During its Dec. 12 meeting, the Port Authority of New York and New Jersey board of commissioners approved the agency’s $9.4 billion 2025 budget.

“For over a century, the Port Authority has been a pillar of imagination and innovation, shaping infrastructure that endures and evolves with this dynamic region,” said Port Authority Chairman Kevin O’Toole. “This budget continues our effort to set a bold new standard for that work.”

Key aspects of the budget include:

• $4.1 billion in operating expenses, $3.6 billion in capital expenses and $1.7 billion for debt service and deferred expenses
• An increase of $0.25 to the bridge and tunnel toll rate for all vehicles classes, beginning Jan. 5 — beyond the automatic, inflation-based annual adjustments
  • Additionally, includes two adjustments to incentivize non-EZPass users to enroll in E-ZPass
• Planning and design work to advance the EWR Vision Plan at Newark Liberty International Airport
• Project to add pedestrian access from underserved communities in Newark and Elizabeth to the Newark Airport Rail Link station
• Progress on the $2 billion Restoring the George program
• Start of early work on the new Midtown Bus Terminal
• Track infrastructure replacement, station rehabilitation, signal and equipment upgrades, and new rail cars through the two-year, $430 million PATH Forward program
• Full implementation of TAPP on PATH
• Rebuilding the entire Port Street complex of access roads to Port Newark and the Elizabeth-Port Authority Marine Terminal
• A new reduced fare program for disabled PATH riders
• More than $1 billion to bolster security capabilities

Full speed ahead

“We’re investing significant money to keep the pedal to the metal on what has become the most ambitious capital program in our 103-year history, overhauling, modernizing, and refreshing this region’s critical infrastructure as we chart a course to keep our region moving into an even stronger future,” said O’Toole.

Port Authority Executive Director Rick Cotton said the agency is rewriting the story regional infrastructure.

“We’ve seen LaGuardia rise from worst to first, JFK undergoing a sweeping transformation, Newark Liberty unveil its world-class Terminal A, and the busiest vehicular bridge in the world undergo a comprehensive renewal,” said Cotton. “As we move into 2025 and begin early works construction for a new Midtown Bus Terminal, we are laser focused on building a future that will benefit this region for generations to come.

“This budget acknowledges our agency’s extraordinary momentum with ambitious projects that deliver lasting value,” Cotton said.

The board also approved an expanded minimum wage policy at Newark Liberty, LaGuardia and JFK Airports. Beginning in January, the move will provide annual wage increases to thousands of airport workers. It calls for three upfront increases of $0.75 in January 2025, July 2025 and January 2026. Following that, an automatic increase is tied to the regional cost of living.

“This policy underscores our respect for the hard work of dedicated airport employees who serve the traveling public across our region,” said Cotton.

“By introducing structured wage increases for airport personnel, we can boost worker spirits and in turn, boost customer service, ultimately delivering even better experiences for the millions who travel through our airports annually,” said O’Toole.