reporting Stage 4
(Stage M5) Multiple Stages, Reporting Stage 5
0
100
200
300
400
500
600
700
800
900
1,000
$697
$947
$177
$127
$61
$216
$296
$34
$196
$122
$28
2017 Budget
Capital Expenditures by Asset Class
(in millions)
The Port Authority of NY & NJ 70 2017 Budget
2017 Capital Project Listing
Sorted by Department, Facility and Asset Class (in thousands)
Project ID
Title
Category
Stage
2017 Budget
TUNNELS, BRIDGES & TERMINALS
CB02- HOLLAND TUNNEL
BUILDINGS & GARAGES
CB02-175
REPLACEMENT OF BULKHEAD DOORS IN VENTILATION BUILDINGS
SGR
3
$246
24635
CB02-180
STAIR REHABILITATION IN NEW YORK RIVER VENTILATION BUILDINGS
SGR
4
35
35876
CB02-196
REHAB. OF EVASE STACKS ON VENTILATION BUILDINGS
SGR
P
378
378824
CB02-200
WATERSIDE BUFFER ZONE PROTECTION
SEC
4
876
876298
CB02-207
REHABILITATION OF BRONZE DOORS AT SPRING STREET
SGR
3
296
296
CB02-217
NEW YORK EMERGENCY GARAGE -ROOF & PARAPET REPLACEMENT
SGR
3
824
824
CB02-223
HT - INSTALLATION OF ADDITONAL MEANS OF EGRESS FOR NJ ADMINISTRATION
BUILDING
MAND
3
514
CB02-228
INSTALLATION OF EVASE STACK INSPECTION STRUCTURES
SGR
3
298
CONTROL SYSTEMS
CB02-156
SUPERVISORY CONTROL SYSTEM REPLACEMENT
SGR
P
2,433
CB02-184
ACCESS CONTROL SYSTEM ENHANCEMENT
SEP
4
412
CB02-202
MULTI-FACILITY REPLACEMENT TOLL COLLECTION SYSTEM
SGR
4
1,380
CB02-205
800 MHZ SIMULCAST TRUNKED RADIO SYSTEM UPGRADE
SEP
M4
911
CB02-220
HT - MID-RIVER PUMP ROOM - ADDITIONAL SUPERVISORY CONTROL
SGR
3
191
CB02-224
ITCS STRATEGIC INVESTMENT
SGR
4
2,951
CB02-227
HT-AGENCY-WIDE TRANSPORTATION MANAGEMENT SOFTWARE
SGR
3
492
ELECTRICAL POWER & LIGHTING
CB02-225
MITIGATION OF LATENT SALT DAMAGE TO MECHANICAL, ELECTRICAL AND
PLUMBING SYSTEMS
SGR
2
1,314
HVAC, PLUMBING & SPRINKLERS
CB02-040
REHABILITATION OF TUNNEL VENTILATION SYSTEM MECHANICAL/ ELECTRICAL
SGR
4
13,447
CB02-162
REPLACEMENT OF FLOOR DRAINS/PIPING OF 4 VENT BLDGS
SGR
4
61
CB02-166
HVAC SYSTEM REPLACEMENT AT ADMINISTRATION AND SERVICE BUILDINGS
SGR
4
33
OTHER-MISCELLANEOUS
CB02-123
REPLACEMENT OF PIER 9 AND PIER 204
SGR
M4
3,724
CB02-193
CONCRETE AND STEEL REHABILITATION
SGR
P
568
CB02-195
REHABILITATION SUPPLY BLOWER PORTS
SGR
4
3,733
CB02-213
HT - MITIGATION OF WATER LEAKAGE AT VENTILATION DUCTS AND MID-RIVER PUMP
ROOM
SGR
4
2,510
CB02-226
LATENT SALT DAMAGE MITIGATION
SGR
2
1,276
CB02-HOLLAND TUNNEL
38,903
CB03-LINCOLN TUNNEL
BRIDGES
CB03-267
PULASKI SKYWAY REHABILITATION
SGR
M4
140,304
CB03-268
REPLACEMENT OF ROUTE 7 WITTPENN BRIDGE
SGR
M4
100,216
BUILDINGS & GARAGES
CB03-261
WATERSIDE BUFFER ZONE PROTECTION
SEC
3
799
CB03-286
LATENT SALT DAMAGE MITIGATION
SGR
3
101
CONTROL SYSTEMS
CB03-252
ACCESS CONTROL SYSTEM ENHANCEMENT
SEP
4
156
CB03-262
MULTI-FACILITY REPLACEMENT TOLL COLLECTION SYSTEM
SGR
4
2,160
CB03-266
800 MHZ SIMULCAST TRUNKED RADIO SYSTEM UPGRADE
SEP
M4
922
CB03-276
LT - REPLACE SCADA SYSTEM
SGR
P
273
CB03-278
INSTALLATION AND REPLACEMENT OF OVERHEIGHT STRUCTURES & DETECTORS AT
NY ENTRANCE
SGR
3
2,451
CB03-284
ITCS STRATEGIC INVESTMENT
SGR
4
3,559
CB03-290
LT-AGENCY-WIDE TRANSPORTATION MANAGEMENT SOFTWARE
SGR
3
504
The Port Authority of NY & NJ 71 2017 Budget
2017 Capital Project Listing
Sorted by Department, Facility and Asset Class (in thousands)
Project ID
Title
Category
Stage
2017 Budget
ELECTRICAL POWER & LIGHTING
CB03-285
MITIGATION OF LATENT SALT DAMAGE TO MECHANICAL, ELECTRICAL AND
PLUMBING SYSTEMS
SGR
3
217
CB03-287
XBL SIGNAL UPGRADE
SGR
4
1,056
HVAC, PLUMBING & SPRINKLERS
CB03-093
REPAINTING OF TUNNEL VENTILATION FANS
SGR
4
1,439
CB03-231
REPLACEMENT OF VENTILATION LOUVERS IN NY VENTILATION BUILDINGS
SGR
4
1,015
CB03-264
REPLACE HVAC SYSTEM AT ADMIN. BUILDING - PHASE II
SGR
3
902
CB03-274
LT - REPLACEMENT OF ABOVE-GROUND STORAGE TANKS
SGR
3
806
PAVING & ROADWAYS
CB03-213
REPLACEMENT OF HELIX - PLANNING
SGR
1
6,161
6,161
CB03-269
ROUTE 1&9 REPLACEMENT
SEP
M3
20,023
20,023
CB03-280
REPLACE CURB PLATES IN THE NORTH AND SOUTH TUBES
SGR
4
43
43
CB03-291
LINCOLN TUNNEL HELIX GUIDERAIL REPAIR & MANHOLE COVER RELOCATION -
PRIORITY REPAIRS
SGR
3
161
CB03-297
SIGN REPLACEMENT AT EASTBOUND 495 APPROACH
SGR
3
408
408
CB03-LINCOLN TUNNEL
283,676
CB04-GEORGE WASHINGTON BRIDGE
BRIDGES
CB04-132
REHABILITATION PROGRAM OF THE UNDERSIDE OF LOWER LEVEL STRUCTURE,
PRIORITY STEEL REPAIR, REPLACEMENT OF MAINTENANCE PLATFORM
SGR
M4
8,299
CB04-261
REHABILITATION OF UPPER LEVEL SPAN OVER NJ ANCHORAGE AND HUDSON
TERRACE
SGR
4
13,061
CB04-272
REHABILITATION OF NY/NJ ANCHOR MAIN CABLE STRANDS
SGR
4
1,150
CB04-276
REHABILITATION OF 178TH & 179TH STREET RAMPS, BUS RAMPS, AND BUS
TURNAROUND
SGR
3
3,354
CB04-285
REPLACEMENT OF THE PALISADES INTERSTATE PARKWAY HELIX
SGR
4
25,372
CB04-317
REHABILITATION OF CENTER AVE BRIDGE AND LEMOINE AVE BRIDGE
SGR
3
1,983
CB04-319
REPLACEMENT OF SUSPENDER ROPES AND REHABILITATION OF MAIN CABLES
SGR
3
52,280
CB04-328
FLAG HOIST SYSTEM ACCESS UPGRADE
SGR
P
51
CB04-333
FACILITY STEEL AND CONCRETE REHABILITATION
SGR
4
73
CB04-336
REHABILITATION OF TME OVERPASSES - PHASE 1
SGR
1
1,135
CB04-361
REHABILITATION OF PRIORITY AREAS FACILITY WIDE
SGR
4
10,433
CB04-375
MAIN CABLE PROTECTION
SEC
3
55
CB04-380
GWB MAIN SPAN UPPER LEVEL STRUCTURAL STEEL REHABILITATION - PHASE II
SGR
1
2,194
CB04-391
INSTALLATION OF PEDESTRIAN SAFETY FENCING ON VARIOUS PARAPETS
SGR
P
703
CONTROL SYSTEMS
CB04-260
MULTI-FACILITY REPLACEMENT TOLL COLLECTION SYSTEM
SGR
4
4,670
CB04-312
UPGRADE/REPLACE ITS SIGNS AND FIELD DEVICES
SGR
3
2,578
CB04-318
ACCESS CONTROL SYSTEM ENHANCEMENT
SEP
4
1,620
CB04-357
800MHZ SIMULCAST TRUNKED RADIO SYSTEM UPGRADE
SEP
M4
963
CB04-359
SANITARY SEWER REHABILITATION AT ADMINISTRATION BUILDING PARKING LOT
SGR
3
1,195
CB04-377
ITCS STRATEGIC INVESTMENT
SGR
4
7,089
CB04-379
GWB-AGENCY-WIDE TRANSPORTATION MANAGEMENT SOFTWARE
SGR
3
907
ELECTRICAL POWER & LIGHTING
CB04-383
GWB - REHABILITATION OF LOW VOLTAGE POWER DISTRIBUTION SYSTEM
SGR
3
388
CB04-384
GWB - REPLACEMENT OF AUTOMATIC TRANSFER SWITCHES
SGR
3
186
CB04-390
ELECTRICAL FEEDER REPLACEMENT-PHASE II
SGR
P
2,217
PAVING & ROADWAYS
CB04-258
FORT LEE STREET IMPROVEMENTS
SGR
4
1,594
CB04-288
REPLACEMENT OF MEDIAN BARRIERS AND TRAFFIC SAFETY IMPROVEMENTS
SGR
3
1,229
The Port Authority of NY & NJ 72 2017 Budget
2017 Capital Project Listing
Sorted by Department, Facility and Asset Class (in thousands)
Project ID
Title
Category
Stage
2017 Budget
CB04-300
PAVEMENT REPLACEMENT OF LOWER LEVEL EAST BOUND MAIN SPAN, LLEB
APPROACH & RAMPS
SGR
4
47
CB04-351
ACCESS RAMP BARRIER UPGRADES
SEC
4
1,084
CB04-362
GWB REPAVE EASTBOUND UPPER LEVEL
SGR
3
498
CB04-382
GWB LANDSCAPE IMPROVEMENTS BRUCE REYNOLDS BOULEVARD
SGR
4
221
CB04-GEORGE WASHINGTON BRIDGE
146,629
CB06-BAYONNE BRIDGE
BRIDGES
CB06-087
NAVIGATIONAL CLEARANCE PROGRAM
SEP
M4
239,803
CONTROL SYSTEMS
CB06-113
MULTI-FACILITY REPLACEMENT TOLL COLLECTION SYSTEM
SGR
4
619
CB06-120
BB-AGENCY-WIDE TRANSPORTATION MANAGEMENT SOFTWARE
SGR
3
223
OTHER-MISCELLANEOUS
CB06-119
TOLLS BY MAIL FUNCTIONALITY
SEP
4
851
CB06-BAYONNE BRIDGE
241,496
CB07-GOETHALS BRIDGE
BRIDGES
CB07-103
GOETHALS BRIDGE REPLACEMENT
SGR
4
65,893
CB07-145
INTERCHANGE RAMPS PROJECT
SEP
1
3,870
CONTROL SYSTEMS
CB07-149
MULTI-FACILITY REPLACEMENT TOLL COLLECTION SYSTEM
SGR
4
1,234
CB07-152
800MHZ SIMULCAST TRUNKED RADIO SYSTEM UPGRADE
SEP
M4
689
CB07-155
ITCS STRATEGIC INVESTMENT
SGR
4
2,428
CB07-156
GB-AGENCY-WIDE TRANSPORTATION MANAGEMENT SOFTWARE
SGR
3
223
CB07-GOETHALS BRIDGE
74,337
CB08-OUTERBRIDGE CROSSING
BRIDGES
CB08-109
MAIN SPAN PIER & FENDER UPGRADES
SEP
2
690
CONTROL SYSTEMS
CB08-110
MULTI-FACILITY REPLACEMENT TOLL COLLECTION SYSTEM
SGR
4
1,083
CB08-117
ITCS STRATEGIC INVESTMENT
SGR
4
1,242
CB08-118
OBX-AGENCY-WIDE TRANSPORTATION MANAGEMENT SOFTWARE
SGR
3
223
ELECTRICAL POWER & LIGHTING
CB08-119
OBX REPLACEMENT OF UPS SYSTEM
SGR
3
188
HVAC, PLUMBING & SPRINKLERS
CB08-083
TOLL CANOPY - REPLACEMENTS OF HVAC UNITS AND ROOF
SGR
4
16
PAVING & ROADWAYS
CB08-107
REHABILITATION OF PAVEMENT
SGR
4
37
CB08-OUTERBRIDGE CROSSING
3,479
The Port Authority of NY & NJ 73 2017 Budget
2017 Capital Project Listing
Sorted by Department, Facility and Asset Class (in thousands)
Project ID
Title
Category
Stage
2017 Budget
CB48-GEORGE WASHINGTON BRIDGE BUS STATION
BUILDINGS & GARAGES
CB48-056
GWBBS REDEVELOPMENT
SEP
4
7,315
CONTROL SYSTEMS
CB48-065
GWBBS-AGENCY-WIDE TRANSPORTATION MANAGEMENT SOFTWARE
SGR
3
226
CB48-GEORGE WASHINGTON BRIDGE BUS STATION
7,541
CT06-PORT AUTHORITY BUS TERMINAL
BUILDINGS & GARAGES
CT06-212
REHABILITATION OF ESCALATORS
SGR
1
626
CT06-239
INTERNAL STRUCTURAL ENHANCEMENTS
SEC
3
1,055
CT06-267
VIDEO PROCESSING EQUIPMENT ROOM MODIFICATIONS
SGR
4
447
CT06-274
SOUTHWING MISCELLANEOUS LEAK REPAIRS
SGR
3
6,000
CT06-276
REHABILITATE ELEVATORS
SGR
1
429
CT06-277
REPLACE CEILING SLATS
SGR
4
450
CT06-281
ENHANCEMENT OF BUILDING ENTRANCES AND REPLACEMENT OF ENTRANCE/EXIT
DOORS
SGR
M4
4,688
CT06-282
REHABILITATE FLOORING, WALLS & FINISHES
SGR
3
1,217
CT06-285
PABT REPLACEMENT PROGRAM
SEP
P
46,810
CT06-289
PRIORITY CONCRETE REPAIRS - PHASE II
SGR
3
550
CT06-293
PARKING LEVEL TRUSS #1 STRAND REPLACEMENT
SGR
1
1,253
CT06-298
PRIORITIZED CONCRETE AND MASONRY REHABILITATION
SGR
1
376
CT06-301
NEW VERTICAL CIRCULATION SUBWAY LEVEL TO MAIN LEVEL
SEP
P
1,650
CT06-303
EXISTING ELEVATOR AND LOBBY MODIFICATIONS
SEP
P
467
CT06-304
ROOF FLASHING @ NORTH WING AND SOUTH WING
SGR
1
301
CT06-307
PARKING LEVEL TRUSS PRESERVATION
SGR
1
388
CONTROL SYSTEMS
CT06-120
REPLACEMENT OF BUILDING AUTOMATED MONITORING & CONTROL SYSTEM
SGR
4
298
CT06-200
REPLACEMENT OF FIRE ALARM SYSTEM
SGR
3
758
CT06-241
UPGRADE CCTV SURVEILLANCE EQUIPMENT
SEP
M4
601
CT06-246
PABT - ACCESS CONTROL SYSTEM ENHANCEMENT
SEP
4
143
CT06-266
800MHZ SIMULCAST TRUNKED RADIO SYSTEM UPGRADE
SEP
M4
1,186
CT06-275
REPLACEMENT OF VISUAL PAGING SYSTEM AND MASTER CLOCK SYSTEM
SGR
3
3,827
CT06-278
INSTALLATION OF BUS TRACKING SYSTEM AND SOFTWARE
SEP
M4
584
CT06-283
PABT-AGENCY-WIDE TRANSPORTATION MANAGEMENT SOFTWARE
SGR
3
230
CT06-292
REPLACEMENT OF BUS RAMP HEATING CONTROLS (SNOW MELTING)
SGR
1
140
CT06-296
REPLACE SOVALOID SYSTEM
SGR
1
133
ELECTRICAL POWER & LIGHTING
CT06-202
REPLACEMENT OF PRIMARY ELECTRIC SERVICE
SGR
4
3,164
CT06-291
PABT - REPLACEMENT OF ELECTRIC PANELS
SGR
1
940
CT06-295
DECOMMISSION OF ELECTRICAL SERVICE SWITCHGEAR 2
SGR
1
436
HVAC, PLUMBING & SPRINKLERS
CT06-199
REPLACEMENT OF FIRE PUMPS
SGR
4
762
CT06-220
REHABILITATE PUBLIC RESTROOMS
SGR
M4
41
CT06-230
REPLACEMENT OF SOUTH WING HVAC UNITS AND ASSOCIATED ELECTRICAL
DISTRIBUTION SYSTEM
SGR
4
5,332
CT06-290
PABT DRAINAGE TROUGH LEAK MITIGATION
SGR
1
590
CT06-294
SANITARY DRAINAGE SYSTEM
SGR
1
1,000
CT06-297
MODIFICATIONS TO CHILLED WATER SYSTEM
SEP
1
173
The Port Authority of NY & NJ 74 2017 Budget
2017 Capital Project Listing
Sorted by Department, Facility and Asset Class (in thousands)
Project ID
Title
Category
Stage
2017 Budget
CT06-299
FIRE SPRINKLER HYDRO PNEUMATIC TANKS
SGR
1
1,055
CT06-300
HVAC BALANCING AND DUCTWORK REHABILITATION
SGR
1
383
PAVING & ROADWAYS
CT06-259
NORTH WING SBL WEARING COURSE REPLACEMENT
SGR
3
327
CT06-302
RESTORE 2 SAWTOOTH GATES
SEP
P
957
CT06-306
LOWER LEVEL, PARTIAL 3RD AND 4TH FLOOR BUS LEVEL REPAIRS OF WEARING
COURSE
SGR
1
1,147
CT06-PORT AUTHORITY BUS TERMINAL
90,914
TUNNELS, BRIDGES & TERMINALS TOTAL
886,975
PATH
CR02-PATH
BUILDINGS & GARAGES
CR02-505
RESTORATION OF FACADE AND ROOF – CHRISTOPHER STREET SUBSTATION #1
BUILDING
SGR
3
655
CR02-508
REPLACEMENT OF ROOF FOR SUBSTATION 5 (BACKUS)
SGR
4
17
CR02-509
REPLACEMENT OF ROOF FOR SUBSTATION 15 (CAISSON)
SGR
4
19
CR02-511
REPLACEMENT OF VENT LOUVERS AT SUBSTATION #4
SGR
3
173
CR02-513
REPAIRS TO PREVENT WATER INFILTRATION AT SUBSTATION 2A
SGR
3
548
CR02-514
REPLACE THE ROOF AT EXCHANGE PLACE SUB#4
SGR
3
1,266
CR02-527
REPLACEMENT OF IN-GROUND LIFTS HARRISON CAR MTC FACILITY
SGR
4
7,085
CR02-574
30TH ST MEZZANINE REHABILITATION
SGR
3
1,005
CR02-576
REPLACEMENT OF ROOF - MACMILLAN BLOEDEL (MMB) BUILDING
SGR
3
5,878
CR02-587
HOBOKEN FLOOD RESILIENCY
SEP
3
676
CR02-599
HARRISON CAR MAINTENANCE FACILITY AUTOMATIC FLOOD BARRIER
SEP
2
926
CR02-600
EXCHANGE PLACE STATION HEAD HOUSE PROTECTION
SEP
2
722
CR02-601
HARRISON CAR MAINTENANCE FACILITY CONCRETE SEA WALL
SEP
2
1,009
CR02-612
GROVE STREET STATION HEAD HOUSE PROTECTION
SEP
2
667
CR02-613
NEWPORT STATION HEAD HOUSE PROTECTION
SEP
2
413
CR02-624
REPLACEMENT OF GROVE STREET STATION ESCALATORS
SGR
P
441
CR02-631
RESTORATION OF HOBOKEN, NEWPORT, EXCHANGE PLACE AND GROVE STREET
STATIONS
SGR
P
1,329
CONTROL SYSTEMS
CR02-150
SIGNAL REPLACEMENT PROGRAM
SGR
4
31,004
CR02-352
RADIO BASE STATION/SIMULCAST RADIO SYSTEM
SGR
M5
462
CR02-419
PATH - FIRE ALARM SYSTEM UPGRADE
SGR
3
1,747
CR02-439
INSTALL NETWORK MANAGEMENT SYSTEM
SEP
4
727
CR02-492
REHABILITATION OF VITAL SIGNAL RELAY
SGR
4
85
CR02-535
SCADA PROGRAMMABLE LOGIC CONTROLLERS AND INTERFACE EQUIPMENT
REPLACEMENT
SGR
3
1,280
CR02-573
800 MHZ SIMULCAST TRUNKED RADIO SYSTEM UPGRADE
SEP
M4
1,823
CR02-580
SOUTH ST YARD COUNTER-TERRORISM INFRASTRUCTURE IMPROVEMENTS
SGR
4
769
CR02-594
REPLACEMENT OF CORROSION PROTECTION AND CONTROL SYSTEM IN
TUNNELS E & F
SGR
3
260
CR02-606
PATH - AGENCY-WIDE TRANSPORTATION MANAGEMENT SOFTWARE
SGR
P
385
ELECTRICAL POWER & LIGHTING
CR02-233
WASHINGTON STREET POWERHOUSE - CONSTRUCTION AND RELOCATION OF
SUBSTATION NO.2
SGR
M1
1,158
CR02-336
REPLACEMENT AND UPGRADE OF THE CHRISTOPHER ST SUBSTATION
SGR
4
10,018
CR02-378
REPLACEMENT OF SUBSTATION #8 – KEARNY, NJ
SGR
2
1,078
CR02-418
REPLACE 15KV AND 27KV CABLES BETWEEN JUNCTION AND SUBSTATION #2 AND #15
SGR
4
515
CR02-421
TUNNEL ELECTRICAL LIGHTING SYSTEM
SGR
1
586
CR02-425
REPLACE 27 KV CABLES BETWEEN SUBSTATIONS 2 AND 1
SGR
P
441
The Port Authority of NY & NJ 75 2017 Budget
2017 Capital Project Listing
Sorted by Department, Facility and Asset Class (in thousands)
Project ID
Title
Category
Stage
2017 Budget
CR02-434
INFRASTRUCTURE FOR CONNECTION OF STANDBY GENERATORS
SEP
4
2,368
CR02-462
REPLACEMENT OF SUBSTATION #7
SGR
3
1,103
CR02-463
REPLACEMENT OF SUBSTATION #9
SGR
3
1,004
CR02-495
INSTALLATION OF CONTROL CABLES AT CHRISTOPHER ST STATION
SGR
4
79
CR02-518
REPLACEMENT OF SWITCHING STATION #6
SGR
4
2,646
CR02-521
REPLACE HIGH MAST LIGHTING AT HCMF
SGR
1
167
CR02-529
REPLACEMENT OF TRACKSIDE CIRCUIT BREAKERS
SGR
1
722
CR02-545
REPLACEMENT OF ATS EQUIPMENT
SGR
4
526
CR02-548
REPLACEMENT OF SUBSTATION #14
SGR
2
2,348
CR02-569
SUBSTATION #8 - PROPERTY ACQUISITION
SGR
2
1,049
CR02-588
SUBSTATION 7, 8, 9 & 14 MID-TERM REHABILITATION
SGR
M4
260
CR02-589
SIGNAL REPLACEMENT TUNNELS E & F
SGR
3
417
CR02-590
REPLACEMENT OF RADIO AND ELECTRONICS IN TUNNELS E & F
SGR
3
229
CR02-591
REPLACEMENT OF 27KV, 15KV, TRACTION POWER AND INTER-TRIPPING CABLES IN
TUNNELS E & F
SGR
3
448
CR02-592
REPLACEMENT OF LIGHTING, BLUE LIGHT STATIONS AND 480V POWER
DISTRIBUTION EQUIPMENT IN TUNNELS E & F
SGR
3
338
CR02-593
REPLACEMENT OF AUXILIARY POWER EQUIPMENT & CABLE REPLACEMENT AT
EXCHANGE PLACE
SGR
3
166
CR02-604
PATH TIE PLATE REPLACEMENT IN TUNNEL AREAS, PHASE I
SGR
4
44
CR02-608
PATH TUNNELS A & B - REPLACEMENT OF POWER DISTRIBUTION CABLES
SGR
4
2,481
CR02-625
33RD STREET SWITCHGEAR REPLACEMENT
SGR
3
257
HVAC, PLUMBING & SPRINKLERS
CR02-507
FIRE SUPPRESSION SYSTEM UPGRADE
SGR
1
909
CR02-517
CONSOLIDATED MTC SHOP - EXHAUST AND VENTILATION SYSTEM MODIFICATIONS
SGR
4
8
CR02-520
HARRISON CAR MAINTENANCE FACILITY CENTRAL VACUUM SYSTEM INSTALLATION
SEP
1
185
CR02-586
HOBOKEN STATION UNDER PLATFORM FAN REPLACEMENT
SGR
4
3,588
OTHER-FUELING
CR02-582
HACKENSACK RIVER BRIDGE EMERGENCY GENERATOR FUEL TANK
SGR
4
3,937
OTHER-MISCELLANEOUS
CR02-530
REPLACE AND INSTALL NEW 5-TON CRANE AT D YARD
SGR
P
212
CR02-556
REPLACE ELEVATORS - HARRISON CAR MAINTENANCE FACILITY
SGR
3
488
CR02-597
PATH REPLACEMENT OF EXCHANGE PLACE STATION ESCALATORS
SGR
3
1,219
CR02-598
GROVE STREET STATION - INTERIM ADA
MAND
4
2,374
CR02-609
REPLACEMENT OF EXCHANGE PLACE STATION ELEVATORS
SGR
3
481
CR02-610
REPLACEMENT OF NEWPORT STATION ELEVATORS
SGR
3
495
CR02-611
REPLACEMENT OF NEWPORT STATION ESCALATORS
SGR
2
712
CR02-614
HOBOKEN ELEVATOR FLOOD RESILIENCY
SEP
1
717
PAVING & ROADWAYS
CR02-630
REPLACEMENT OF APPROACH SLAB AND PAVEMENT AT HARRISON CAR
MAINTENANCE FACILITY
SGR
P
639
RAIL SYSTEMS
CR02-212
TIE RENEWAL PROGRAM
SGR
4
4,132
CR02-258
TURNOUT REPLACEMENT - PHASE 3
SGR
M4
3,915
CR02-259
CONTINUOUS WELDED RAIL PROGRAM
SGR
4
2,018
CR02-261
CONTACT RAIL PROGRAM
SGR
4
2,090
CR02-290
PATH EXTENSION TO NORTHEAST CORRIDOR RAIL LINK STATION
SEP
1
6,800
CR02-328
TUNNEL TRACK AND DRAINAGE PROGRAM
SGR
4
1,130
CR02-345
PURCHASE NEW RAILCARS (PA-5)
SGR
4
7,254
CR02-358
RESTRAINING RAIL PROGRAM
SGR
4
687
CR02-382
CONTACT THIRD RAIL HEATERS FROM GRAPE TO NEWARK
SGR
4
785
CR02-384
SOUTH STREET COMPRESSOR UPGRADE
SEP
3
359
CR02-458
REPLACEMENT & UPGRADE OF HARRISON STATION
SEP
M4
43,826
CR02-477
HARRISON YARD SPECIAL TRACK WORK
SGR
4
571
The Port Authority of NY & NJ 76 2017 Budget
2017 Capital Project Listing
Sorted by Department, Facility and Asset Class (in thousands)
Project ID
Title
Category
Stage
2017 Budget
CR02-496
HARRISON STATION - PROPERTY ACQUISITION, REMEDIATION & DEMOLITION
SEP
M4
2,065
CR02-502
TACTILE STRIP / RUBBING BOARD - NY STATIONS UPTOWN
SGR
P
682
CR02-516
REPLACEMENT OF MITER RAILS HACKENSACK RIVER BRIDGE
SGR
4
2,045
CR02-564
CROSSOVER REPLACEMENT - WEST SIDE
SGR
3
229
CR02-583
REPAIRS TO ADDRESS LATENT SALT HURRICANE SANDY DAMAGE IN TUNNELS v
PHASE I
SGR
M4
3,436
CR02-584
EQUIPMENT PURCHASE RECOVERY WORK
SGR
M5
7,049
CR02-585
DESIGN AND PURCHASE RESILIENCY EQUIPMENT
SGR
M4
4,621
CR02-595
REPLACEMENT OF TRACK, THIRD RAIL AND APPURTENANCES IN TUNNELS E & F
SGR
3
52
CR02-602
EXTENSION OF RAIL YARDS
SEP
3
1,133
CR02-629
REPLACEMENT OF HOBOKEN INTERLOCKING
SGR
P
956
CR02-632
PATH - REPLACEMENT OF OPEN AREA TRACKS - TRACK G, H & P
SGR
P
1,276
CR02 - PATH
204,894
CR08 - PATH SAFETY
BUILDINGS & GARAGES
CR08-081
EXCHANGE PLACE STATION UNDERWATER NETTING
SEC
3
842
CONTROL SYSTEMS
CR08-095
INSTALL VHF RADIO HEADEND EQUIPMENT AT TRAIN CONTROL AND
COMMUNICATIONS CENTER
SEC
P
348
CR08-096
INSTALLATION OF LENEL ACCESS CONTROL & CCTV
SEP
4
445
CR08-101
CCTV & ACCESS CONTROL STATION UPGRADES
SEP
4
19
CR08-104
JSTC - RADIO SYSTEM MODIFICATIONS - PHASE I
SEP
M4
489
HVAC, PLUMBING & SPRINKLERS
CR08-022
TUNNEL EMERGENCY VENTILATION FAN BLADE RENOVATION
SGR
4
1,082
PAVING & ROADWAYS
CR08-066
EXCHANGE PLACE BOLLARD UPGRADE
SEC
3
583
CR08-068
JOURNAL SQUARE TRANSPORTATION CENTER BOLLARD UPGRADE
SEC
3
2,084
RAIL SYSTEMS
CR08-078
TUNNEL WATER MANAGEMENT
SEC
M4
4,461
CR08-079
TUNNEL MITIGATION
SEC
M3
1,629
CR08 - PATH SAFETY
11,982
PATH TOTAL
216,876
AVIATION
CA02/CA22 - LAGUARDIA AIRPORT & REDEVELOPMENT PROGRAM
BRIDGES
CA02-464
REPLACEMENT OF THE RUNWAY DECK EXPANSION JOINTS
SGR
1
973
BUILDINGS & GARAGES
CA22-002
LGA REDEVELOPMENT -BUILDING 30
SEP
3
15,785
CA22-003
LGA REDEVELOPMENT - CENTRAL HALL
SEP
3
7,407
CA22-007
NEW LGA REDEVELOPMENT - DELTA REDEVELOPMENT PROGRAM - DELTA
REDEVELOPMENT-TERMINAL
SEP
P
7,500
CA22-372
CENTRAL HEATING & REFRIGERATION PLANT
SGR
4
3,857
CA22-419
CTB REDEVELOPMENT PROGRAM - TERMINAL CONSTRUCTION AND RAMP
SEP
M4
262,000
The Port Authority of NY & NJ 77 2017 Budget
2017 Capital Project Listing
Sorted by Department, Facility and Asset Class (in thousands)
Project ID
Title
Category
Stage
2017 Budget
CA22-443
SURFACE AND STRUCTURE PARKING PROGRAM
SEP
M4
101,262
CA22-474
EAST PARKING GARAGE
SEP
M4
1,860
CONTROL SYSTEMS
CA02-330
INSTALLATION OF BIOMETRIC CARD READER SYSTEM
SEP
1
285
CA02-414
LGA - AGENCY-WIDE TRANSPORTATION MANAGEMENT SOFTWARE
SGR
3
156
CA02-447
800 MHZ SIMULCAST TRUNKED RADIO SYSTEM UPGRADE
SEP
M4
1,813
CA02-489
REPLACEMENT AND ENHANCEMENT OF THE PARKING ACCESS AND REVENUE
CONTROL SYSTEM (PARCS)
SGR
3
1,630
ELECTRICAL POWER & LIGHTING
CA02-484
AOA LIGHT CIRCUIT REPLACEMENT
SGR
3
1,427
CA02-488
PUMP HOUSE 6 SUBSTATION
SEP
3
4,641
CA22-469
EAST END SUBSTATION BUILDING, EQUIPMENT AND FEEDERS
SGR
4
505
HVAC, PLUMBING & SPRINKLERS
CA02-485
PUMP HOUSES 2 AND 3 REHABILITATION
SGR
4
2,683
CA02-486
FLOOD CONTROL AND RESILIENCY IMPROVEMENTS
SGR
M4
14,846
OTHER-FUELING
CA02-494
REHABILITATION OF ROMEO SWITCHGEARS AND FUEL FARM SUBSTATION
SWITCHGEARS
SGR
P
307
OTHER-MISCELLANEOUS
CA22-001
LGA REDEVELOPMENT MASTER PLANNING
SEP
M1
1,211
PAVING & ROADWAYS
CA02-465
REHABILITATION OF RUNWAY DECK PRIORITY STRUCTURAL ELEMENTS - 3
SGR
3
2,354
CA02-487
AIRPORT ACCESS FEE PROGRAM (TAXI, LIMO, AND APP-BASED PROVIDERS)
SEP
P
577
CA22-008
NEW LGA REDEVELOPMENT - DELTA REDEVELOPMENT PROGRAM - SUPPORTING
INFRASTRUCTURE
SEP
P
15,000
CA22-442
AIR TERMINAL HIGHWAY EAST OF GUARD POST 1
SEP
4
190,672
CA22-444
HANGARS 1, 2 & 4 SITE REUTILIZATION
SEP
M4
1,974
RUNWAY-TAXIWAY
CA02-118
REHABILITATION OF RUNWAYS DECK WEARING SURFACE
SGR
4
5,216
CA02-347
RVSR & RUNWAY DRIVE
SEP
2
2,173
CA02-401
REHABILITATION OF RUNWAY 13-31 AND ASSOCIATED TAXIWAYS
SGR
4
2,969
CA02-417
RUNWAY 13 & 22 DECKS SAFETY OVERRUN
MAND
M4
2,253
CA02-425
REHABILITATION OF RUNWAY 4-22 AND ASSOCIATED TAXIWAYS
SGR
P
1,025
CA02-466
REHABILITATION OF TAXIWAY B FROM TAXIWAY G TO TAXIWAY CY
SGR
4
1,310
CA02-467
REHABILITATION OF TAXIWAYS B, AA, BB AND ASSOCIATED TAXIWAYS
SGR
3
5,513
CA02-496
PILE SUPPORTED STRUCTURE FOR RUNWAY 4 LOCALIZER
SEP
P
168
CA02-503
GROUND BASED AUGMENTATION SYSTEMS FOR AIRPORTS
SEP
P
1,000
CA22-441
AIR TERMINAL RSR AND TAXIWAY CONNECTIONS
SEP
3
3,608
UNDERGROUND UTILITIES
CA02-483
UNIFIED NETWORK SYSTEM INFRASTRUCTURE AT GUARD POSTS 1, 2 & 3
SGR
4
143
CA02-499
REHABILITATION OF PUMP HOUSE 1 RETAINING WALL
SGR
P
81
CA22-440
REPLACEMENT OF UTILITIES EAST OF GUARD POST 1
SGR
M4
3,309
CA02 - LAGUARDIA AIRPORT
669,493
The Port Authority of NY & NJ 78 2017 Budget
2017 Capital Project Listing
Sorted by Department, Facility and Asset Class (in thousands)
Project ID
Title
Category
Stage
2017 Budget
CA03-JFK INTERNATIONAL AIRPORT
BRIDGES
CCA03-782
BRIDGES J31 AND J32 REHABILITATION - AQUEDUCT ROAD
SGR
P
617
BUILDINGS & GARAGES
CCA03-591
DELTA T3/T4 REDEVELOPMENT
SEP
4
2,475
CCA03-605
BUILDING 14 ROOF REPLACEMENT EAST WING
SGR
M3
1,476
CCA03-772
REPLACEMENT OF EXISITNG 86 PAD SUBSTATION
SGR
3
1,412
CONTROL SYSTEMS
CCA03-061
CCTV AT TERMINAL BAGGAGE AREAS
SEP
3
2,921
CCA03-505
INSTALLATION OF BIOMETRIC CARD READER SYSTEM
SEP
1
309
CCA03-636
SUPERVISORY CONTROL AND DATA ACQUISITION (SCADA)
SGR
4
34
CCA03-639
800 MHZ SIMULCAST TRUNKED RADIO SYSTEM UPGRADE
SEP
M4
2,410
CCA03-646
800MHZ SIMULCAST TRUNKED RADIO SYSTEM UPGRADE
SGR
4
71
CCA03-675
REPLACEMENT OF FIRE ALARM SYSTEM AT THE AIRPORT TRAFFIC CONTROL TOWER
SGR
4
916
CCA03-677
REPLACEMENT OF FACILITY-WIDE FIRE ALARM SYSTEMS
SGR
1
3,744
CCA03-774
JFK - AGENCY-WIDE TRANSPORTATION MANAGEMENT SOFTWARE
SGR
3
594
CCA03-777
REPLACEMENT AND ENHANCEMENT OF THE PARKING ACCESS AND REVENUE
CONTROL SYSTEM (PARCS)
SGR
3
4,658
ELECTRICAL POWER & LIGHTING
CCA03-518
INTERMEDIATE REHABILITATION OF RUNWAY 4R APPROACH LIGHTING SYSTEM PIER
SGR
1
2,541
CCA03-620
VAN WYCK SUBSTATION
SGR
P
852
CCA03-621
REPLACEMENT OF 5KV FEEDERS
SGR
4
8,915
CCA03-632
CENTRAL SUBSTATION
SGR
P
921
CCA03-633
BERGEN SUBSTATION AT JFK
SGR
1
852
CCA03-634
FARMERS SUBSTATION
SGR
P
1,015
CCA03-676
REHABILITATION OF 5KV FEEDER DISTRIBUTION SYSTEM
SGR
P
1,977
CCA03-755
WEST AREA LIGHTING
SEP
4
3,162
CCA03-764
JFK CUT & COVER TUNNEL POWER DISTRIBUTION VAULT & PUMP STATION REPAIRS &
HAZARD MITIGATION
SGR
1
1,065
CCA03-765
AIRSIDE SWITCHGEARS REPLACEMENT
SGR
3
2,012
CCA03-769
LIGHT CIRCUIT REPLACEMENT AT AERONAUTICAL OPERATIONAL AREA
SGR
3
7,473
CCA03-778
JFK VEHICULAR GUARD POST LIGHTING IMPROVEMENTS
SEP
3
353
HVAC, PLUMBING & SPRINKLERS
CCA03-748
ACCESS AND SAFETY IMPROVEMENTS AT BUILDING NO.161
MAND
4
223
CCA03-766
INSTALLATION OF TIDE GATES/DRAINAGE CHECK VALVES FOR OUTFALLS
SEP
3
1,777
CCA03-775
JFK BACKFLOW PREVENTION DEVICES INSTALLATION AND WATER METER UPGRADES
- PHASE IV
MAND
3
468
CCA03-783
INSTALLATION OF FLOODGATES AT OUTFALLS
SGR
P
928
PAVING & ROADWAYS
CCA03-025
PAVEMENT REHABILITATION OF PAN AM ROAD
SGR
4
479
CCA03-141
JFK BOLLARD INSTALLATION AT TENANT TERMINALS
SEC
M4
3,104
CCA03-507
VEHICLE GATE SECURITY UPGRADE
SEC
M4
1,839
CCA03-616
NORTH BOUNDARY ROAD REALIGNMENT
MAND
5
38
CCA03-776
AIRPORT ACCESS FEE PROGRAM (TAXI, LIMO, AND APP-BASED PROVIDERS)
SEP
P
244
RUNWAY-TAXIWAY
CCA03-168
RUNWAY 4L-22R RSA COMPLIANCE/RUNWAY RECONSTRUCTION
MAND
4
5,783
CCA03-516
REHABILITATION OF RUNWAY 4R-22L
SGR
3
57,048
CCA03-529
REHABILITATION OF TAXIWAY Q, QG AND RESTRICTED VEHICLE SERVICE ROAD
SGR
3
15,576
CCA03-546
REALIGNMENT/ REHABILITATION OF TAXIWAY U
SGR
1
850
CCA03-574
REPLACEMENT OF AIRPORT TRAFFIC CONTROL TOWER ROOFS & RELATED
EQUIPMENT
SGR
3
7,658
CCA03-612
REHABILITATION OF RUNWAY 13L-31R AND ASSOCIATED TAXIWAYS
SGR
1
2,798
CCA03-760
ENGINEERED MATERIAL ARRESTOR SYSTEM
MAND
5
138
The Port Authority of NY & NJ 79 2017 Budget
2017 Capital Project Listing
Sorted by Department, Facility and Asset Class (in thousands)
Project ID
Title
Category
Stage
2017 Budget
CA03-788
GROUND BASED AUGMENTATION SYSTEMS FOR AIRPORTS
SEP
P
1,000
CA03 - JFK INTERNATIONAL AIRPORT
152,726
CA04/CA44 - NEWARK LIBERTY INTERNATIONAL AIRPORT & REDEVELOPMENT PROGRAM
BRIDGES
CA04-529
REHABILITATION OF TERMINAL FRONTAGE BRIDGES
SGR
1
1,754
CA04-559
REHABILITATION OF CTA ENTRANCE & BRIDGES - N1, N2, N18, N19, N20, N21 AND N22
SGR
M3
3,295
CA04-589
REHABILITATION OF EXPANSION JOINTS AND STRUCTURAL ELEMENTS OF FACILITY
BRIDGES
SGR
M4
397
CA04-653
BRIDGE N5 UNDERPASS FLOODING MITIGATION
SGR
4
226
BUILDINGS & GARAGES
CA04-041
SCHOOL SOUNDPROOFING - PHASE 3
MAND
4
4,262
CA04-045
TERMINAL B EXTERIOR CURTAIN WALL GLASS UPGRADE
SGR
3
3,367
CA04-593
TERMINAL B REPLACEMENT OF STERILE CORRIDOR DOORS AND OPERATIONAL
MODIFICATIONS
SEP
M3
3,420
CA04-644
TERMINAL B ESCALATOR PIT ENCLOSURE
MAND
3
408
CA04-655
CHRP SOUTH SUBSTATION ROOF REPLACEMENT
SGR
3
496
CA44-017
LOWER LEVEL EXPANSION & B1 VERTICAL CIRC. PFC
SEP
5
810
CA44-037
TERMINAL A REDEVELOPMENT - TERMINAL (POST PLANNING PHASE)
SEP
M3
2,770
CA44-038
TERMINAL A REDEVELOPMENT - AIRSIDE (POST PLANNING PHASE)
SEP
M3
1,326
CA44-040
TERMINAL A REDEVELOPMENT - PARKING (POST PLANNING PHASE)
SEP
P
750
CONTROL SYSTEMS
CA04-049
CCTV AT TERMINAL BAGGAGE AREAS
SEP
3
1,150
CA04-397
INSTALLATION OF BIOMETRIC CARD READER SYSTEM
SEP
1
467
CA04-598
800 MHZ SIMULCAST TRUNKED RADIO SYSTEM UPGRADE
SEP
M4
2,253
CA04-640
EWR - AVIATION MULTIFACILITY ENTERPRISE TRANSPORTATION MANAGEMENT
SOFTWARE
SGR
3
212
CA04-643
REPLACEMENT AND ENHANCEMENT OF THE PARKING ACCESS AND REVENUE
CONTROL SYSTEM (PARCS)
SGR
3
8,864
ELECTRICAL POWER & LIGHTING
CA04-528
REPLACEMENT OF CHRP NORTH ELECTRICAL SUBSTATION AND CHILLER UPGRADES
SGR
4
4,138
CA04-539
TERMINAL B 4TH ELECTRICAL SUBSTATION
SEP
3
2,114
CA04-579
INFRASTRUCTURE RENEWAL - ELECTRICAL DISTRIBUTION
SGR
4
20,490
CA04-584
TERMINAL B INFRASTRUCTURE AND UTILITY REPLACEMENT & UPGRADE VIA WORK
ORDER
SGR
M4
973
CA04-639
EWR AOA LIGHT CIRCUIT REPLACEMENT
SGR
3
12,051
HVAC, PLUMBING & SPRINKLERS
CA04-555
END-OF-LIFE REPLACEMENT OF AIRTRAIN HVAC - S.A.#5
SGR
4
760
OTHER-FUELING
CA04-547
REHABILITATION OF FUEL PIT VAULT HATCHES
MAND
4
16
CA04-583
INFRASTRUCTURE RENEWAL - FUEL DISTRIBUTION - PHASE 1
SGR
4
20,816
CA04-648
FUEL FARM DRAINAGE IMPROVEMENTS
SGR
3
668
PAVING & ROADWAYS
CA04-482
EWR- BOLLARD INSTALLATION AT TENANT TERMINALS
SEC
4
81
CA04-642
AIRPORT ACCESS FEE PROGRAM (TAXI, LIMO, AND APP-BASED PROVIDERS)
SEP
P
156
CA44-039
TERMINAL A REDEVELOPMENT - LANDSIDE (POST PLANNING PHASE)
SEP
M3
13,335
RAIL SYSTEMS
CA04-513
AIRTRAIN BASE GUIDEWAY - NET COST WORK
SGR
4
3,661
CA04-514
AIRTRAIN CAPITAL ASSET REPLACEMENT PROGRAM
SGR
M4
19,960
CA44-041
AIRTRAIN REPLACEMENT PLANNING
SGR
2
13,769
RUNWAY-TAXIWAY
CA04-521
REHABILITATION OF TAXIWAY "Y" (FROM RM TO S)
SGR
P
665
CA04-524
REHABILITATION OF TAXIWAY Z (FROM RUNWAY EDGE TO UA)
SGR
1
1,113
The Port Authority of NY & NJ 80 2017 Budget
2017 Capital Project Listing
Sorted by Department, Facility and Asset Class (in thousands)
Project ID
Title
Category
Stage
2017 Budget
CA04-569
END AROUND TAXIWAYS FOR RUNWAY 4L-22R
SEP
1
2,565
CA04-573
REHABILITATION OF RUNWAY 11-29
SGR
P
689
CA04 - NEWARK LIBERTY INTERNATIONAL AIRPORT
154,247
154,247
CA05-TETERBORO AIRPORT
CONTROL SYSTEMS
CA05-153
TEB - AVIATION MULTI-FACILITY ENTERPRISE TRANSPORTATION MANAGEMENT
SOFTWARE
SGR
3
39
ELECTRICAL POWER & LIGHTING
CA05-151
TEB AOA LIGHT CIRCUIT REPLACEMENT
SGR
3
6,636
RUNWAY-TAXIWAY
CA05-127
REHABILITATION OF TAXIWAY G (WEST OF R/W 1-19) AND TAXIWAY E (HI SPEED)
SGR
P
231
CA05-129
REHABILITATION OF TAXIWAY L
SGR
1
369
UNDERGROUND UTILITIES
CA05-141
STORMWATER DRAINAGE SYSTEM REHABILITATION
SGR
M3
2,354
CA05-155
REHABILITATION OF SEWAGE PUMPS
SGR
3
290
CA05 - TETERBORO AIRPORT
9,919
CA06 - STEWART AIRPORT
CONTROL SYSTEMS
CA06-012
REHABILITATION OF OPERATIONS CONTROL CENTER
SGR
3
719
CA06-126
SWF - AGENCY-WIDE TRANSPORTATION MANAGEMENT SOFTWARE
SGR
3
32
CA06-127
REPLACEMENT AND ENHANCEMENT OF THE PARKING ACCESS AND REVENUE
CONTROL SYSTEM (PARCS)
SGR
3
400
HVAC, PLUMBING & SPRINKLERS
CA06-046
INSTALLATION OF POSITIVE AIR PRESSURE FOR PASSENGER LOADING BRIDGES
MAND
4
53
CA06-079
INSTALLATION OF BACKFLOW PREVENTER DEVICES
MAND
4
1,002
RUNWAY-TAXIWAY
CA06-066
REHABILITATION OF RUNWAYS 9-27 AND 16-34
SGR
4
46
CA06-100
RUNWAY INCURSION MITIGATION - PHASE 1B
MAND
4
111
CA06 - STEWART AIRPORT
2,363
AVIATION TOTAL
988,748
The Port Authority of NY & NJ 81 2017 Budget
2017 Capital Project Listing
Sorted by Department, Facility and Asset Class (in thousands)
Project ID
Title
Category
Stage
2017 Budget
PORT DEPARTMENT
CP05-PORT NEWARK
BUILDINGS & GARAGES
CP05-251
RESTORATION OF OFFICE SPACE AT BUILDING 260
SGR
3
1,097
CP05-266
PN - RECONSTRUCTION AND RELOCATION OF RESIDENT ENGINEERS OFFICE
SGR
1
249
CONTROL SYSTEMS
CP05-124
PORT SECURITY PROGRAM-NJMT-BADGE, ID SYS.
SEP
P
165
CP05-249
TRAFFIC SIGNALS AT NJMT
SGR
M4
4,730
CP05-255
800 MHZ SIMULCAST TRUNKED RADIO SYSTEM UPGRADE
SEP
M4
629
CP05-272
AGENCY-WIDE TRANSPORTATION MANAGEMENT SOFTWARE
SGR
3
370
ELECTRICAL POWER & LIGHTING
CP05-273
PN - BUILDING #111 ELECTRICAL AND MECHANICAL EQUIPMENT
SGR
1
252
HVAC, PLUMBING & SPRINKLERS
CP05-238
SANITARY LIFT STATIONS AT NJMT
SGR
M5
21
PAVING & ROADWAYS
CP05-187
PORT STREET CORRIDOR IMPROVEMENTS
SGR
M4
10,012
CP05-277
TYLER STREET PAVING
SGR
3
853
PORT WHARFS
CP05-120
CONSOLIDATE PROJECT TO 50 FT (NJ, PJ, AMBROSE)
MAND
M4
2,417
CP05-173
BERTH 14 WHARF RECONSTRUCTION
SGR
4
679
CP05-220
BERTHS 30, 32 AND 34 FENDER SYSTEM UPGRADE
SGR
4
4,611
CP05-233
BERTH 3 WHARF RECONSTRUCTION
SGR
4
4,959
CP05-241
WHARF PROGRAM CONSTRUCTION PHASING/REPLACEMENTS OF PN
BERTHS 15 & 17
SGR
P
3,161
CP05-245
REPLACEMENT OF BERTHS 10,12 & 25 IN PORT NEWARK
SGR
P
471
CP05-246
BERTH 19 REHABILITATION
SGR
4
169
CP05-269
PRIORITY MARINE REHABILITATION - BERTHS 5,7,9,10,12,15,16 & 17
SGR
4
24
CP05-278
BERTH 36 PRIORITY REPAIRS
SGR
4
313
CP05-279
REHABILITATION OF BERTHS 11 & 13
SGR
4
19
CP05-280
REHABILITATION OF BERTHS 18,24,26,34
SGR
4
250
CP05-283
PN - BERTHS 26, 28, 32 AND 34 DEEPENING
SEP
3
2,174
CP05-286
REHABILITATION OF BERTHS 20,22,30,32
SGR
4
13
RAIL SYSTEMS
CP05-148
EXPRESS RAIL/CORBIN INTERMODAL RAIL SUPPORT - TRACK WORK - PHASE 2A
SEP
M4
2,297
CP05-282
RAIL REHABILITATION ON DISTRIBUTION ST. BETWEEN MARLIN & DOREMUS AVE.
SGR
4
31
UNDERGROUND UTILITIES
CP05-193
UPGRADE WATER LINES AT NJMT
SGR
M4
294
CP05-281
INSTALLATION OF HOLDING TANKS AT BUILDINGS 182 & 188
SGR
3
327
CP05 - PORT NEWARK
40,587
CP08 - ELIZABETH PA MARINE TERMINAL
HVAC, PLUMBING & SPRINKLERS
CP08-148
BUILDING 1400 UPGRADE OF FIRE SUPPRESSION SYSTEM
SEP
4
22
PORT WHARFS
CP08-112
CONSOLIDATED PROJECT TO 50 FEET (NJ, PJ)
MAND
4
1,130
UNDERGROUND UTILITIES
CP08-149
EPAMT - WATER SYSTEM REHABILITATION PHASE II
SGR
1
1,502
CP08-111
UTILITIES RELOCATION FOR 50’ CHANNEL (KILL VAN KULL/NEWARK BAY)
MAND
4
9,500
CP08 - ELIZABETH PA MARINE TERMINAL
12,154
The Port Authority of NY & NJ 82 2017 Budget
2017 Capital Project Listing
Sorted by Department, Facility and Asset Class (in thousands)
Project ID
Title
Category
Stage
2017 Budget
CP09 - BROOKLYN MARINE TERMINALS
CONTROL SYSTEMS
CP09-085
PORT SECURITY PROGRAM NYMT-BADGE, ID SYS
SEP
P
38
CP09-125
NYMT - UNDERGROUND ELECTRICAL DELIVERY LINES REPLACEMENT
SGR
P
642
CP09 - BROOKLYN MARINE TERMINALS
680
CP11 - HOWLAND HOOK
PAVING & ROADWAYS
CP11-089
HOWLAND HOOK - UPGRADE PAVEMENT SUBGRADE
SGR
3
2,989
UNDERGROUND UTILITIES
CP11-044
UTILITIES RELOCATION FOR ARTHUR KILL 50 CHANNEL
MAND
4
9,500
CP11 - HOWLAND HOOK
12,489
CP14 - NEW JERSEY REDEVELOPMENT
RAIL SYSTEMS
CP14-023
REGIONAL RAIL FREIGHT
SEP
P
17,638
CP14 - NEW JERSEY REDEVELOPMENT
17,638
CP16 - PORT JERSEY-PORT AUTHORITY MARINE TERMINAL
ELECTRICAL POWER & LIGHTING
CP16-066
UPGRADE OF PROTECTIVE DEVICES & DISTRIBUTION EQUIPMENT - EAST
SUBSTATION
SGR
M4
1,747
PORT WHARFS
CP16-047
RECONSTRUCTION OF BERTH E-1 AND E-2 (EDA 2009 GRANT)
SGR
1
513
RAIL SYSTEMS
CP16-027
GLOBAL TERMINAL DEVELOPMENT
SEP
4
284
CP16-035
EXPRESS RAIL - INTERMODAL CONTAINER TRANSFER FACILITY AT
GREENVILLE YARD
SEP
M4
29,369
CP16-070
CONSTRUCTION OF PORT JERSEY 2ND LEAD TRACK
SEP
P
814
CP16 - PORT JERSEY-PORT AUTHORITY MARINE TERMINAL
32,727
CP17 - GREENVILLE YARD / NYNJ RAIL LLC
BRIDGES
CP17-027
RECONSTRUCTION OF TRANSFER BRIDGE#10
SEP
4
18,353
PORT WHARFS
CP17-019
CONSTRUCTION OF NEW BARGE
SEP
4
7,372
CP17-033
FENDER SYSTEM MODIFICATIONS AT 65TH STREET TERMINAL (CROSS HARBOR)
SEP
4
4,056
CP17-034
REHABILITATION OF MOORING CELLS AT NY/NJ RAILROAD
SGR
4
1,616
RAIL SYSTEMS
CP17-016
INSTALLATION OF SUPPORT TRACKS
SEP
3
4,584
CP17-037
RAIL ACCESS IMPROVEMENT FOR 65TH STREET YARD
SEP
P
495
CP17 - GREENVILLE YARD / NYNJ RAIL LLC
36,476
CP91 - RED HOOK TERMINAL
PORT WHARFS
CP91-062
REHABILITATION OF PIER 10 AT RED HOOK
SGR
P
299
CP91 - RED HOOK TERMINAL
299
PORT DEPARTMENT TOTAL
153,050
The Port Authority of NY & NJ 83 2017 Budget
2017 Capital Project Listing
Sorted by Department, Facility and Asset Class (in thousands)
Project ID
Title
Category
Stage
2017 Budget
DEVELOPMENT
CH02-FERRY SERVICES
BUILDINGS & GARAGES
CH02-006
HOBOKEN PERMANENT FERRY TERMINAL
SEP
4
599
CH02 - FERRY SERVICES
599
CW03 - TELEPORT
HVAC, PLUMBING & SPRINKLERS
CW03-029
TELEPORT - INSTALLATION OF BACKFLOW PREVENTION DEVICES
MAND
3
1,022
CW03 - TELEPORT
1,022
DEVELOPMENT TOTAL
1,621
WORLD TRADE CENTER
CR12
WTC TRANSPORTATION HUB
MAND
M4
73,888
CW11
WTC SITE INFRASTRUCTURE
MAND/SEC
M5
249,428
CW30
WTC RETAIL REDEVELOPMENT
SEP
M4
106,555
CW31
ONE WORLD TRADE CENTER
SEP
M5
95,712
CW34
WTC TOWER 4
MAND
4
6,136
WORLD TRADE CENTER TOTAL
531,719
REGIONAL CAPITAL PROGRAMS
OTHER-MISCELLANEOUS
CF81-002
NY ECONOMIC DEVELOPMENT PROGRAM
SRP
1
500
CF99-004
GATEWAY
SRP
P
17,000
CF99-227
NY REGIONAL TRANSPORTATION PROGRAMS
SRP
1
50,000
REGIONAL CAPITAL PROGRAMS
67,500
BUDGET PROVISIONS
OTHER-MISCELLANEOUS
CXXX-SGR
FUTURE SGR FUNDING REQUIREMENTS
SGR
P
30,889
CA99-CMW
AGENCY INFRASTRUCTURE IMPROVEMENTS
SGR
P
7,418
CB99-CMW
AGENCY INFRASTRUCTURE IMPROVEMENTS
SGR
1
16,204
PROVISIONS TOTAL
54,511
AGENCY TOTAL
$2,901,000
The Port Authority of NY & NJ 84 2017 Budget
(PAGE INTENTIONALLY LEFT BLANK)
The Port Authority of NY & NJ 85 2017 Budget
The Port Authority of NY & NJ 86 2017 Budget
The Port Authority of NY & NJ 87 2017 Budget
Appendix 1: Economic Outlook
As a guide to the development of the Port Authority 2017 budget, the Port Authority’s Chief Economist and its
Planning and Regional Development Department develop a Regional Economic Outlook. The agency assumed that
its baseline outlook is one of moderate growth in 2017 and beyond; an average growth rate, ignoring any future
recessions, of below 2%, much below the historical average growth rate of roughly 3%. Wage levels show signs of
growth across the entire income distribution and oil prices begin slowly rising again. However, the baseline scenario
also acknowledges significant economic risks in the form of uncertain consequences from the United Kingdom (UK)
vote to leave the European Union (EU) and the November 2016 United States presidential election. This scenario is
in line with many mainstream economic forecasts. Based on the Chief Economist’s assessment, the probability of the
baseline scenario may be around 60%, again in line with the expectations of many peer forecasts.
The Port Authority’s core catchment area, its 17-county New York/New Jersey Port District and the surrounding
bistate region, draws great economic strength from its vast, densely populated local consumer base, diversified
commercial and industrial base, and its attractiveness for tourists and visitors from all over the world.
Source: Oxford Economics Macroeconomic Model, PANYNJ Economics Group
These features continue to provide the New York/New Jersey area with the resilience to remain a premier
metropolitan region and gateway in the United States. The regional economic recovery has continued to perform
slightly ahead of the national economy in terms of gains in output and employment post-recession. In the Port District,
output growth for 2016 and 2017 likely will exceed 2.25%, with employment gains outpacing the national average.
Consumer spending has been strong in New York City and surrounding counties, in part a result of record
tourism activity.
80
85
90
95
100
105
110
115
120
125
130
2008 Q1
2009 Q1
2010 Q1
2011 Q1
2012 Q1
2013 Q1
2014 Q1
2015 Q1
2016 Q1
2017 Q1
2018 Q1
2019 Q1
2020 Q1
2021 Q1
2022 Q1
2023 Q1
2024 Q1
2025 Q1
2026 Q1
2027 Q1
2028 Q1
2029 Q1
2030 Q1
Index [2008 Q1 = 100]
Regional Non-Farm Employment
PA Region NY Counties NJ Counties
The Port Authority of NY & NJ 88 2017 Budget
Total employment levels now exceed pre-crisis levels, a recovery driven especially by the strong employment growth
in the five counties making up New York City. The New Jersey counties, making up the other half of the Port District,
continue to lag behind national and New York recovery indicators. A full recovery in the Port District, west of the
Hudson, is unlikely within a one-to-three-year horizon.
Despite the overall positive trends, employment gains have occurred in economic sectors that are quite different from
the ones that lost most of the jobs, during and after the 2009 Great Recession. The finance, insurance, brokerage,
and banking sectors, which have been major contributors to regional income at a rate disproportionately high
compared to their share of employment, have continued to show lackluster growth. Some of the lost jobs in banking
and financial services may never return. Sectors such as leisure and hospitality, tourism, healthcare, and professional
business services, i.e. not the traditional office-based sectors of the regional economy, have shown very strong gains
across the board. Healthcare, for instance, did not experience any declines in employment, even during the
2008/2009 crisis. These trends are likely to continue resulting in strong employment gains but only modest wage level
improvements on average over the next several years.
As is the case nationally, long-term unemployment and depressed labor force participation rates among workers
persist. Specifically, groups of workers such as older individuals who have been unemployed for longer stretches of
time, as well as younger workers relatively new to the workforce, seem to be having a hard time finding work even in
a moderately growing economy.
These shifts in industry composition in the region could continue to affect traditional agency activity and revenue
streams, most pointedly, traffic volumes at Port Authority bridges and tunnels and passenger levels on PATH. Sectors
such as finance, insurance, and banking, where growth has slowed, have typically been a large portion of the local
bridge and tunnel-commuting base. Other sectors such as leisure and hospitality, tourism, and professional business
services have a lower incidence of automobile commuting. In addition, some of those sectors may have a lower
incidence of shift work. Healthcare is one example where demographic shifts and altered travel preferences among
“Millennials,” may mean lower than historically projected changes to levels of auto trips across Port Authority facilities.
On PATH, passenger growth has continued post-Superstorm Sandy due to strong employment gains in Manhattan
and as of mid-2016 has reached record levels. Such employment growth is expected to continue, albeit at a slightly
lower pace, creating additional demand for PATH capacity, especially during peak periods. Other Port Authority
business lines have benefited from the improvement in economic conditions. For instance, Aviation and Port have
experienced increases in passenger and cargo volumes, and those positive growth trends are expected to continue
into 2017 and 2018.
While forecasting continued recovery and growth in the local economy, the agency is also aware that a heightened
level of uncertainty is a hallmark of the region’s economic outlook over the near-term. A point of note is the currently
ongoing debate about free trade and trade agreements, the outcome of which may possibly affect agency businesses
such as Port or the Aviation cargo business. Therefore, the Port Authority will continuously monitor regional, national,
and international economic trends to facilitate appropriate responses to any deviations from baseline expectations.
The Port Authority of NY & NJ 89 2017 Budget
Appendix 2: Consolidated Statements of Revenues, Expenses and
Changes in Net Position (Multi-Year Projection)
Prepared in Accordance with Generally Accepted Accounting Principles
Year ended December 31
st
(in thousands)
2015
Actual
2016
Budget
2016
Estimate
2017
Budget
2018
Projection
(1)
2019
Projection
(1)
2020
Projection
(1)
2021
Projection
(1)
Gross Operating Revenues*
$4,826,582
$4,998,100
$5,058,138
$5,143,013
$5,312,704
$5,444,637
$5,606,663
$5,842,305
Operating Expenses
Operating & Maintenance Expenses
(2,671,485)
(2,792,701)
(2,773,525)
(2,888,246)
(2,923,984)
(2,960,584)
(3,023,911)
(3,086,885)
Allocated Expenses
(229,167)
(226,829)
(226,041)
(227,851)
(234,451)
(240,636)
(254,997)
(261,499)
Total Operating Expenses
(2,900,652)
(3,019,530)
(2,999,566)
(3,116,097)
(3,158,435)
(3,201,220)
(3,278,908)
(3,348,384)
Net revenue related to Superstorm
Sandy
123
–
–
–
–
–
–
–
Depreciation & Amortization
(1,189,048)
(1,151,257)
(1,196,009)
(1,235,173)
(1,245,054)
(1,255,015)
(1,265,055)
(1,275,175)
Income from Operations
737,005
827,313
862,563
791,743
909,215
988,402
1,062,700
1,218,746
Non-operating revenues and
(expenses)
Interest Income
45,268
38,662
46,045
46,144
45,176
58,276
62,857
67,732
Net increase/(decrease) in fair value
of investments
(14,290)
–
–
–
–
–
–
–
Interest Expenses
(888,216)
(863,742)
(955,010)
(889,422)
(907,235)
(930,147)
(952,789)
(990,151)
Operating Asset Obligations
(21,387)
(18,952)
(18,871)
(16,051)
(12,921)
(9,529)
(5,850)
(707)
Grants & Pass-through grant
payments, net
49,645
45,859
40,330
19,591
17,744
11,269
6,000
6,000
Net gain/(loss) on disposition of
assets
–
–
–
–
–
–
–
–
4WTC associated payments
36,766
41,520
40,728
65,293
65,293
65,293
65,293
65,293
Non-operating expenses, net
(792,214)
(756,653)
(846,778)
(774,445)
(791,943)
(804,838)
(824,489)
(851,833)
Income / (Loss) before capital
contributions and PFC
(55,209)
70,660
15,785
17,298
117,272
183,564
238,211
366,913
Capital Contributions and passenger
facility charges
Grants and contributions in aid of
construction
586,295
298,786
350,729
306,966
229,470
229,011
331,208
250,326
Passenger facility charges (PFC)
248,707
244,945
244,944
258,385
264,658
271,224
277,252
282,726
Total Capital Contributions and PFC
835,002
543,731
595,673
565,351
494,128
500,235
608,460
533,052
Increase in Net Position
$779,793
$614,391
$611,458
$582,649
$611,400
$683,799
$846,671
$899,965
Net Position, January 1
$14,749,770
$15,301,614
$15,529,563
$16,141,021
$16,723,670
$17,335,070
$18,018,869
$18,865,540
Net Position, December 31
$15,529,563
$15,916,005
$16,141,021
$16,723,670
$17,335,070
$18,018,869
$18,865,540
$19,765,505
(1) Disclaimer: The information in this schedule is based upon conditions existing at the present time, recognizing that the estimates of future revenues and expenses set
forth in the forecast years constitute present estimates and statements of expectation. Any forecast is subject to uncertainties and, inevitably, some estimates and
assumptions will not be realized and unanticipated events and circumstances may occur. Therefore, there are likely to be differences between the forecasts set forth herein
and actual results, and those differences may be material.
*Revenue include the recognition of unearned income related to the transfer of the Port Authority’s interest in the WTC Retail Joint Venture.
The Port Authority of NY & NJ 90 2017 Budget
Appendix 2A. Consolidated Statements of Net Position
Prepared in Accordance with Generally Accepted Accounting Principles
December 31
st
(in thousands)
2015 Actual
2016 Budget
2016 Estimate
2017 Budget
ASSETS:
Cash and Investments
$6,551,749
$4,746,179
$5,248,836
$5,208,965
Receivables, net
648,374
1,178,718
1,348,138
1,548,138
Restricted receivables
77,755
174,663
128,575
128,575
Deferred charges and other noncurrent assets
1,691,899
1,524,093
1,331,693
1,388,570
Amounts receivable - Special Project Bonds
1,435,940
1,376,923
1,376,882
1,314,334
Amounts receivable - 4 WTC Project Bonds
1,247,473
1,248,187
1,246,861
1,246,249
Unamortized costs for regional programs
280,874
241,290
222,048
245,402
Facilities, net
32,666,774
34,765,000
34,038,016
35,680,489
Total Assets and Deferred Outflows
44,600,838
45,255,053
44,941,049
46,760,722
LIABILITIES:
Accounts payable
1,071,047
1,383,761
1,182,410
1,691,613
Accrued interest and other liabilities
1,600,871
1,003,711
1,373,817
1,573,817
Accrued pension and other employee benefits
674,023
775,473
888,885
1,008,662
Amounts payable - Special Project Bonds
1,435,940
1,376,923
1,376,882
1,314,334
Amounts payable - 4 WTC Project Bonds
1,247,473
1,248,187
1,246,861
1,246,249
Bonds and other asset financing obligations
23,041,921
23,550,993
22,731,173
23,202,377
Total Liabilities and Deferred Inflows
29,071,275
29,339,048
28,800,028
30,037,052
NET POSITION
$15,529,563
$15,916,005
$16,141,021
$16,723,670
Net position is composed of:
Net investment in capital assets
$11,810,573
$11,245,370
$12,391,602
$12,682,762
Restricted:
Passenger Facility Charges
168,801
136,578
352,472
433,960
PA Insurance Captive Entity - PAICE
187,628
198,870
228,431
238,431
Minority Interest in Tower 1 Joint Venture, LLC
100,000
100,000
100,000
100,000
Unrestricted
3,262,561
4,235,187
3,068,516
3,268,517
TOTAL NET POSITION
$15,529,563
$15,916,005
$16,141,021
$16,723,670
The Port Authority of NY & NJ 91 2017 Budget
Appendix 2B. Information on Port Authority Operations
Prepared in Accordance with Generally Accepted Accounting Principles
Year ended December 31
st
(in thousands)
Gross
Operating
Revenues
O&M
Expenses
Allocated
Expenses
Depreciation
&
Amortization
Income
(Loss)
from
Operations
Net
Interest &
Other
Exp.
Grants,
Contributions
& PFCs
2017
Increase/
(Decrease)
in Net
Position
2016
Estimate
Increase/
(Decrease)
in Net
Position
2015
Increase/
(Decrease)
in Net
Position
INTERSTATE TRANSORTATION NETWORK
Holland Tunnel
$207,315
$70,748
$10,013
$17,348
$109,206
$10,869
$1,811
$100,148
$98,991
$79,130
Lincoln Tunnel
267,896
96,722
12,198
52,095
106,881
40,397
684
67,168
64,614
73,776
George Washington Bridge &
Bus Station
805,672
119,256
13,898
39,911
632,607
26,321
449
606,735
608,838
553,133
Bayonne Bridge
41,252
21,329
2,744
17,646
(467)
4,604
98
(4,973)
(8,347)
(26,222)
Goethals Bridge
202,885
24,927
3,046
21,054
153,858
2,874
90
151,074
138,837
127,788
Outerbridge Crossing
166,210
23,656
2,461
4,634
135,459
2,415
82
133,126
134,031
130,773
Port Authority Bus Terminal
47,578
103,433
11,109
26,848
(93,812)
14,683
457
(108,038)
(107,461)
(116,821)
Subtotal - Tunnels, Bridges
& Terminals
1,738,808
460,071
55,469
179,536
1,043,732
102,163
3,671
945,240
929,503
821,557
PATH
193,474
322,446
47,958
131,025
(307,955)
55,597
75,515
(288,037)
(302,270)
(462,950)
WTC Transportation Hub
–
13,379
–
55,100
(68,479)
–
100,000
31,521
115,080
140,394
Journal Square Transportation
Center
4,928
14,104
271
6,222
(15,669)
2,774
–
(18,443)
(20,019)
(21,672)
Subtotal - PATH
198,402
349,929
48,229
192,347
(392,103)
58,371
175,515
(274,959)
(207,209)
(344,228)
Ferry Transportation
200
1,377
–
5,289
(6,466)
3,730
–
(10,196)
(10,452)
(10,860)
Total Interstate Transportation
Network
1,937,410
811,377
103,698
377,172
645,163
164,264
179,186
660,085
711,842
466,469
Aviation
LaGuardia Airport
365,479
281,362
26,317
64,920
(7,120)
45,566
40,209
(12,477)
10,179
23,467
John F. Kennedy International
Airport
1,255,032
754,204
44,059
150,470
306,299
78,197
23,525
251,627
258,292
241,195
Newark Liberty International
Airport
935,603
473,153
33,532
114,037
314,881
60,362
24,550
279,069
260,001
251,491
Teterboro Airport
46,282
31,109
2,439
16,509
(3,775)
8,982
10,952
(1,805)
(6,132)
(9,513)
Stewart International Airport
8,524
21,073
271
11,652
(24,472)
9,376
1,747
(32,101)
(25,805)
(17,451)
PFC Program
–
–
–
96,207
(96,207)
–
258,385
162,178
147,285
148,358
Total - Aviation
2,610,920
1,560,901
106,618
453,795
489,606
202,483
359,368
646,491
643,820
637,547
Port Department
Port Newark
85,319
93,674
5,148
34,347
(47,850)
25,965
179
(73,636)
(67,128)
(66,411)
Elizabeth - PA Marine Terminal
142,448
19,469
1,536
34,161
87,282
33,170
49
54,161
41,032
32,201
Brooklyn - PA Marine Terminal
6,277
11,982
542
1,876
(8,123)
2,219
24
(10,318)
(10,277)
(8,492)
Howland Hook Marine Terminal
14,452
10,904
271
16,245
(12,968)
13,594
–
(26,562)
(27,518)
(30,053)
New York & New Jersey Rail,
LLC
4,317
5,705
–
1,111
(2,499)
2,504
42,729
37,726
19,512
3,800
Greenville Yard
745
9
–
–
736
–
–
736
697
893
Port Jersey - Port Authority
Marine Terminal
28,250
22,339
813
7,240
(2,142)
11,863
675
(13,330)
(7,232)
(12,919)
Red Hook Container Terminal
1,740
7,969
271
62
(6,562)
107
–
(6,669)
(1,603)
(4,878)
Total - Port
283,548
172,051
8,581
95,042
7,874
89,422
43,656
(37,892)
(52,517)
(85,859)
Development
Essex County Resource
Recovery Facility
20
239
–
2
(221)
(70)
–
(151)
(633)
(2,550)
PA Industrial Park at Elizabeth
1,212
202
–
275
735
–
–
735
780
520
Bathgate Industrial Park
3,935
1,971
–
1,337
627
–
–
627
633
701
Teleport
12,141
12,051
–
1,957
(1,867)
394
–
(2,261)
(220)
(1,607)
Newark Legal &
Communications Center
–
105
–
2,601
(2,706)
(104)
–
(2,602)
(2,664)
(186)
Hoboken Waterfront
7,953
368
13
2,569
5,003
–
–
5,003
5,971
2,818
Queens West Waterfront
968
–
–
605
363
1,601
–
(1,238)
(1,421)
(1,007)
Total Development
26,229
14,936
13
9,346
1,934
1,821
–
113
2,446
(1,311)
World Trade Center
WTC Site
2,144
145,986
8,128
73,525
(225,495)
137,949
2,732
(360,712)
(285,778)
(140,648)
WTC Retail, LLC
23,495
10,316
271
37,565
(24,657)
48,692
–
(73,349)
(98,551)
(28,843)
One World Trade Center
199,010
122,393
271
94,854
(18,508)
133,955
–
(152,463)
(166,070)
(219,402)
WTC 2, 3, 4, & 7
59,757
45,692
271
39,603
(25,809)
55,474
65,293
(15,990)
(34,487)
268,763
Total World Trade Center
284,406
324,387
8,941
245,547
(294,469)
376,070
68,025
(602,514)
(584,886)
(120,130)
Regional Programs & Access
to Regions Core (ARC)
500
4,149
–
54,271
(57,920)
25,269
–
(83,189)
(108,859)
(117,849)
Port Authority Insurance
Captive Entity, LLC
–
445
–
–
(445)
–
–
(445)
(388)
803
Revenue related to Sandy
–
–
–
–
–
–
–
–
–
123
Sub-total
500
4,594
–
54,271
(58,365)
25,269
–
(83,634)
(109,247)
(116,923)
Total Port Authority
$5,143,013
$2,888,246
$227,851
$1,235,173
$791,743
$859,329
$650,235
$582,649
$611,458
$779,793
The Port Authority of NY & NJ 92 2017 Budget
Appendix 3. Outstanding Obligations and Financing
December 31
st
(in thousands)
2015
Actual
Issued/
Accreted
2016
Repaid/
Refunded
2016
Estimate
Issued/
Accreted
2017
Repaid/
Refunded
2017
Budget
Consolidated Bonds
$21,019,925
$1,336,955
($1,927,315)
$20,429,565
$900,000
($730,805)
$20,598,760
Commercial Paper Obligations
425,760
1,805,200
(1,842,645)
388,315
150,000
(75,000)
463,315
Variable Rate Master Notes
77,900
–
–
77,900
–
–
77,900
Fund for Regional Development
Buy-Out Obligation
253,732
18,871
(51,211)
221,392
16,051
(53,213)
184,230
MOTBY Obligation
44,383
1,322
(5,000)
40,705
1,505
(5,000)
37,210
Tower 4 Liberty Bonds
1,225,520
–
–
1,225,520
–
–
1,225,520
Goethals Bridge Replacement
Capital Asset Obligation
430,800
280,000
–
710,800
300,000
–
1,010,800
Sub-total
23,478,020
3,442,348
(3,826,171)
23,094,197
1,367,556
(864,018)
23,597,735
Special Project Bonds
1,451,170
–
(60,000)
1,391,170
–
(63,490)
1,327,680
Total Obligations
$24,929,190
$3,442,348
($3,886,171)
$24,485,367
$1,367,556
($927,508)
$24,925,415
Limitations related to Outstanding Obligations: Limitations applicable to Port Authority debt are not, unless
otherwise indicated, "legal limits" established by State constitutions or laws but, rather, are set forth in, or calculated
in accordance with, the contracts with the holders of such obligations, as adopted by the Port Authority's Board of
Commissioners. Subject to the issuance tests and limitations contained in the various resolutions and policies
established by the Port Authority.
Consolidated Bonds (which includes Consolidated Notes): Established pursuant to the Consolidated Bond
Resolution of October 9, 1952, under which additional bonds may not be issued except under one or another
of three conditions, each of which requires that a certain future calendar year's debt service is met at least
1.3 times by certain revenues. Represents the principal amount due for Consolidated Bonds.
Commercial Paper Obligations: These obligations are issued to provide interim financing for authorized
projects at Port Authority facilities and may be outstanding until December 31, 2020 under the current
approved program. The maximum aggregate principal amount that may be outstanding at any one time is
$250 million for Series A, $250 million for Series B, and $250 million for Series C.
Variable Rate Master Notes: These notes may be issued in a total aggregate principal amount outstanding at
any one time not to exceed $400 million.
Fund for Regional Development Buy-Out Obligation: Represents the present value of amounts due to the
States of New York and New Jersey upon the termination, in 1990, of the Fund for Regional Development.
MOTBY Obligation: Represents the amounts due to the Bayonne Local Redevelopment Authority for the
purchase of certain parcels of the Marine Ocean Terminal at Bayonne Peninsula.
Tower 4 Liberty Bonds: In connection with the issuance of the Tower 4 Liberty Bonds in the New York
Liberty Development Corporation on November 15, 2011, the Port Authority entered into a Tower 4 Bond
Payment Agreement with Tower 4 Trustee to make, as a co-borrower/obligator with respect to the New York
Liberty Development Corporation, Liberty Revenue Bonds, Series 2011 (4 World Trade Center Project), debt
service payments of principal and interest under the bonds as a special obligation of the Port Authority to the
trustee during the term of the agreement, from May 11, 2012 through November 15, 2051 (see Note E –
General and Consolidated Bond Reserve Funds in the 2015 Annual Report, for additional information related
to the payment of special obligations of the Port Authority).
The Port Authority of NY & NJ 93 2017 Budget
Certain Port Authority debt service payments related to Tower 4 Liberty Bonds are reimbursable to the Port
Authority from Tower 4 cash flow and to the extent Tower 4 cash flow is not sufficient, would accrue interest
until reimbursed or paid with an overall term for such reimbursement of payment not in excess of 40 years
(see Note L – Information with Respect to the Redevelopment of the World Trade Center Site in the 2015
Annual Report for additional information related to the redevelopment of WTC Tower 4).
Goethals Bridge Replacement Capital Asset Obligation: Upon the substantial completion of the Replacement
Bridge, the Port Authority is required to make a payment to the private developer in the amount of $1.02
billion, subject to certain adjustments for the construction of the replacement bridge. In lieu of a cash
payment at that time, the developer will extend a loan in that principal amount to the Port Authority, to be
repaid in monthly payments of principal and interest (the “DFA Payments”). DFA Payments are a special
obligation of the Port Authority, payable over the term of the Project Agreement, which has a scheduled
expiration date on the thirty-fifth anniversary of the substantial completion date of the Replacement Bridge.
The DFA Payments are subject to certain deductions for non-compliance by the private developer with the
terms of the Project Agreement.
Special Project Bonds: Neither the full faith and credit of the Port Authority, nor the General Reserve Fund,
nor the Consolidated Bond Reserve Fund are pledged to the payment of the principal and interest on Special
Project Bonds. Each series of Special Project Bonds is to be issued under a separate resolution and may be
issued in one or more installments as the Port Authority may determine.
The Port Authority of NY & NJ 94 2017 Budget
Appendix 4. Budget Process and Financial Policies
A Unified Planning Process
Each year, the Port Authority undertakes a comprehensive unified planning process to develop its Annual Budget,
capital programs, and business plans for its operations. This planning model ensures consistency with the Agency’s
long-term mission and goals, as articulated through the policy and strategic direction established by the Board of
Commissioners.
The Port Authority’s annual budget is prepared on a basis consistent with the Port Authority’s By-Laws. The Board
approves an annual expenditure budget comprised of operating expenses, debt service, gross capital expenditures,
and other expenditures, such as heavy equipment and computer systems that are deferred and amortized in future
periods. The Board also approves updates to the Agency multi-year Capital Plan and amendments to the current
year budget, as necessary.
Developing the Budget
Typically, the budget process begins with efforts to understand the economic and business environment in which
the Agency will be operating in the coming years, especially over the subsequent three-year period, and to ensure
that all departments and the executive offices are of common accord on regional context and trends. In support of
this consistency, the Planning and Regional Development Department develops the regional planning context,
releases quarterly forecasts of economic and business variables and throughout the year, schedules economic
outlook webinars, issues topical economic bulletins and hosts subject area information and analysis roundtables.
The Agency uses this information and other business intelligence to re-assess Agency priorities and develop
short-term strategies in line with longer term Agency goals. With this groundwork as a foundation, the Executive
Director provides planning and budget guidance directives that include agency-wide priorities, and any budget
targets. This guidance informs the development of department business and work plans, the capital program, and
the budget for the coming year.
The Management and Budget Department (Management and Budget) is responsible for managing and
implementing several cross-functional processes, including the Annual Budget process to ensure the Port Authority
budget is fiscally sound and reflective of the Agency mission. Throughout the year, Management and Budget
regularly monitors budget performance, identifying any offsets required to accommodate unanticipated resource
needs, as well as areas where corrective or rebalancing initiatives become necessary. Agency policy indicates the
appropriate level of notification and /or authorization for any such corrective adjustments.
All departments submit the quantitative data on what they plan to spend and revenues they expect to take in. In
addition, the operating departments that manage the Port Authority’s lines of business (Port, Aviation, PATH,
Tunnels, Bridges, and Terminals, and Real Estate and Development), prepare business plans that detail both
capital and operating department-specific strategies and initiatives, and that are consistent with the planning
context and strategic priorities articulated by the Executive Director. Staff departments prepare work plans laying
out how they intend to support the Agency and especially its operating arms in achieving Agency and departmental
objectives. Management and Budget, and Capital Planning review departmental submissions and, in consultation
with executive management, provide comments for incorporation, as appropriate.
As departments incorporate Agency comments, they update and resubmit business/work plans, capital project lists
and budget proposals. Management and Budget, and Capital Planning assess the financial impact of the updated
submissions, working iteratively with the executive offices and the departments to refine and finalize a corporate
budget and a capital project list that can achieve Port Authority business objectives within the financial constraints
of the Agency and in accordance with the long-range Capital Plan.
The Port Authority of NY & NJ 95 2017 Budget
A final corporate budget proposal is posted online for public information and comment. The complete and
thoroughly vetted package of the proposed budget, capital project list updates, and business/work plans is
presented to the Board of Commissioners for approval. In general, the development of the full Port Authority budget
is a 12-month process and follows the calendar shown below. When circumstances warrant, the process may be
extended.
Basis of Budgeting
Revenues and expenses are budgeted in an enterprise fund using the accrual basis of accounting. The budgeted
Revenues and Reserves schedule is prepared pursuant to Port Authority bond resolutions and differs in some
respects from accounting principles generally accepted in the United States, with the primary difference being the
inclusion of principal and interest payments on outstanding Port Authority debt in lieu of depreciation and
amortization related to capital investment.
This is intended to demonstrate to the bondholders that the Agency is generating sufficient cash flows to meet
current and future debt service. For presentation purposes, budgeted net position is calculated on a basis
consistent with generally accepted accounting principles. Management and Budget prepares periodic financial
reports designed to inform all levels of executive management, that measure and discuss actual and
projected performance against budget and the Capital Plan. Financial reports are also presented to the
Board of Commissioners on a quarterly basis that concisely describe the operating and capital results and financial
position of the Agency as a whole, including year-end estimates, highlight exceptions or significant changes
impacting the Agency’s financial condition, and to suggest areas where management action may
be necessary.
Port Authority of New York & New Jersey (12 Month Budget Process)
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Scanning
Executive Economic Review
Planning Context
Economic Variable Updates
Guidance
Business Plan Guidelines
Budget Guidance
Workplans/Business Plans
Workplans-Staff (operating & capital)
Business Plans-Line (operating & capital)
Capital Plan Updates
Draft Project List
Final Project List
Operating & Capital Budgets
Staff Department Drafts
Line Department Drafts
Final Budgets
Reporting
Board Presentations
Public Release and Comment Period
Approval of Budget and Updated Capital Plan
The Port Authority of NY & NJ 96 2017 Budget
Financial Policies
The Port Authority is financially self-sustaining and raises the monies necessary to operate its facilities and provide
services to the public at large through tolls, fares, rentals and other user charges. Funds needed for capital
improvements, construction and acquisition of facilities are raised on the basis of the Port Authority’s own credit.
The Port Authority cannot pledge the credit of either state or any municipality, nor can it levy taxes or assessments.
Within the context of programmatic Agency-wide objectives, the Port Authority has established various financial
measures designed to ensure that the Agency is able to sustain its projects, plan for the future,
and fund debt service. The Port Authority maintains two reserve funds, the General Reserve Fund and the
Consolidated Bond Reserve Fund, which were established in accordance with applicable laws, statutes and
resolutions. The Agency has set specific targets for the balances of the reserve funds at any given time, as well as
other debt related ratios, including the Additional Bonds Test (as defined in the Consolidated Bond Resolution), and
debt service coverage.
The General Reserve Fund is pledged in support of Consolidated Bonds and Notes. Statutes, which required the
Port Authority to create the General Reserve Fund, established the principle of pooling revenues from all facilities
and require that the Port Authority apply surplus revenues from all of its facilities financed by the issue and sale of
bonds legal for investment (as defined in the applicable statutes) to maintain the General Reserve Fund in an
amount at least equal to 10% of the par value of outstanding bonds legal for investment. The balance remaining of
all net revenues of the Port Authority's existing facilities, after deducting payments for debt service upon all
Consolidated Bonds and Notes and the amount necessary to maintain the General Reserve Fund at its statutorily
required amount, is to be paid into the Consolidated Bond Reserve Fund, which is pledged as additional security
for all outstanding Consolidated Bonds and Notes. Consolidated Bonds and Notes have a first lien upon the net
revenues (as defined in the Consolidated Bond Resolution) of all existing facilities of the Port Authority and any
additional facility financed by Consolidated Bonds and Notes.
Special Obligations of the Port Authority includes Commercial paper notes, Variable rate master notes, MOTBY
obligations, Tower 4 Liberty Bonds and the Goethals Bridge Replacement Capital Asset Obligation. Special
obligations of the Port Authority are payable from the proceeds of obligations of the Port Authority issued for such
purposes, including Consolidated Bonds issued in whole or in part for such purposes, or from net revenues
deposited to the Consolidated Bond Reserve Fund, and in the event such net revenues are insufficient therefore,
from other moneys of the Port Authority legally available for such payments when due. Special obligations of the
Port Authority are subject in all respects to the payment of debt service on Consolidated Bonds as required by the
applicable provisions of the Consolidated Bond Resolution and payment into the General Reserve Fund of the
amount necessary to maintain the General Reserve Fund at the amount specified in the General Reserve Fund
statutes.
Special obligations of the Port Authority are not secured by or payable from the General Reserve Fund.
Additionally, special obligations of the Port Authority do not create any lien on, pledge of or security interest in any
revenues, reserve funds or other property of the Port Authority. Equipment notes and the Fund for Regional
Development Buy-Out Obligation are payable in the same manner and from the same sources as operating
expenses. Special project bonds are not secured by or payable from the General Reserve Fund or the
Consolidated Bond Reserve Fund.
The Port Authority has a long-standing policy of maintaining total reserve funds in an amount equal to at least the
next two years' bonded debt service on outstanding debt secured by a pledge of the General Reserve Fund. The
monies in the reserve funds may be accumulated or applied only to the purposes set forth in legislation and the
agreements with the holders of the Port Authority’s obligations pertaining thereto.
The Port Authority of NY & NJ 97 2017 Budget
Appendix 5. Organizational Chart
The Port Authority of NY & NJ 98 2017 Budget
Appendix 6: Operating Performance Metrics
The Port Authority continues to advance its mission to meet critical infrastructure needs of the bi-state region.
TB&T
Metric
Definition and
Operational Impacts*
2016
Major Outcomes
2017
Performance Measurement
TB&T - Facility
Mobility
Maintain weekday travel times at all
interstate vehicular crossings at 80%
of the posted speed limit for an
average of more than 52% of the time
each month
Met the goal
Surpass 80% Segment Speed
Limit at least 52% of the time for
eastbound traffic
TB&T - Average
Crash Rate (per
Million Vehicles)
Improve safety and travel time
reliability by ensuring priority crash
locations are monitored and
implementing mitigations to reduce
crashes
Decreased crash rate year over year
through the “Three E’s”:
o Educating the driving public
o Enforcing speed limit
o Engineering mitigations
Maintain or decrease in crash
rate over the previous year
PATH
PATH - On-Time
Performance
Maintain 96% on-time performance in
order to meet passenger demand and
customer service needs
Met on-time performance during 24-
hour periods
Met on-time performance during peak
periods
Maintain 96% 24-hour on-time-
performance
Maintain 96% peak period on-
time-performance
PATH - Safety
Training
Operate PATH system with a high
degree of safety for passengers and
employees
Achieved completion rate for
mandatory safety training
Achieve 100% completion rate
for mandatory safety training
PATH - Service
Reliability
Maintain planned mean distance
between failure (number of miles, on
average, a PATH car travels before
breakdown or failure occurs that
results in delay) at 100,000 miles in
order to reduce operational incidents
and delays
Achieved the mean distance between
failure
Maintain miles between failure
at 100,000
PATH - Safety
Maintenance
Performance
Complete all FRA-mandated
inspections and maintenance routines
each year
Met all FRA-mandated inspections
and maintenance routines “on-target”
Meet all FRA-mandated
inspections and maintenance
routines “on-target”
Aviation
Aviation - Flight
Delay Reduction
Improvement of year-to-year operation
delay statistics for all airports
Operation delays remained constant
year over year at 5%
Less than 5% of total
operations delayed
Aviation -
Customer
Satisfaction
Meet or exceed industry benchmark of
55% of highly satisfied passengers
(departing and arriving) in annual
customer satisfaction survey for all
Port Authority airport terminals
Exceeded industry benchmark of
highly satisfied departing passengers
Exceeded industry benchmark of
highly satisfied arriving passengers
Maintain or improve overall
passenger satisfaction of 55%
Aviation - FAA
Part 139
Compliance
Meet Federal Aviation Administration
(FAA) Federal Aviation Regulation
(FAR) Part 139 requirements to meet
all safety standards and maintain
airports’ operating certificates
Met all FAA requirements
Meet all requirements for FAA
Part 139 inspections; Correct
any discrepancies by FAA
imposed deadlines
Aviation - Runway
Availability
Maintain runway availability at 98%
Successfully met runway availability
Maintain the runways open and
operational for use by the FAA
unless there is any planned
preventative maintenance and
construction
The Port Authority of NY & NJ 99 2017 Budget
Operating Performance Metrics
Port
Metric
Definition and
Operational Impacts*
2016
Major Outcomes
2017
Performance Measurement
Port - Increased
Intermodal
Efficiency
Increase percent of cargo moved by
rail to 20% by 2020
Maintained percentage of port cargo
moved by rail
Implemented recommendations from
Port Performance Task Force
Move at least 16% of port cargo
by rail
In conjunction with other
Council on Port Performance
(CPP) Members
o Continue the development of
the “grey” chassis and the
truck appointment systems
o Extend operating hours
Port Facilities -
Retain and Grow
Key Services
Retain and grow key maritime
services—container volumes (twenty-
foot equivalent units)
Met target value for container volumes
Container volumes greater than
5% of target value
Port Facilities -
Retain and Grow
Key Services
Retain and grow key maritime
services—U.S. market share
Met target for U.S. market share
U.S. market share greater than
16%
*Note: Please refer to the Departmental Budget Summaries chapter for each line departments’ operational impacts associated with significant
capital projects. The Departmental Budget Summaries also include the departments’ mission, goals, and core functions.
The Port Authority of NY & NJ 100 2017 Budget
Appendix 7: Glossary
Allocated Expenses – Expenses allocated to various business programs, operating facilities, and capital projects
of the Port Authority, using labor as the basis for allocation for the provision of centralized general management
and administrative services and/or general services applicable to Port District development activities.
Budget – A formal financial estimate of expected revenues and expenditures setting forth the Port Authority’s
financial operations for a calendar year in a form compatible with the Port Authority’s accounting system. The
estimate is prepared by all departments and approved by the Board of Commissioners. It serves as the basis for
producing the Financial Plan and becomes a means of achieving systematic review of program expenditures to
ensure that they are made in accordance with the policies and financial decisions of the Board and the By-Laws of
the Port Authority.
Capital Expenditures – Expenditures for projects that benefit future accounting periods and are expected to
prolong the service lives of assets beyond the originally assigned life or result in a better or more efficient asset.
Capital expenses are broken down into six categories that reflect the policy goals of the Agency:
Mandatory (MAND) – Projects required by law, governmental rule or regulation, or by a rule or policy
of the Board of Commissioners.
Regional Projects (SRP) – Projects undertaken by the Port Authority which advance the objectives of
the Port Authority but, unlike other Port Authority projects which are typically confined to specific Port
Authority operated facilities, are not operated by the Port Authority. They are generally initiated at
the request of one of the two States.
Security (SEC) – Projects that are necessary to meet the Agency’s Security Plan. The Chief Security Office
has reviewed the scope of the projects for consistency with Agency security goals.
State of Good Repair (SGR) – Projects that are necessary to maintain the continued functioning of a Port
Authority assets consistent with the Agency’s business objectives, especially those necessary to maintain
critical structural integrity and operational capability of facilities.
System Enhancing Projects (SEP) – Projects that provide system enhancements, improved customer
service levels, and/or regional benefits but do not yield a positive financial return to the Port Authority.
Capital Plan – Reflects the current assessment of the potential need for capital expenditures for the modernization,
renovation, rehabilitation, expansion or acquisition of existing and additional facilities in order to continue to
maintain appropriate levels of service.
Commercial Paper (CP) – Short-term obligations authorized to be issued to provide interim financing for the
payment of capital expenditures in connection with the facilities of the Port Authority or to refund prior obligations.
Consolidated Bonds – A form of long-term debt issued pursuant to the Consolidated Bond Resolution of 1952 and
subsequent resolutions.
Consolidated Bond Reserve Fund – A special fund created by Section 7 of the Consolidated Bond Resolution.
The balance remaining of all net revenues of the Port Authority’s existing facilities after deducting payments for
debt service upon all Consolidated Bonds and Notes and the amount necessary to maintain the General Reserve
The Port Authority of NY & NJ 101 2017 Budget
Fund at its statutorily required amount, is to be paid into the Consolidated Bond Reserve Fund, which is pledged as
additional security for all outstanding Consolidated Bonds and Notes. Consolidated Bonds and Notes have a first
lien upon the net revenues (as defined in the Consolidated Bond Resolution) of all existing facilities of the Port
Authority and any additional facility financed by Consolidated Bonds.
Debt Service – Represents interest payments, accruals, and mandatory and accelerated amortization (by sinking
fund payments, serial maturities, bank loan payments, etc.), on outstanding debt charged to the operating and
reserve funds.
Deferred Expenses – Includes the purchase of ancillary equipment utilized at Port Authority facilities and corporate
information technology components. These deferred expenses are amortized over the expected period of beneficial
use.
Development Expenses – Represents those general expenses of the Port Authority for the development of the
Port District. Expenses include certain studies and initiatives.
Direct Investment in Facilities – Represents application of monies in the Consolidated Bond Reserve Fund to the
Capital Fund, subject to statutory, contractual, and other commitments and financial policies of the Port Authority in
addition to other capital funds carried forward and the proceeds of Port Authority obligations to
be issued.
Direct Prorated Expenses – Centralized line department, operations and maintenance services, and engineering
general expenses that are prorated directly to individual operating facilities and business programs based on their
prorated share of direct labor costs.
EBIDA – Earnings before Interest, Depreciation, and Amortization.
Facility – A location classification defining a complete and self-contained unit operated by the Port Authority.
Fund Balance – Represents the balance of cash and certain specified securities, some of which are required by
Port Authority Statutes.
Fund for Regional Development Buy-Out Obligations – Represents the annual implicit interest cost (8.25%)
contained in the present value of amounts due to the States of New York and New Jersey upon the termination, in
1990, of the Fund for Regional Development.
General Reserve Fund – A special fund established pursuant to Chapter 5 of the Laws of New Jersey of 1931 and
Chapter 48 of the Laws of New York of 1931, as amended and supplemented. Under the statutes authorizing the
pledge of the General Reserve Fund, the Port Authority may raise monies to finance or refinance any of its present
facilities by the issue and sale of bonds legal for investment. Additional terminal or transportation facilities may also
be financed this way. Surplus revenues from facilities are required to be pooled by the Port Authority and applied to
the maintenance of a General Reserve Fund in an amount equal to at least 10% of the par value of all such
outstanding bonds legal for investment, as so defined.
Gross Operating Revenues – Revenues from rentals, tolls, fares, aviation fees and other charges derived
in connection with the use of and privileges granted at Port Authority facilities before the deduction of operating
expenses.
Net Operating Revenues – Gross operating revenues less operating expenses and amounts in connection with
operating asset obligations, adjusted by net recoverable/expense amounts related to the events of September 11,
2001.
The Port Authority of NY & NJ 102 2017 Budget
Operating Asset Financing – Interest expense associated with the funding of operating assets such as the Fund
Buy-Out, where the Port Authority assumed the assets and liabilities of the former Fund for Regional Development,
which had been established to sub-lease World Trade Center space previously held by the State of New York; and
Equipment Notes, which are obligations that are authorized to be issued to facilitate the purchase of operating
equipment such as automotive vehicles, telephones, radios, computer equipment and office furnishings.
Operating Expenses – Expenses incurred in connection with the operation, maintenance, security, repair and
administration of Port Authority facilities and business programs, including direct prorated, and
allocated expenses.
Passenger Facility Charges (PFC) – Pursuant to the Federal Aviation Safety and Capacity Expansion Act of
1990, the Port Authority has been authorized to impose a PFC on passengers utilizing its airports. PFC collections
are restricted to projects undertaken with the prior approval of the FAA.
Port Authority Equipment Notes (PAEN) – Obligations authorized to be issued for purposes of payment for
expenditures in connection with the facilities of the Port Authority or to refund prior obligations. PAEN carry variable
interest rates set by a remarketing agent and are subject to prepayment at the option of the Port Authority or upon
demand of the holders.
Special Project Bonds (SPB) – Limited obligations issued for the purpose of providing specific projects for a
lessee or to refund prior obligations. SPBs are secured solely by a pledge of facility rental derived by the Port
Authority under a lease with the lessee. Neither the full faith and credit of the Port Authority nor any of its revenues,
assets or reserve funds are pledged for the payment of debt service on the bonds.
Source of Funds – Gross operating revenues generated by Port Authority facilities, in addition to monies
generated from the issuance of bonds, notes and other obligations, receipt of grants, insurance proceeds, earned
income on investments and money drawn down from reserve funds, as well as the collection of Airport Passenger
Facility charges. A balanced budget is achieved when the Sources of Funds is equal to the planned spending or
Uses of Funds for the fiscal year.
Times Debt Service Earned – The relationship of net revenues available for debt service and reserves to the total
obligatory bonded debt service. In this context, “total obligatory bonded debt service” excludes Fund for Regional
Development buyout principal and interest expense, debt service on Special Project Bonds, operating equipment
lease financing obligations and any PFC backed debt associated with investment in use.
Use of Funds – The cost of operating expenses, capital expenditures, debt service on outstanding bonds, notes
and others obligations, and other expenditures that are deferred and amortized in future periods. When the Uses of
Funds is equal to revenues generated by the Sources of Funds, the budget is balanced.
Variable Rate Master Notes (VRMN) – Obligations authorized to be issued for purposes of payment for capital
expenditures in connection with the facilities of the Port Authority or to refund prior obligations. VRMN carry variable
interest rates in accordance with specified indices and are subject to prepayment at the option of the Port Authority
or upon demand of the holders.
Versatile Structure Obligations (VSO) – Obligations authorized to be issued for purposes of payment for capital
expenditures in connection with the facilities of the Port Authority or to refund prior obligations. VSO carry variable
interest rates set by a remarketing agent and are subject to prepayment at the option of the Port Authority or upon
demand of the holders.