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2020 Budget | 0 THE PORT AUTHORITY OF NY & NJ | 2020 BUDGET | 0 TABLE OF CONTENTS Chapter 1: Preface Chapter 5: Capital Budget Summary 2 Government Finance Officers Association Award 67 Capital Project Listings 3 Letter from the Board of Commissioners and the Executive Director Appendix 85 Appendix 1. Economic Outlook Chapter 2: Budget Summary 87 Appendix 2. Consolidated Statements of 9 2020 Budget Overview Revenues, Expenses and Changes in Net 13 Revenues and Reserves Position (Multi-Year Projection) (Pursuant to Port Authority Bond Resolutions) 88 Appendix 2A. Consolidated Statements of 14 Assets and Liabilities Net Position (Pursuant to Port Authority Bond Resolutions) 89 Appendix 2B. Information on Port Authority 15 2020 Total Expenditure Budget Operations 90 Appendix 3. Outstanding Obligations and Chapter 3: Budget Details Financing 19 Sources and Uses of Funds 92 Appendix 4. Budget Process and Financial Policies 20 Operating Revenues 95 Appendix 5. Organizational Chart 22 Operating Expenses 96 Appendix 6. 2019 Performance Metrics – 24 Staffing Achievements 26 Debt Service on Financing Obligations 100 Appendix 7. 2020 Performance Metrics – 27 Capital Expenditures Goals 104 Appendix 8. Glossary Chapter 4: Departmental Budget Summaries 31 Tunnels, Bridges & Terminals (TB&T) 38 Port Authority Trans-Hudson (PATH) 45 Aviation 52 Port 59 World Trade Center (WTC) 64 Staff Departments THE PORT AUTHORITY OF NY & NJ | 2020 BUDGET | 1 GOVERNMENT FINANCE OFFICERS ASSOCIATION AWARD The Government Finance Officers Association of the United States and Canada (GFOA) presented a Distinguished Budget Presentation Award to The Port Authority of New York and New Jersey for its annual budget for the fiscal year beginning January 1, 2019. In order to receive this award, a governmental unit must publish a budget document that meets program criteria as a policy document, as an operations guide, as a financial plan, and as a communications device. This award is valid for a period of one year only. We believe our current 2020 Budget conforms to GFOA program requirements, and we will be submitting it to GFOA to determine its eligibility for an award. THE PORT AUTHORITY OF NY & NJ | 2020 BUDGET | 2 LETTER FROM THE BOARD OF COMMISSIONERS AND THE EXECUTIVE DIRECTOR Dear Governors, We are pleased to provide you with the final 2020 Budget, which the Port Authority of New York and New Jersey’s Board of Commissioners adopted at its December 2019 meeting. The $8.6 billion Budget includes $3.6 billion for capital investments, $3.4 billion for operating expenses and $1.6 billion for debt service and deferred operating expenses. As you know, the Port Authority is financially self-sustaining. These expenditures are being funded from five key sources: projected operating revenues, grants, passenger facility charges, financial income and the issuance of additional Port Authority Consolidated Bonds. The 2020 Operating Budget includes an inflation-based 1.9-percent increase of $64 million in core expenses over the 2019 budget. In addition, the budget provides an additional $62 million of incremental high priority spending that is comprised of spending to achieve important upgrades in facility operations and in customer experience initiatives; spending for Capital Plan construction project support; and spending that preserves or generates revenue. The incremental high priority spending includes funds for multiple customer service initiatives as well as funding to crack down on illegal hustling at the airports, to enhance toll recovery activities, and to fund the PATH Improvement Plan. After consideration of the incremental high priority $62 million in spending, the Operating Budget is $3.4 billion, or $126 million (3.8 percent) higher versus the 2019 Budget. The budget also includes funds to support the agency’s capabilities to handle record volumes of activity across all agency facilities, in addition to continuing the agency’s commitment to safety and security, the highest standards of integrity, customer service, global best practices and timeliness in project and service delivery. As you will read in greater detail in the 2020 Budget Book, our initiatives align with key strategic priorities: Safety and Security The 2020 Operating Budget includes $787 million for safety and security initiatives, a $7.9 million increase from the 2019 budget, to increase enforcement against unlicensed livery operators at the airports, to increase coverage for the Airport Unified Operations Centers and to increase police presence at the airports to manage traffic flow and other disruptions resulting from construction. Customer Experience As a core agency priority, a better customer experience requires innovative solutions and $68 million has been earmarked in this area, including an additional $10.4 million over 2019 levels to enhance customer initiatives at airport terminals and at PATH. Operational Excellence The 2020 budget includes $76 million for targeted initiatives in several operating areas to achieve important operational improvements, including 1) an additional $20 million for Newark AirTrain operational support and for AirTrain JFK for major repairs and maintenance, 2) to advance the PATH Improvement Plan; and 3) funding to implement the Port Master Plan. An additional $15 million supports increased civilian operational support at facilities during construction, including traffic mitigation. Sustainability More than $330 million in operating support is provided to support sustainability and resiliency efforts that reduce the agency’s environmental impact and enhance the resiliency of our facilities. Continued capital spending is included in the $3.6 billion Capital Budget, including $310 million for Superstorm Sandy projects for the rehabilitation of PATH substations and tunnels, for Aviation airfield lighting rehabilitation, and for the THE PORT AUTHORITY OF NY & NJ | 2020 BUDGET | 3 Holland Tunnel’s latent salt damage mitigation program. To achieve our greenhouse gas emission reduction goals, $10 million in capital spending is provided for electric vehicle charging infrastructure projects across the facilities. Another $11 million in Operating Expense funds are provided to convert our light duty vehicle fleet and airport shuttle bus fleet to all-electric, support multiple solar and energy efficiency projects, further our efforts with the port’s Truck Replacement Program and support the Ocean-Going Clean Vessel Incentive Program. Employer of Choice The budget includes $16 million to support the agency’s new Employer of Choice priority to retain, grow and attract top talent through employee training, development, recognition and compensation programs. Capital Plan The $3.6 billion Capital Budget carries forward multiple major projects to rebuild and replace the agency’s legacy facilities with state-of-the-art infrastructure and a large set of projects to maintain assets in a state of good repair and improve resiliency in the post-Superstorm Sandy era. These projects include $2.1 billion to continue the redevelopment of the region’s three major airports – LaGuardia, Newark Liberty International and John F. Kennedy International. • At LaGuardia Airport, construction continues to build an entirely new airport, with the planned completion in 2020 of the Terminal B Headhouse and 70 percent of roadways, as well as planning and design for the AirTrain LaGuardia project. • At Newark Liberty International Airport, work proceeds on the construction of the new Terminal One as well as planning for the new AirTrain Newark and a new Terminal Two. • At John F. Kennedy International Airport, planning and early works construction continues to advance the redevelopment of the airport, including new and interconnected terminals, relocated state-of-the-art cargo facilities and new airport roadways. Beyond the airports, the Capital Plan includes 2020 spending for multiple other key projects: • $739 million for the crossings, including $471 million for upgrades to the Trans-Hudson crossings, the implementation of cashless tolling at the Trans-Hudson crossings, advancement of the George Washington Bridge suspender rope replacement program and further planning and design activities for a new Port Authority Bus Terminal. • $321 million is dedicated to winding down construction activities at the World Trade Center, including $246 million for improvements to One World Trade Center, continued construction of the West Bathtub Vehicular Access Project and continued construction of Port Authority infrastructure under the Performing Arts Center. • $389 million for PATH, including $43 million for PATH’s signal system replacement program, for the continuation of PATH station and equipment capital programs, and for vigorous implementation of the PATH Improvement Plan. • $50 million for construction and design activities at the seaport facilities, including $32 million to support completion of the Global Intermodal Container Transfer Facility, an environmental review for the Cross- Harbor Freight Movement Program, and analysis and planning for critical wharf reconstruction work. The $3.6 billion Capital Budget is expected to result in construction wages of $1.5 billion. The total economic impact in the Port Authority region would amount to 33,620 total job-years and $2.6 billion in total wages. All combined, the capital spending will support a total of $6.2 billion in regional economic activity counting all direct, indirect and induced purchases by both workers and suppliers to the projects and customers in the
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