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Port Authority NYNJ Ar 2006.Pdf You are Viewing an Archived Copy from the New Jersey State Library Where we’ve been, and where we’re going 225 Park Avenue South, New York, NY 10003 www.panynj.info You are Viewing an Archived Copy from the New Jersey State Library The Port Authority of New York & New Jersey Comprehensive Annual Financial Report for the Year Ended December 31, 2006 Prepared by the Public Affairs and Comptroller’s departments of The Port Authority of New York & New Jersey 225 Park Avenue South, New York, NY 10003-1604 Managing Editor: Rae Ann Hoffmann Public Affairs Staff: Caroline Conejero, Michael Dombrowski, David McGrath, Connie Nardella, Tiffany Townsend Financial Editor: Kahmali Brissett Financial Section: Thomas D’Alessio, Wilson Pacheco, Robert Sudman Production Supervision: Eileen Parisi Concept and Design: Korey Kay & Partners You are Viewing an Archived Copy from the New Jersey State Library Table of Contents Introductory Section Mission Statement 4 Port Authority Facilities and Services 5 The New York-New Jersey Region 6 Letter of Transmittal to the Governors 7 Board of Commissioners 8 Officers and Directors 10 Letter from the Executive Director 11 The Year in Review 12 Investing in the Region 14 Rebuilding The World Trade Center Site 18 Fostering Regional Opportunity 20 Securing Our Facilities 24 Serving the Public Trust 27 Celebrating Our History 32 Letter of Transmittal 34 Financial Section Report of Independent Auditors 39 Management’s Discussion and Analysis 41 Basic Financial Statements Consolidated Statements of Net Assets 49 Consolidated Statements of Revenues, Expenses and Changes in Net Assets 50 Consolidated Statements of Cash Flows 51 Notes to Consolidated Financial Statements 53 Financial Statements Pursuant to Port Authority Bond Resolutions Schedule A – Revenues and Reserves 79 Schedule B – Assets and Liabilities 80 Schedule C – Analysis of Reserve Funds 81 Statistical and Other Supplemental Information Statistical Section Narrative 85 Schedule D-1 – Selected Statistical Financial Trends Data 86 Schedule D-2 – Selected Statistical Debt Capacity Data 88 Schedule D-3 – Selected Statistical Demographic and Economic Data 90 Schedule D-4 – Selected Statistical Operating Data 91 Schedule E – Information on Port Authority Operations 92 Schedule F – Information on Port Authority Capital Program Components 93 Schedule G – Facility Traffic 94 2 3 You are Viewing an Archived Copy from the New Jersey State Library MissionTo identify and meet the critical transportation and 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. The Port Authority of New York & New Jersey Facilities The Port Authority of New York & New Jersey operates many of the busiest and most important transportation links in the region. The Port Authority’s facilities and services include: Aviation Outerbridge Crossing Real Estate & Development John F. Kennedy International Airport Port Authority Bus Terminal Bathgate Industrial Park LaGuardia Airport Essex County Resource Recovery Facility Newark Liberty International Airport Port Commerce Ferry Transportation Teterboro Airport Auto Marine Terminal Industrial Park at Elizabeth Downtown Manhattan Heliport Brooklyn-Port Authority Marine Terminal The Legal Center Elizabeth-Port Authority Marine Terminal The Teleport Tunnels, Bridges & Terminals Howland Hook Marine Terminal Waterfront Development Bayonne Bridge Port Newark Queens West Waterfront Development Goethals Bridge The South Waterfront at Hoboken George Washington Bridge Port Authority Trans-Hudson The World Trade Center Site George Washington Bridge Bus Station Journal Square Transportation Center Holland Tunnel PATH Rail Transit System International Business Development Lincoln Tunnel Representatives in Hong Kong, London, Shanghai, Tokyo 4 5 You are Viewing an Archived Copy from the New Jersey State Library Area 3,900 square miles Population 17.1 million (estimate for 2006) Labor Force 8.4 million (average for 2006) Total Wage & Salary Jobs 7.9 million (average for 2006) Total Personal Income $836 billion (estimate for 2006) The Honorable Eliot Spitzer The Honorable Jon S. Corzine Governor, State of New York Governor, State of New Jersey Dear Governors: In compliance with the Port Compact of 1921, we are pleased to submit to you, and the legislatures of New York and New Jersey, the 2006 Comprehensive Annual Financial Report of The Port Authority of New York and New Jersey. This was an important year for the Port Authority. We looked back and reflected on some of the achievements of our organization by celebrating the 75th anniversaries of the George Washington and Bayonne bridges and the 50th anniversary of the birth of containerization at Port Newark. We also looked ahead – toward the rebuilding of Lower Manhattan at The World Trade Center site and other landmark The New projects, such as the Trans-Hudson Express Tunnel. Like our achievements of 50 and 75 years ago, our new generation of York-New Jersey Region transportation-related investments will help ensure that the New York-New Jersey region is ready and able to meet the challenges that lie ahead. Based on our Strategic Plan, published at the end of 2005, the Board of Commissioners adopted a 10-year capital program in 2006. The capital plan outlines more than $26.1 billion in transportation and regional development investments, pledging unprecedented public resources for landmark projects. This capital plan is a clear demonstration of the Port Authority’s continued commitment to the region’s growth and prosperity. Chief among the capital plan’s projects is the rebuilding of The World Trade Center site, where, after the Port Authority led efforts to negotiate a comprehensive new framework with leaseholder Silverstein Properties, Inc., and the City of New York for roles and responsibilities at the site, we began to show visible progress in the rebuilding effort. The plan also directly targets the problem of congestion — in the skies and on the roads and rails — by investing in solutions that will add capacity to our critical transportation systems and help move people and goods faster and more efficiently. The anticipated addition of Stewart International Airport will help us accommodate the growing demand for air services; the number of passengers traveling through the Port Authority’s aviation network crossed the 100-million-passenger threshold in 2006 for the first time ever. Initiatives like the Trans-Hudson Express Tunnel will help the Port Authority and its regional partners provide additional capacity to meet the anticipated population growth in and demand for rail travel to and from New Jersey and the west side of Manhattan. And at our port facilities, the agency has made significant investments in ExpressRail, allowing for more cargo to be transported by rail and removing 500,000 truck trips annually from state and local roads. Our commitment to regional growth and prosperity also encompasses our most important priority — security. In 2006, we The New York-New Jersey Metropolitan Region, invested more than $600 million on security at our facilities, bringing the total spent since September 11, 2001, to nearly one of the largest and most diversified in the $3 billion. This investment in people, training and systems represents our effort to do everything possible to ensure the nation, consists of the five New York boroughs safety and security of our customers. of Manhattan, Brooklyn, Queens, Staten Island We recognize that serving the public trust requires a fresh approach to the ways we conduct our day-to-day business. In 2006, our Board made a pledge to provide even greater public access and transparency in the work that we do. This has and The Bronx; the four suburban New York resulted in more open public meetings and greater public access to our decision-making processes. The enormity of the counties of Nassau, Rockland, Suffolk and tasks ahead requires the Port Authority to engender public trust and confidence, and we will continue to work hard to do so. Westchester; and the eight northern New Jersey We are proud of the progress we made in 2006, and, under your leadership and with your support, we will be able to counties of Bergen, Essex, Hudson, Middlesex, realize our vision for the region’s future. Morris, Passaic, Somerset and Union. Very truly yours, (For detailed statistical and demographic information on the region, see Page 90 in the Financial Section of this report) Anthony R. Coscia Chairman April 25, 2007 6 7 You are Viewing an Archived Copy from the New Jersey State Library Anthony R. Coscia Charles A. Gargano Bruce A. Blakeman Michael J. Chasanoff Christine A. Ferer Angelo J. Genova David S. Mack Raymond M. Pocino Partner Member Managing Partner Chairman and CEO Senior Partner Senior Partner V.P./Eastern Regional Windels Marx Lane Abrams, Fensterman, Chasanoff Properties Vidicom/Citybuzz Genova, Burns & Vernoia The Mack Company Manager & Mittendorf, LLP Fensterman, Eisman, Laborers Intl. Union of N.A. Greenberg, Formato & Einiger, LLP Anthony J. Sartor Henry R. Silverman Jack G. Sinagra David S. Steiner Kenneth J. Ringler Jr.1 Anthony E. Shorris2 James P. Fox President & COO Chairman & CEO Executive V.P. Chairman Executive Director Executive Director First Deputy KeySpan Services, Inc. Realogy Corporation Turtle & Hughes Inc. Steiner Equities Executive Director Group, LLC Board of Commissioners Origins of The Port Authority of New York and New Jersey The Port Authority was established Board of Commissioners by Compact between the two states on April 30, 1921, as the first interstate agency created under the clause of the United States Constitution permitting compacts between states with the Anthony R. Coscia, Chairman consent of Congress. The Compact also created the Port District, an area of about 1,500 square Charles A. Gargano, Vice Chairman miles in both states, centering about New York Harbor.
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