Passenger Terminal Today - Elizabeth Baker
The Port Authority of New York and New Jersey (PANYNJ) has released its proposed US$8.3bn 2023 budget, which consists of US$3.7bn for operating expenses, US$2.9bn for annual capital spending and US$1.7bn for debt service and deferred expenses.
The proposed 2023 budget would invest US$2.9bn in capital spending to modernize existing facilities or build new facilities, including the ongoing transformation of the Port Authority’s three major airports.
In addition to the capital spending needed to rebuild the region’s aging infrastructure, the 2023 budget would also fund a US$1bn security investment, including funds to continue to strengthen the agency’s cyber security posture. Alongside this, the budget would provide nearly US$2bn for operations and maintenance of the agency’s assets as volumes increase after the Covid-19 pandemic. It would also dedicate more than US$17m for new technology, customer experience, and employer-of-choice initiatives. Additionally, it will invest around US$55m to advance the agency’s net-zero emissions future and climate resiliency goals.