DOCSLIB.ORG

A Port Authority That Works

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
A Port Authority That Works A Port Authority That Works March 2014 Mitchell L. Moss Hugh O’Neill Mitchell L. Moss is Director of the Rudin Center for Transportation Policy and Management at New York University, and Henry Hart Rice Professor of Urban Planning at NYU’s Wagner School of Public Service. Hugh O’Neill is President of Appleseed, an economic development consulting firm based in New York City. From 1985 to 1991, he was Assistant Executive Director of the Port Authority of New York and New Jersey. This report and additional information on the Rudin Center, are available at www.NYURudinCenter.com A Port Authority That Works 3 Executive Summary The Port Authority of New York and New Airport) for two important purposes: Jersey has been a vital force in the physical and economic growth of the New York-New • To help meet the capital and operating Jersey region. During the past few years, needs of Port Authority facilities that don’t however, public attention has focused on the generate sufficient revenue to cover their Port Authority’s spending, management, and own costs; political interference in the agency’s operations. In recent weeks, several sources have called for • To allow the Port Authority to invest in reform, restructuring, or even abolition of the new facilities that over time will help to Port Authority. grow both its own revenues and the region’s economy. However, the critical problem facing the Port Authority today is not mismanagement, While this basic framework remains in place political abuse, or rivalry between New York today, the ways in which it is used have evolved and New Jersey. The fundamental challenge over time. is that the business model under which the Authority has operated for the past thirty years • In the late 1960’s the Port Authority took is no longer sustainable. For the New York- on responsibility for rehabilitation and New Jersey region to grow over the next fifty ongoing operation of the PATH system years, the Port Authority must rethink not only – a rail transit system that, as the PA and how it manages its business, but also how it leaders of both states realized, would never defines what that business is. cover its operating costs, let alone provide a return on the PA’s investment. Evolution of the Port Authority’s • In the early 1980’s (and with the approval of both states), the Authority’s mission Business Model expanded again, as the Port Authority took on a series of economic development Since the 1930’s, the Port Authority’s projects. While it was hoped that these consolidated funding structure has allowed it projects would be self-sufficient, they to use surplus revenues from its most profitable were not expected to generate significant facilities (such as the George Washington new revenues. Bridge and John F. Kennedy International A Port Authority That Works 4 • At the same time, the PA began to allocate • Since the early 1980’s, the burden that a portion of its surplus revenues and its the PATH system’s operating deficits and limited capital capacity to projects selected zero-return capital requirements impose by the governors of the two states, many on the Port Authority’s revenue-generating of which bore little or no relationship to businesses have grown larger. PATH’s the Authority’s mission or its existing deficit in 2012 totaled $370 million; and businesses. These projects were not during the same year Port Authority capital required to achieve the rates of return the spending on PATH (excluding the cost of PA normally required on its own projects; the new PATH station at the World Trade and many of them generated no revenue Center) totaled $179 million. at all. • The combined operating deficits of the Port Authority Bus Terminal and the bus An Era of Growth – but station at the George Washington Bridge an Eroding Base have also risen to $112 million in 2012. • During the past fifteen years, the Port Throughout the 1980’s and 1990’s, this Authority’s marine terminals have gone arrangement appeared to be working well, from a nearly break-even business to one as the Port Authority invested in upgrading that in 2012 had an operating deficit of the PATH system, oversaw the development more than $100 million. of new terminals at its airports and rail links to Newark and JFK, and improved the • In 2012 the World Trade Center – which competitive position of the region’s ports. Air in 2000 generated more than $33 million passenger traffic at the three airports has more in net revenue for the Port Authority than doubled since 1980; and since 1991, the – incurred a net loss of $46 million. In volume of container cargo moving through the the years since the September 11 attack, region’s ports has tripled. the Port Authority has invested billions of dollars in rebuilding the World Trade Fundamental changes undermined the Center. assumptions on which the Authority’s early- 1980’s business model were based – in • Even as the Port Authority’s financial particular, assumptions about the Authority’s foundations were eroding, the Authority own operating and capital needs, and its continued to finance projects chosen by revenue-generating capacity. the governors. Between 2002 and 2012, the Port Authority spent more than A Port Authority That Works 5 $800 million on such “regional projects.” governments and the Port Authority should During the next few years, PA spending consider these proposed guidelines: on zero-return state projects will increase even further, as a result of the Authority’s • The Port Authority’s financial resources agreement to provide $1.8 billion to fund are to be used solely for facilities, services, the rehabilitation of state highways and projects, and programs that are clearly bridges in New Jersey. aligned with its core mission. This doesn’t mean the Port Authority can’t take on As a result of these trends, the Port Authority new projects – but those that it takes on has, year by year, become more reliant on should be closely aligned with the PA’s core the revenues generated by its money-making businesses. facilities – its network of interstate bridges and tunnels, most notably the George Washington • It is no longer possible for the Port Bridge, and John F. Kennedy, LaGuardia and Authority to adequately fund its own Newark Liberty airports – to subsidize the facilities and services while simultaneously operation of, and investment in, those that allocating hundreds of millions for non- can’t cover their costs, and to help finance state revenue-generating state projects. The capital projects that provide no return to the governors of New York and New Jersey Port Authority. and the leadership of the Port Authority should agree to end the practice of using The increases in bridge and tunnel tolls that the Port Authority to fund zero-return the Authority has implemented in recent years state projects. are a direct result of its continuing reliance on its bridges, tunnels, and airports to fund its • At the same time, the Port Authority money-losing operations and to finance both should subject its own investment its own and the states’ capital projects. decisions to rigorous cost-benefit analysis. Any proposed projects that are not self- sustaining must be strategically justified. Several projects included in the Authority’s New Rules for the Port Authority recently approved ten-year capital plan – such as the proposed extension of the The current leadership of the Port Authority PATH system to Newark Liberty Airport deserves credit for its renewed focus on effective – have yet to be evaluated on a cost-benefit management of the Authority’s operations and basis. financial resources. But management reforms are not enough. It is essential to reconsider • To focus on protecting the health of its the purposes the Port Authority should serve, revenue-generating facilities, the Port and how its limited resources can be used most productively. The leadership of the state A Port Authority That Works 6 Authority must give heightened attention • It will be difficult to pursue the policies to its three major airports. They are essential proposal in this report unless the states not only to the Authority’s financial health, agree to end the division of the Port but to the continued growth of the region’s Authority into separate political fiefdoms. economy as well. The priorities should This will require multiple changes in include: redevelopment of the Central the way the agency is run, but there is Terminal at LaGuardia, modernization of probably one change on which the success Newark Terminal A, runway improvements of all others depends – reintegration of full at JFK and LaGuardia, accelerated responsibility for management of the entire deployment of next-generation air traffic organization in the position of Executive control technology, and ground access Director. improvements at all three airports. It should be stipulated, for example, that • While redevelopment of the World Trade the Deputy Executive Director (even if Center must remain one of the agency’s nominated by the Governor of New Jersey) top priorities, most of the Port Authority’s works solely for the Executive Director. other commercial and industrial properties Moreover, elected officials (of either state) are peripheral to its core businesses. It may should rely on the Executive Director be time to dispose of these properties. to appoint qualified individuals to high- level management positions at the Port • The Port Authority and the two states Authority. need to consider the long-term future of the PATH system. PATH is today the only The leadership of the Port Authority must major rail transit system in the U.S.
Load more

Recommended publications
  • Annual Rept3/14
    2001 Comprehensive Annual Financial Report For the Year Ended December 31, 2001 INTRODUCTORY SECTION 2 In Memoriam 4Mission Statement 5 Letter of Transmittal to the Governors 6 Board of Commissioners 8Organization Chart/Officers and Directors 9 Letter from the Executive Director 10 2001 Overview 20 Letter of Transmittal T ABLE OF CONTENTS 1 FINANCIAL SECTION STATISTICAL SECTION 29 Report of Independent Auditors 63 Port Authority Facility Traffic General Purpose Financial Statements 64 The New York-New Jersey Metropolitan Region 30 Combined Statements of Income 65 Port Authority Facilities and Services 31 Combined Statements of Financial Position 32 Combined Statements of Cash Flows 34 Notes to Combined Financial Statements 58 Schedule A – Revenues and Reserves (Pursuant to Port Authority bond resolutions) 59 Schedule B – Assets and Liabilities (Pursuant to Port Authority bond resolutions) 60 Schedule C – Analysis of Reserve Funds (Pursuant to Port Authority bond resolutions) 61 Schedule D – Selected Statistical Financial Data 62 Schedule E – Information on Port Authority Operations JOSEPH AMATUCCIO MAURICE V. MARGARET L. BARRY BENSON CLINTON FRANK A. DAVIS DE MARTINI We have seen the state of our Union in the endurance of rescuers, working past exhaustion. We have seen the unfurling of flags, the lighting THOMAS E. JOSEPH F. of candles, the giving of blood, the saying of GORMAN GRILLO “prayers – in English, Hebrew, and Arabic. We have seen the decency of a loving and giving people who have made the grief of strangers 2 MARY S. PAUL W. JONES JURGENS 3 their own.... ...We'll go back to our lives and routines, and that JOHN D.
    [Show full text]
  • Cooperbaschdissertation.Pdf
    THE EVOLUTION OF VICTORIA FOUNDATION FROM 1924 TO 2003 WITH A SPECIAL FOCUS ON THE NEWARK YEARS FROM 1964 TO 2003 by IRENE COOPER-BASCH A Dissertation submitted to the Graduate School-Newark Rutgers, The State University of New Jersey & New Jersey Institute of Technology in partial fulfillment of the requirements for the degree of Doctor of Philosophy Joint Graduate Program in Urban Systems-Education Policy Written under the direction of Dr. Alan R. Sadovnik, Rutgers University Chair and approved by _____________________________________________ Dr. Alan R. Sadovnik, Rutgers University _____________________________________________ Dr. Gabrielle Esperdy, New Jersey Institute of Technology _____________________________________________ Dr. Clement A. Price, Rutgers University _____________________________________________ Dr. Christopher J. Daggett, Geraldine R. Dodge Foundation, Morristown, NJ Newark, New Jersey May, 2014 © 2014 Irene Cooper-Basch ALL RIGHTS RESERVED ABSTRACT OF THE DISSERTATION The Evolution of Victoria Foundation From 1924 to 2003 With a Special Focus on the Newark Years From 1964 to 2003 By IRENE COOPER-BASCH Dissertation Director: Professor Alan Sadovnik This dissertation examines the history of Victoria Foundation from its inception in 1924 through 2003, with a special emphasis on its place-based urban grantmaking in Newark, New Jersey from 1964 through 2003. Insights into Victoria’s role and impact in Newark, particularly those connected to its extensive preK-12 education grantmaking, were gleaned through an analyses of the evolution of Newark, the history of education in Newark, and the history of foundations in America. Several themes emerged from the research, an examination of the archives, and 28 oral history interviews including: charity vs. philanthropy, risk-taking, scattershot grantmaking, self-reflection, issues of race, and evaluation.
    [Show full text]
  • Reiss Testimony
    TESTIMONY OF ALAN REISS BEFORE THE NATIONAL COMMISSION ON TERRORIST ATTACKS UPON THE UNITED STATES May 18, 2004 Thank you Chairman Kean, Vice Chairman Hamilton and distinguished members of the Commission for the opportunity to testify before you today. My name is Alan Reiss and I am currently the Deputy Director of Aviation at The Port Authority of New York and New Jersey. Prior to assuming my current position, I was the Director of the agency’s World Trade Department, which operated the World Trade Center. Mr. Chairman, I know that you are familiar with the Port Authority, but for the benefit of the other members of the Commission, The Port Authority of New York and New Jersey operates many of the busiest and most important transportation links in the New York- New Jersey region. Most important to the Commission’s work, the Port Authority built and operated the World Trade Center and continues to own the 16-acre World Trade Center site in Lower Manhattan. September 11th was without a doubt the worst day in the long history of The Port Authority of New York & New Jersey and one of the worst in the history of the United States. This was a profound personal loss for us at the Port Authority. The World Trade Center was our headquarters and 84 members of the Port Authority family died that day; 16 of them civilian building management staff who reported to me and responded to their emergency posts that day. We grieve their loss, and our hearts continue to go out to their families, and to the families of all the victims who died that day.
    [Show full text]
  • Joseph Patella, Esq. ANDREWS KURTH LLP 450 Lexington Avenue, 15Th Floor, New York, New York 10017 Tel: 609.716.6500 Fax: 609.799.7000
    Joseph Patella, Esq. ANDREWS KURTH LLP 450 Lexington Avenue, 15th Floor, New York, New York 10017 Tel: 609.716.6500 Fax: 609.799.7000 Thomas E. Starnes, Esq. Charles M. Crout, Esq. ANDREWS KURTH LLP 1350 I Street NW Suite 1100 Washington, DC 20005 Tel: 202.662.2700 Fax: 202.662.2739 NEW JERSEY DEPARTMENT OF ENVIRONMENTAL PROTECTION, THE COMMISSIONER OF THE NEW JERSEY ENVIRONMENTAL PROTECTION AGENCY, and THE ADMINISTRATOR OF THE NEW JERSEY SPILL COMPENSATION FUND, Plaintiffs, vs. SUPERIOR COURT OF NEW JERSEY OCCIDENTAL CHEMICAL CORPORATION, TIERRA SOLUTIONS, INC., MAXUS ENERGY LAW DIVISION - ESSEX COUNTY CORPORATION, REPSOL YPF, S.A, YPF, S.A, DOCKET NO. L-009868-05 YPF HOLDINGS, INC. and CLH HOLDINGS, Defendants, MAXUS ENERGY CORPORATION and TIERRA SOLUTIONS, INC., Third-Party Plaintiffs, vs. 3M COMPANY, AC.C., INC., ACH FOOD COMPANIES, INC., ACTIVE OIL SERVICE, ADCO CHEMICAL COMPANY, AGC CHEMICALS AMERICAS, INC., WAS:144301.l ALDEN-LEEDS, INC., ALLIANCE CHEMICAL, INC., ALUM AX MILL PRODUCTS, INC., AMCOL REALTY CO., AMERICAN INKS AND COATINGS CORPORATION, APEXICAL, INC., APOLAN INTERNATIONAL, INC., ARKEMA, INC., ASHLAND INC., ASHLAND INTERNATIONAL HOLDINGS, INC., ASSOCIATED AUTO BODY & TRUCKS, INC., ATLAS REFINERY, INC., AUTOMATIC ELECTRO-PLATING CORP., AKZO NOBEL COATINGS, INC., BASF CATALYSTS LLC, BASF CONSTRUCTION CHEMICALS INC., BASF CORPORATION, BAYER CORPORATION, BEAZER EAST, INC., BELLEVILLE INDUSTRIAL CENTER, BENJAMIN MOORE & COMPANY, BEROL CORPORATION, B-LINE TRUCKING, INC., BORDEN & REMINGTON CORP., C.S. OSBORNE & CO., CAMPBELL
    [Show full text]
  • Procurement Department Attn: Bid/Proposal Custodian
    PROCUREMENT DEPARTMENT ATTN: BID/PROPOSAL CUSTODIAN 2 MONTGOMERY STREET 3RD FLOOR JERSEY CITY, NJ 07302 REQUEST FOR PROPOSALS (RFP) TITLE: DEVELOPMENT & MAINTENANCE OF AN AVIATION FACILITIES MAPPING SYSTEM (FMS) NUMBER: 29362 RESPONSE DUE DATE: Monday March 11, 2013 TIME: 2:00 PM QUESTION DUE DATE: Wednesday February 20, 2013 TIME: 3:00 PM BUYERS NAMES: ISABEL AMADO PHONE#: (201) 395‐3435 EMAIL: [email protected] STACEY WILLNER PHONE#: (201) 395‐3343 EMAIL: [email protected] SUBJECT: REQUEST FOR PROPOSALS FOR PERFORMANCE OF EXPERT PROFESSIONAL SERVICES - DEVELOPMENT AND MAINTENANCE OF AN AVIATION FACILITIES MAPPING SYSTEM (RFP #29362) The Port Authority of New York and New Jersey (hereinafter referred to as the “Authority”) is seeking Proposals in response to this Request for Proposals (RFP) for performance of expert professional services as required to design, develop, and maintain a Facilities Mapping System (FMS) comprised of subsurface utility and surface assets for John F. Kennedy International Airport (JFK), LaGuardia Airport (LGA), Newark Liberty International Airport (EWR), Stewart International Airport (SWF), and Teterboro Airport (TEB), and to include ongoing source document data entry. Work shall also include tasks related to the migration of the existing Utility Management System (UMS), as more fully described herein, to the FMS as well as ongoing field services and UMS document data entry until cutover to the FMS. The selected Proposer shall enter into an agreement with the Authority for two (2) years, with two (2), one (1) year renewal options, at the Authority’s discretion. The scope of the tasks to be performed by the Consultant are set forth in Attachment A (including Appendices thereto) to the Authority’s Standard Agreement (the “Agreement”), included herewith.
    [Show full text]
  • Major Projects ($ in Millions )
    NY Works: Overview of the Preliminary Port Authority 10-Year Capital Plan and Current Reform Initiatives June 2012 Backdrop . The Great Recession and unacceptable levels of unemployment in the region . New York Building Congress 1st Qtr Report on Construction Employment states that employment in the NYC construction industry fell to its lowest level since 1999 . Construction employment was down 3% from the 1st Qtr of 2011 in NYC . Billions of dollars of infrastructure investment required in the State and region . Port Authority doesn’t itself have resources to make all required investment so private capital must be explored and priorities selected . Port Authority a solid credit but is significantly more leveraged than 10 years ago. Ratings: S&P: AA- (Stable), Moody’s: Aa2 (Negative), Fitch: AA- (Stable) . Tolls have increased significantly in excess of CPI and growth in Median Family Income over last 10 years . Burden on Stated Island commuters . Direction from Governor Cuomo to Reform, Rationalize, and Repair . State Level Reform: Design/Build (December 2011); TIF Reform (April 2012); NY Works (April 2012) 2 Backdrop: Toll and Fare Growth in Excess of CPI Tolls & fares have reached a ceiling in this low-growth economic environment Tolls & fares have grown at a rate in excess of CPI and Median Household Income PANYNJ Tolls vs. CPI PANYNJ Annual Tolls as % of Median $14 Household Income $12 4.0% $10 3.5% $8 3.0% $6 2.5% $4 2.0% $2 1.5% $0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1.0% 0.5% Cash Toll 0.0% E-ZPass Peak Toll [Roundtrip] 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2001 EZ Pass Toll escalated with CPI PA toll increases during the past decade have Tolls for PA daily commuters have increased by 50% outpaced inflation significantly as a percentage of median household income 3 Backdrop: High Debt Load .
    [Show full text]
  • Procurement Department 4 World Trade Center, 21St Fl. 150 Greenwich Street New York, Ny 10007
    PROCUREMENT DEPARTMENT 4 WORLD TRADE CENTER, 21ST FL. 150 GREENWICH STREET NEW YORK, NY 10007 INVITATION FOR BID/PUBLIC BID OPENING BID INFORMATION TITLE: MOVING SERVICES ON A WORK ORDER BASIS FOR VARIOUS PORT AUTHORITY FACILITIES IN NEW YORK AND NEW JERSEY BID NO.: 53782 SUBMIT SEALED BIDS BEFORE THE DUE DATE AND TIME TO THE ABOVE ADDRESS WHERE THEY WILL BE PUBLICLY OPENED AND READ FACILITY INSPECTION: JULY 12, 2018 TIME: 1:00 P.M. BID DUE DATE: JULY 17, 2018 TIME: 11:00 A.M. BUYER NAME: LUZ SANTANA PHONE NO.: 212-435-4625 FAX NO.: 212-435-4691 EMAIL: [email protected] BIDDER INFORMATION (TO BE COMPLETED BY THE BIDDER) (PLEASE PRINT) ________________________________________________________________________________________________________ (BIDDING ENTITY’S LEGAL BUSINESS NAME) ________________________________________________________________________ (ADDRESS) ________________________________________________________________________ (CITY, STATE AND ZIP CODE) ________________________________________________________________________ (REPRESENTATIVE TO CONTACT - NAME & TITLE) (TELEPHONE) _________________________________________________________________________ (FEDERAL TAX I.D. NO.) (FAX NO.) _____ BUSINESS CORPORATION _______PARTNERSHIP ______INDIVIDUAL _____ OTHER (SPECIFY): __________________________________________________ Rev. 12/12/2017 INVITATION FOR BID o COVER PAGE: BID AND BIDDER INFORMATION o PART I – STANDARD INFORMATION FOR BIDDERS o PART II – CONTRACT SPECIFIC INFORMATION FOR BIDDERS o PART III – CONTRACT SPECIFIC TERMS AND CONDITIONS o PART IV – SIGNATURE SHEET, NAME AND RESIDENCE OF PRINCIPALS AND PRICING SHEET(S) o PART V – SPECIFICATIONS o STANDARD CONTRACT TERMS AND CONDITIONS TABLE OF CONTENTS PART I - 1 PART I – STANDARD INFORMATION FOR BIDDERS Rev. 12/21/17 (PA) PART I - STANDARD INFORMATION FOR BIDDERS, TABLE OF CONTENTS 1. General Information: The Port Authority of New York and New Jersey ............... 3 2. Form and Submission of Bid .................................................................................
    [Show full text]
  • 2015 Budget MISSION STATEMENT
    December 10, 2014 Corrected as of January 22, 2015 2015 Budget MISSION STATEMENT MEET THE CRITICAL TRANSPORTATION INFRASTRUCTURE NEEDS OF THE BI-STATE REGION'S PEOPLE, BUSINESSES, AND VISITORS BY PROVIDING THE HIGHEST QUALITY AND MOST EFFICIENT 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. Port Authority of New York and New Jersey Facilities NEW YORK STATE THRUWAY NEW STATE YORK Y A Poughkeepsie W U ULSTER R H T NEW YORK E T A T S K DUTCHESS R O Y W E WESTCHESTER N 84 Beacon Newburgh STEWART INTERNATIONAL AIRPORT 87 ORANGE PUTNAM ROCKLAND West Point NYNJ RAIL GREENVILLE YARD NYNJ RAIL 51ST STREET YARD NYNJ RAIL 65th STREET YARD ATLANTIC CITY EXPRESSWAY A TL ATLANTIC AN T ATLANTIC CITY IC C AIRPORT I T Y E X Galloway P R ESSW AY Absecon Egg Harbor AY Township W K R A P E AT T S ATLANTIC CITY N E D GARDENR STATE PARKWAY A ATLANTIC G OCEAN Legend: Aviation Development Port Authority Trans-Hudson Port Commerce Tunnels, Bridges & Terminals TABLE OF CONTENTS Section Page Government Finance Officers Association Award ……………………………………………………………… 2 Message from the Chairman and the Executive Director …………………………………………………… 3 2015 Budget Summary ……………………………………………………………………………………………………… 5 2015 Line Department Budget Summary …………………………………………………………………………… 17 Aviation 19 Tunnels, Bridges and Terminals 25 Port Authority Trans Hudson 31 Port Commerce 37 Development 43 World Trade Center 47 2015 Budget Schedules ……………………………………………………………………………………………………… 51 Reader's Guide 53 Summary of 2015 Budget - Sources & Uses 54 2015 Budget* 57 Sources 58 Uses 62 Budget Support Schedules 68 Outstanding Obligations and Financing 74 Staffing 76 Activity Highlights 78 2015 Capital Budget Summary …………………………………………………………………………………………… 81 By Department 83 By Department, Facility, & Program 84 Appendices ……………………………………………………………………………………………………………………….
    [Show full text]
  • Hearing Unit Cover and Text
    Committee Meeting of SENATE LEGISLATIVE OVERSIGHT COMMITTEE “The Committee will meet to continue its hearings on proposed Port Authority of New York and New Jersey reform legislation and the Port Authority’s revision of its 10-year capital plan” “The Committee will hear testimony from John Degnan, Chairman of the Port Authority Board of Commissioners, and Elizabeth McCarthy, Chief Financial Officer of the Port Authority” LOCATION: Committee Room 4 DATE: October 28, 2015 State House Annex 10:00 a.m. Trenton, New Jersey MEMBERS OF COMMITTEE PRESENT: Senator Robert M. Gordon, Chair Senator Loretta Weinberg, Vice Chair Senator M. Teresa Ruiz Senator Paul A. Sarlo Senator Thomas Kean Jr. ALSO PRESENT: Patrick Brennan Mark Magyar Frank Dominguez Michael R. Molimock Senate Majority Senate Republican Office of Legislative Services Committee Aide Committee Aide Committee Aides Hearing Recorded and Transcribed by The Office of Legislative Services, Public Information Office, Hearing Unit, State House Annex, PO 068, Trenton, New Jersey TABLE OF CONTENTS Page John J. Degnan Chairman Board of Commissioners The Port Authority of New York and New Jersey 6 Elizabeth M. McCarthy Chief Financial Officer Office of the Chief Financial Officer Office of the Executive Director The Port Authority of New York and New Jersey 14 APPENDIX: The Port Authority of New York and New Jersey 2014 Annual Report A Clear Path Forward submitted by John J. Degnan 1x The Port Authority of New York and New Jersey Capital Projects Timeline submitted by Elizabeth M. McCarthy 120x pnf: 1-66 SENATOR ROBERT M. GORDON (Chair): Good morning, everyone, and welcome to the Senate Legislative Oversight Committee.
    [Show full text]
  • Special Panel on the Future of the Port Authority
    New debt KEEPING THE REGION MOVING The Port Authority of New York and New Jersey A report prepared by The Special Panel on the Future of the Port Authority for The Governors of New York and New Jersey December 26, 2014 i Special Panel on the Future of the Port Authority The Port Authority of NY & NJ: Keeping the Region Moving Special Panel on the Future of the Port Authority John J. Degnan Scott H. Rechler Chairman of the Port Authority of Vice Chairman of the Port Authority of New York and New Jersey New York and New Jersey Richard H. Bagger Mylan L. Denerstein* Commissioner of the Port Authority of Counsel to the Governor of New York New York and New Jersey xxxxxxxxx Christopher S. Porrino Seth H. Agata Chief Counsel to the Governor of New Jersey Acting Counsel to the Governor of New York ∗ Served from May to September 2014. Special Panel on the Future of the Port Authority The Port Authority of NY & NJ: Keeping the Region Moving Table of Contents 1. Executive Summary ............................................................................................................................................1 1.1. Background .................................................................................................................................................1 1.2. Recommendations ......................................................................................................................................3 A. Governance and Accountability .................................................................................................................3
    [Show full text]
  • Preliminary 2012 Budget Summary…………………………………………………………..… 13
    Prelimina ry 2012 Budget December 8, 2011 MISSION To identify and meet the critical transportation infrastructure needs of the bistate region’s businesses, residents, and visitors: providing the highest quality, most efficient transportation and port commerce facilities and services that move people and goods within the region, providing access to the rest of the nation and to the world, while strengthening the economic competitiveness of the New York-New Jersey Metropolitan Region. TABLE OF CONTENTS Government Finance Officers Association Award………………………………………..……. 2 Message from the Chairman and Executive Director……………………..……………………. 3 The Port Authority in a Post-Recession Environment……...………………………………..…. 7 Preliminary 2012 Budget Summary…………………………………………………………..… 13 Preliminary 2012 Budget Summary by Line Department………………………………..……. 25 a. Aviation…………………………………………………………………………… 27 b. Tunnels, Bridges and Terminals…………………………………………….… 32 c. PATH…………………………………………………………………………….. 37 d. Port Commerce………………………..………………………………………… 41 e. Real Estate and Development…………………………………………………. 45 f. World Trade Center……………………………………………………………… 47 Preliminary 2012 Budget Schedules.…………………………………………..………………...51 a. Summary of Preliminary 2012 Budget………………………………………… 53 b. Sources…………………………………………………………………………… 56 c. Uses…………………………………………………………………………………60 d. Changes in Retained Earnings, Consolidated Statement of Net Assets, Information on P.A. Operations by Facility, Revenues and Reserves, and Assets & Liabilities………………………………………………………… 67 e. Outstanding Obligations
    [Show full text]
  • State of New York Office of the State Comptroller Division of Management Audit and State Financial Services
    State of New York Office of the State Comptroller Division of Management Audit and State Financial Services PORT AUTHORITY OF NEW YORK AND NEW JERSEY REGIONAL DEVELOPMENT PROGRAM REPORT 97-S-37 H. Carl McCall Comptroller State of New York Office of the State Comptroller Division of Management Audit and State Financial Services Report 97-S-37 Mr. Lewis M. Eisenberg Chairman Port Authority of New York and New Jersey One World Trade Center New York, NY 10048 Dear Mr. Eisenberg: The following is our report on the Port Authority of New York and New Jersey’s Regional Development Program. We did this audit according to the State Comptroller’s authority as stated in Section 7071 of the Unconsolidated Laws of New York. We list major contributors to this report in Appendix A. September 30, 1998 OSC Management Audit reports can be accessed via the OSC Web Page : http://www.osc.state.ny.us. If you wish your name to be deleted from our mailing list or if your address has changed, contact the Management Audit Group at (518) 474-3271 or at the Office of the State Comptroller, Alfred E. Smith State Office Building, 13th Floor, Albany, NY 12236. Executive Summary Port Authority of New York and New Jersey Regional Development Program Scope of Audit In 1978, the legislatures of the states of New York and New Jersey authorized the Port Authority of New York and New Jersey (Port Authority) to undertake a regional development program that included the construction and operation of industrial parks and other economic development projects in the inner cities of the Port Authority region.
    [Show full text]