Simple Flying - Michael Doran
...the Port Authority of New York and New Jersey released its proposed 2024 budget of $9.3 billion, some of which will be used to advance major projects at John F. Kennedy Airport and the new AirTrain system serving Newark Liberty Airport.
The budget includes $3.9 billion in operating expenses, $3.6 billion in capital expenses and $1.8 billion for debt service and deferred expenses. In its announcement yesterday [16 Nov 2023], the Port Authority of New York and New Jersey (Port Authority) said the proposed budget reinvigorates the agency's commitment to modern, secure facilities as activity and net revenues continue their recovery across its facilities post-COVID.
Capital spending on aviation focuses on advancing the redevelopment of John F. Kennedy International Airport (JFK) into "a unified, world-class international gateway." The total cost of the airport's redevelopment is $19 billion and includes two new terminals, expansion and modernization of existing terminals supported by streamlined roadways.
Air travelers will also benefit from the new AirTrain Newark system investments that will replace the current outmoded system serving Newark Liberty International Airport. That project funding also includes advancing the EWR Station access project that will expand rail and airport access for underserved Newark and Elizabeth communities.