The Port Authority of New York and New Jersey released a proposed $9.4 billion budget for 2025, including $3.6 billion in capital investments across major airports, bridges, tunnels, seaports and the PATH system, the company said in a news release.
The plan allocates more than $1 billion to security measures, including cybersecurity and additional Port Authority Police Department resources. A public review period runs through Dec. 11 ahead of a commissioner vote scheduled for December. The proposal includes a $0.25 toll increase for all vehicle classes starting Jan. 5, 2025, on top of automatic inflation-based adjustments.
The agency said the additional revenue is needed to offset $3 billion in pandemic-related losses and inflationary pressures. Two further toll adjustments are proposed to encourage enrollment in E-ZPass and proper transponder use, with implementation delayed to July 2025 as part of a communications campaign.
The capital plan raises spending by more than $750 million over 2024 levels as the agency advances redevelopment work at John F. Kennedy International and Newark Liberty International airports, the replacement projects for AirTrain Newark and the Midtown Bus Terminal, and the ongoing $2 billion Restoring the George rehabilitation program at the George Washington Bridge.
It also funds the PATH Forward initiative, a two-year $430 million program for track, station and signal upgrades, and the implementation of the TAPP tap-and-go fare system by the end of 2025. Additional proposals include eliminating a 10 percent truck volume discount starting July 6, 2025, and introducing a new reduced fare for PATH riders with qualifying disabilities once the TAPP system is fully operational, estimated for summer 2025. Automatic inflation-based adjustments will raise auto peak E-ZPass tolls by $0.43 and truck peak E-ZPass tolls by $0.58 per axle on Jan. 5, 2025.
PATH single-ride fares will automatically increase from $2.75 to $3 on Jan. 12, 2025, under a previously approved formula.
The Port Authority of New York and New Jersey is a bi-state public agency established in 1921 under an interstate compact approved by the U.S. Congress. It is responsible for developing and managing transportation and trade infrastructure in the New York–New Jersey region. Its portfolio includes airports, bridges, tunnels, a commuter rail system, marine terminals and the World Trade Center campus. The agency finances its operations primarily through its own revenue-generating activities rather than state or local tax funding.
