The Port Authority of New York and New Jersey has unveiled a proposed budget of $9.4 billion for 2025, aiming to enhance security and advance major infrastructure projects. The plan includes $3.6 billion in capital investments focused on redeveloping key airports, replacing the Midtown Bus Terminal, and improving PATH services.
A notable feature of the budget is a proposed toll increase of $0.25 for all vehicle classes starting January 2025, beyond the annual inflation-based adjustments. This move is intended to help offset $3 billion in losses incurred during the COVID-19 pandemic and support ongoing capital projects across bridges, tunnels, seaports, and airports.
The agency's capital spending will see an increase of over $750 million compared to 2024 as it progresses with significant initiatives like the "Restoring the George" program at the George Washington Bridge and delivery of new PATH railcars. Projects include rebuilding John F. Kennedy International Airport's infrastructure, advancing Newark Liberty International Airport's Vision Plan, and replacing AirTrain Newark.
Port Authority Chairman Kevin O’Toole emphasized the importance of resilient infrastructure: “As this agency has done for more than 100 years, we are moving forward by planning – and delivering – infrastructure that can withstand the test of time.”
Executive Director Rick Cotton highlighted ongoing transformations: “Unprecedented, world-class transformations of the region’s infrastructure have now become the new normal at the Port Authority.”
In addition to physical improvements, there are proposals for fare adjustments on PATH services and incentives for E-ZPass usage to encourage proper transponder use. A new reduced fare program is also suggested for disabled PATH riders.
Public input is being sought through December 11 ahead of a Commissioner Authorization Vote later this month.
