2010-Financial-Schedules Port Authority by The Hoboken Journal

2010 Budget Schedules

THE PORT AUTHORITY OF NEW YORK AND NEW JERSEY (Including its wholly owned entities)

2010 BUDGET C O N T E N T S Page

Budget: Summary of 2010 Budget 2010 Summary of Sources and Uses Chart 2010 Budget

2 3 4

Sources: Summary Gross Operating Revenues by Facility Operating Revenues by Major Category

6 7 8

Summary Expenses by Facility Operating Expenses by Major Category General Administrative Expenses Development Expenses Capital Expenditures by Facility

10 11 12 13 14 15

Uses:

Changes in Net Assets, Information on P.A. Operations, Revenues & Reserves and Assets & Liabilities: Revenues, Expenses and Changes in Net Assets Consolidated Statement of Net Assets Information on Port Authority Operations by Facility Revenues and Reserves Assets and Liabilities

17 18 19 20 21

Outstanding Obligations & Financings: Summary of Debt Type Debt Obligations and Limitations

23 24

Staffing

Activity Highlights

SUMMARY OF 2010 BUDGET (In Millions) SOURCES: Gross Operating Revenues Bonds, Notes and Other Financial Income Grants and Contributions, Insurance, Third Party Recoveries and Miscellaneous Revenues Allocated Passenger Facility Charges Total Sources

2010 Budget $3,639 1,859 65

2009 Budget $3,715 1,830 81

Variance ($76) 29 (16)

% Change -2.0% 1.6% -20.0%

567 213 $6,343

864 216 $6,706

(297) (3) ($363)

-34.3% -1.4% -5.4%

Significant Highlights/Challenges: D The economic crisis has negatively impacted our core businesses resulting in lower activity levels and an expected decrease in our gross operating revenues of 2% from the 2009 Budget. D Bonds, Notes and Other are expected to increase by 1.6% due to a decline in operating income to fund capital programs. D Financial income is expected to be lower by 20% mainly due to lower interest rates on investments. D Grants and contributions, insurance, third party recoveries and miscellaneous revenues are expected to be lower by 34.3% mainly due to lower available funds related to the 1WTC/WTC Retail insurance proceeds. 2010 Budget $2,483 689 44 3,127 $6,343

USES: Expenses Debt Service Deferred & Other Expenses Gross Capital Expenditures Total Uses

2009 Budget $2,489 825 87 3,305 $6,706

Variance $ (6) (136) (43) (178) ($363)

% Change -0.2% -16.5% -49.4% -5.4% -5.4%

Significant Highlights/Challenges: D The proposed decrease in the operating budget reflects aggressive cost containment efforts. Through these efforts, the agencyâ&#x20AC;&#x2122;s operating spending budget has been relatively flat for several years with increases of 0% in 2009, 0.9% in 2008 and 1.1% in 2007. D Authorized position levels in the 2010 Budget have decreased by 150 positions to a total of 6,977. This staffing level is the lowest level in 40 years and was achieved by efficiencies and strategic redeployment. D Consultant provisions are lower by $15 million, reflecting prioritization of development studies and enhanced utilization of existing technology resources. D Overtime is expected to be lower by $24 million due to efficiencies and implementation of management control strategies. D Committing $770 million to provide safe and secure facilities, which include hardening our facilities infrastructure and installing state-of-the-art surveillance and detection equipment. D Agency provides $21 million toward its on-going commitment to reducing greenhouse gas emissions, environmental protection and energy conservation including Port's Clean Air Program (Truck Replacement and Ocean Going Vessel Fuel Incentive Programs). D Capital spending for 2010 totals $3.1 billion for: major capital investment in the World Trade Center site ($1.6B); the ARC Tunnel project in partnership with New Jersey Transit ($504M); the Flight Delay Reduction program ($180M) which includes replacing the Bay runway at JFK; modernizing the PATH system with new railcars and signal system ($175M); Cross Harbor Rail Freight rehabilitation ($57M); continuing the Dredging Program at our Ports ($70M); completing a permanent ferry terminal in Hoboken ($17M); rehabilitation of the Holland Tunnel ventilation system ($15M); planning for the modernization of the Central Terminal Building at LaGuardia and Terminal A at Newark Liberty International ($21M); Stewart International Airport Modernization; and continued planning efforts for the new Goethals Bridge ($9M).

Summary of Sources and Uses - 2010 Budget Sources: $6.343 Billion

Gross Operating Revenues: 58%

Bonds, Notes and Other: 29%

Financial Income: 1%

PFCs: 3%

Grants and Contributions, Insurance, Third Party Recoveries and Miscellaneous Revenues: 9%

Uses: $6.343 Billion

Capital Expenditures: 49%

Deferred & Other Expenses: 1%

Debt Service Operations and Reserves: 11%

Operating Expenses: 39%

THE PORT AUTHORITY OF NEW YORK & NEW JERSEY (Including its wholly owned entities)

2010 BUDGET (In Thousands) Item Audit Aviation Chief Administrative Officer Chief, Capital Planning Chief Financial Officer Chief Operating Officer Capital Security Projects Project Management Office Chief of Public & Government Affairs Chief, Real Estate & Development Comptroller's Engineering Capital Construction Contracts Executive Offices Ferry Program Government & Community Affairs Human Resources Medical Services Inspector General Labor Relations Law Management and Budget Marketing Media Relations Office of Business and Job Opportunity Office of Emergency Management Office of Environmental & Energy Programs Office of Financial Analysis Office of the Secretary Office of Strategic Initiatives Operations Services Operations Standards Planning Port Commerce Procurement Public Safety Rail Transit Real Estate & WTC Redevelopment Technology Services Corporate Enterprise Systems Treasury Tunnels, Bridges & Terminals WTC Construction Other: Access to the Region's Core (ARC Tunnel) Amounts in Connection with Operating Asset Obligations Bi-state Dredging Program Debt Service - Operations Debt Service - Capital Insurance Municipal Rents and Amounts in Lieu of Taxes Port Authority Insurance Captive Entity, LLC Provision for Efficiency and Phasing Regional Programs - Operating Regional Programs - Capital Special Project Bonds Debt Service Total Port Authority Budget (1) Net after charges to other departments.

Total Expenditures $13,256 717,912 1,068 2,302 3,003 3,656 20,683 11,588 489 2,363 13,437 273,632 508,722 2,826 18,923 4,097 15,074 4,630 20,288 2,248 53,427 7,797 13,482 1,924 3,736 8,317 7,400 1,521 4,401 1,599 69,558 1,757 5,400 202,715 16,234 374,979 346,530 357,566 62,293 24,091 30,528 228,608 1,219,168

Personal Services $10,824 152,153 933 1,792 749 1,621 5,019 2,016 455 1,977 12,978 96,842 2,512 1,931 10,161 2,456 6,052 1,643 21,740 6,605 4,379 1,251 2,346 3,544 2,394 1,156 2,737 1,204 62,705 1,326 3,261 26,677 13,205 342,400 165,867 12,341 17,909 6,439 124,087 24,955

502,627 33,731 4,300 688,674 173,745 180,002 226,334 510 (290,274) 21,250 49,922 68,484 $6,342,533

4,421 $1,165,063

Materials & Services $2,432 565,759 135 510 2,254 2,035 15,664 9,572 34 386 459 176,790 508,722 314 18,923 2,166 4,913 2,174 14,236 605 31,687 1,192 9,103 673 1,390 4,773 5,006 365 1,664 395 6,853 431 2,139 176,038 3,029 32,579 180,663 345,225 44,384 24,091 24,089 104,521 1,194,213 498,206 33,731 4,300 688,674 173,745 180,002 226,334 510 (290,274) 21,250 49,922 68,484 $5,177,470

(1)

(1) (1)

Sources

SOURCES (In Millions)

$4,400 $3,900

2010 Budget

2009 Estimate

2009 Budget

2008 Actual

$3,400 $2,900 $2,400 $1,900 $1,400 $900 $400 ($100)

Total Revenues

PFCs, Grants and Contributions, Insurance, Third Party Recoveries and Misc. Revenues

Financial Income

Bonds, Notes and Other

2010 Budget Revenues: Gross Operating Revenues: Rentals Tolls and Fares Aviation Fees Parking Other Total Gross Operating Revenues

2009 Estimate

2009 Budget

2008 Actual

$1,473 1,073 601 219 273 3,639

$1,449 1,071 582 213 282 3,596

$1,507 1,087 600 240 280 3,715

$1,468 1,055 592 218 262 3,595

1,859

960

1,830

684

65 -

78 43

81 -

Grants and Contributions, Insurance, Third Party Recoveries and Miscellaneous Revenues

567

883

864

1,193

Allocated Passenger Facility Charges

213

207

216

215

$6,343

$5,767

$6,706

$5,675

Bonds, Notes and Other Financial Income: Interest Income Net inc/(dec) in fair value of investments

Total Sources

92 (104)

GROSS OPERATING REVENUES BY FACILITY (In Thousands) 2010 Budget

2009 Estimate

2009 Budget

2008 Actual

Aviation LaGuardia Airport John F. Kennedy International Airport Newark Liberty International Airport Teterboro Airport Stewart International Airport Port Authority Heliport Total - Aviation

$318,818 968,757 732,278 31,490 7,951 2,059,294

$304,911 955,993 722,423 31,350 7,488 2,022,165

$319,046 988,557 755,876 35,290 8,961 2,107,730

$307,746 950,583 718,451 34,052 10,518 4,531 2,025,881

120,073 158,824 446,231 836 30,101 115,938 111,008 34,877 1,017,888

119,395 158,279 443,456 811 29,912 115,238 110,386 33,121 1,010,598

119,273 159,531 449,976 1,266 30,371 116,807 111,280 35,473 1,023,977

115,006 153,536 437,389 1,578 27,976 117,395 105,938 32,563 991,381

100,885 3,020 103,905

104,725 2,745 107,470

110,465 6,621 117,086

108,464 6,279 114,743

85,022 96,731 5,790 2,866 13,953 346 1,377 7,180 213,265

78,149 97,094 4,545 2,151 12,830 335 492 7,138 202,734

85,164 108,518 5,034 2,450 12,326 331 1,000 4,948 219,771

84,575 88,692 4,340 2,012 12,674 321 230 9,131 201,976

62,563 1,005 4,802 14,466 3,493 160 5,726 420 92,635

72,377 998 4,444 14,338 3,493 160 5,883 662 102,355

73,931 998 4,758 12,611 3,706 160 5,741 240 102,145

77,521 1,015 4,291 14,942 3,458 173 6,258 2,120 109,777

152,222 105 152,327 $3,639,314

150,625 105 150,730 $3,596,052

143,369 550 143,919 $3,714,628

149,104 2,222 29 151,355 $3,595,113

Rail PATH Rapid Transit Journal Square Transportation Center Total - Rail Port Commerce Port Newark Elizabeth - PA Marine Terminal Brooklyn - PA Marine Terminal Red Hook Container Terminal Howland Hook Marine Terminal Greenville Yard New York & New Jersey Rail, LLC PA Auto Marine Terminal Total - Port Commerce Development Essex County Resource Recovery Facility PA Industrial Park at Elizabeth Bathgate Industrial Park Teleport Newark Legal & Communications Center Ferry Transportation Services Hoboken Waterfront Queens West Waterfront Total Development World Trade World Trade Center WTC Site WTC Retail LLC

Total World Trade Total Gross Operating Revenues

Operating Revenues by Major Category (In Thousands)

Other 7% Parking 6% Rentals 41% Aviation Fees 17%

Tolls and Fares 29%

Total

Aviation

Rentals Tolls and Fares Aviation Fees Parking Other

$1,473,491 $1,170,549 1,073,411 600,985 600,985 218,908 206,955 272,518 80,805

Total

$3,639,314 $2,059,294

Tunnels, Bridges & Terminals

Port Commerce

Development

$4,276 98,267 1,123 239

$211,597 1,668

$44,693 47,942

$10,463 141,864

$1,017,888 $103,905

$213,265

$92,635

$152,327

$31,913 975,145 10,830 -

Rail Transit

World Trade

Rentals - The Port Authority charges a rental fee for the use of its various facilities. There are primarily two types of rentals: Fixed Rentals, which are generated from leases; and Percentage Rentals, which are mostly generated by a percentage fee that is charged to all companies providing goods and services (mostly at our Aviation facilities). Tolls and Fares - These revenues are a result of tolls imposed at tunnels and bridges and fares charged to passengers of the Port Authority Trans-Hudson railroad system. Aviation Fees - These fees are based on cost recovery agreements with airlines and are calculated on the basis of direct and allocated costs of operating and maintaining public aircraft facilities and the weight of aircraft using the runways. Parking - The Port Authority charges an hourly or daily rate for the use of parking lots located at the airports and bus terminals. Other - This includes World Trade Center rent, gate and tipping fees at the Essex County Resource Recovery Facility and facility rentals related to Special Project Bonds.

Uses

USES (In Millions)

$3,500

2010 Budget

2009 Estimate

2009 Budget

2008 Actual

$3,000 $2,500 $2,000 $1,500 $1,000 $500 $0

Total Expenses

Debt Service to Operations and Reserves

2010 Budget Expenses: Operating Expenses: Operations Security Maintenance Management Services Rent Debt Expense (special project bond interest and operating asset financings) Total Expenses Debt Service Charged to Operations & Reserves: Interest on Bonds and Other Obligations Debt Maturities and Retirements Repayment of Asset Financing Obligations Total Debt Service Deferred & Other Expenses

Gross Capital Expenditures

Deferred & Other Expenses

2009 Estimate

2009 Budget

2008 Actual

$810 442 440 354 335

$817 439 440 407 341

$827 451 423 348 330

$804 441 450 413 342

103 2,483

130 2,573

111 2,489

120 2,570

516 173 689

473 147 620

517 152 156 825

438 152 81 671

Capital Expenditures: Line Departments (including PFCs) WTC Site Access to the Region's Core (ARC Tunnel) Regional and Other Provision for Efficiency and Phasing Total Gross Capital Expenditures

1,266 1,597 504 50 (290) 3,127

1,275 1,191 15 35 2,516

1,454 1,426 340 85 3,305

1,266 986 37 95 2,384

Total Uses

6,343

$5,767

$6,706

$5,675

EXPENSES BY FACILITY

(In Thousands)

2010 Budget Aviation LaGuardia Airport John F. Kennedy International Airport Newark Liberty International Airport Teterboro Airport Stewart International Airport Port Authority Heliport

2009 Estimate

2009 Budget

2008 Actual

$212,098 586,911 380,250 18,395 16,976 62

$202,752 595,439 386,602 19,357 17,130 90

$204,051 612,114 384,587 19,780 16,006 -

$214,851 626,013 390,145 17,849 14,203 1,986

1,214,692

1,221,370

1,236,538

1,265,048

65,419 81,461 91,300 7,542 16,947 24,421 22,580 86,538

59,044 79,584 89,551 8,217 15,900 22,079 20,229 87,521

61,366 80,871 92,866 8,428 15,289 22,697 20,539 86,186

59,310 78,241 89,693 7,737 19,808 22,458 20,948 94,180

Total - Tunnels, Bridges & Terminals

396,208

382,125

388,242

392,375

PATH Rapid Transit Journal Square Transportation Center

234,614 10,993

242,401 10,622

241,276 11,061

236,276 9,586

Total - Rail

245,607

253,023

252,337

245,862

84,782 32,168 11,772 2,779 12,224 4 2,432 13,350

70,927 28,070 11,292 2,454 10,485 3 2,513 9,996

66,908 25,840 9,630 2,825 10,866 3 2,400 9,446

63,160 30,938 14,635 6,574 9,413 29 1,191 11,988

159,511

135,740

127,918

137,927

63,641 108 2,104 13,476 2,252 3,648 38 1

65,247 106 1,687 13,642 4,022 1,515 228 6

65,767 122 1,749 13,349 1,375 3,517 45 6

64,795 114 1,861 14,357 1,098 4,369 328 -

85,268

86,453

85,930

86,923

Total - Aviation Tunnels, Bridges & Terminals Holland Tunnel Lincoln Tunnel George Washington Bridge George Washington Bridge Bus Station Bayonne Bridge Goethals Bridge Outerbridge Crossing Port Authority Bus Terminal

Rail

Port Commerce Port Newark Elizabeth - PA Marine Terminal Brooklyn - PA Marine Terminal Red Hook Container Terminal Howland Hook Marine Terminal Greenville Yard New York & New Jersey Rail, LLC PA Auto Marine Terminal Total - Port Commerce Development Essex County Resource Recovery Facility PA Industrial Park at Elizabeth Bathgate Industrial Park Teleport Newark Legal & Communications Center Ferry Transportation Services Hoboken Waterfront Queens West Waterfront Total Development World Trade World Trade Center WTC Site WTC Retail LLC Total World Trade

Regional & Other Programs Port Authority Insurance Captive Entity, LLC Total Operating & Maintenance Expenses Allocated Expenses Total Operating Expenses Operating Asset Obligations Net Expenses (Recoverables) related to 9-11-01

9,160

15,411

13,490

14,604

113,487

181,433

133,731

172,578

15,208

17,045

9,647

15,516

137,855

213,889

156,868

202,699

21,250 510

22,188 728

14,350 424

14,906 197

2,260,901

2,315,516

2,262,607

2,345,938

187,616

185,999

187,049

183,192

2,448,517

2,501,515

2,449,656

2,529,130

56,598

38,590

33,731 750

Total Expenses

$2,482,998

(204,675) $2,353,438

750 $2,488,996

41,301 (457,918) $2,112,513

Operating Expenses by Major Category (In Thousands)

Rent 14%

Debt Expense 4% Operations 32%

Management Services 14%

Maintenance 18%

Total Operations Security Maintenance Management Services Rent Debt Expense Total

$809,728 440,627 440,727 353,785 335,308 102,823 $2,482,998

Aviation $423,233 193,495 205,925 62,753 201,475 68,484 $1,155,365

Security 18%

Tunnels, Bridges & Terminals

Rail Transit

$148,970 $101,835 105,153 45,922 79,461 63,044 26,336 14,352 3,209 562 $363,129 $225,715

Port Commerce $31,807 15,520 40,112 46,271 25,168 $158,878

Development $69,220 1,460 2,587 4,558 7,222 $85,047

World Trade

Allocated & Other (1)

$2,622 15,518 8,694 32,686 73,956 $133,476

$32,041 63,559 40,904 166,829 23,716 34,339 $361,388

Operations - Non-maintenance operations spending, including customer service, facility management, facility operations, leases, revenue collection costs, and utilities. Security - Providing safe and secure transportation services to the region and nation by vigilance over potential threats, investment in infrastructure and new technology, and employment of best practices in security and emergency preparedness operations. Maintenance - Costs incurred to keep property, facility structures and equipment operating at a high level of performance, including conforming with applicable codes and regulations, thereby preventing injury to life and damage to property. Activities include Electrical, General Maintenance (Elevators and Escalators, Tunnel Subway Pump, Automotive Maintenance and Servicing, etc.), Inspections, Mechanical, Janitorial/Grounds Keeping, Snow and Ice Removal, Structural (inspections) Management Services - Reflects functions that support line business operations as well as agency-wide management, including costs related to agency oversight, departmental management, audit, financial services, human resources management, insurance, legal services, planning, public and government affairs, technology support, and training. Rent - Payments made periodically to governmental agencies and other landlords in return for the use of land, buildings, offices, or other property. Debt Expense - Includes interest on special project bonds and operating asset acquisition. (1) Allocated & Other is comprised of police headquarters, staff department and development expenses which are allocated to facilities.

GENERAL ADMINISTRATIVE EXPENSES * (In Thousands)

Department / Office

2010 Budget

Audit Chief Administrative Officer Chief, Capital Planning Chief Engineer

$9,937 1,068 2,015 3,364 3,003 2,869 489 10,514 1,891 2,826 4,097 17,521 7,512 1,739 21,488 7,797 6,478 1,924 3,736 3,800 1,521 4,401 1,600 5,739 5,300 11,135 7,033

Chief Financial Officer Chief Operating Officer Chief of Public & Government Affairs Comptroller's Chief, Real Estate & Development Executive Offices Government & Community Affairs Human Resources Inspector General Labor Relations Law Management and Budget Marketing Media Relations Office of Business & Job Opportunity Office of Environmental and Energy Programs Office of Financial Analysis Office of the Secretary Office of Strategic Initiatives Operation Services Planning Procurement Real Estate & WTC Redevelopment Treasury 10,622 WTC Construction Other (Revenue, Reclassifications, etc.) Sub-total Technology Services Corporate Enterprise Systems Sub-total Grand Total Overhead Allocation: Allocation to Operations Allocation to Capital Total Allocation

2009 Estimate

2009 Budget

2,260 (636) 163,043

$10,148 1,318 1,629 3,095 2,998 4,010 468 9,701 1,936 2,808 4,219 18,497 6,942 2,031 22,324 7,821 6,407 2,099 3,602 3,881 1,874 3,938 1,461 5,909 6,003 11,010 7,730 10,278 1,686 (884) 164,940

$9,965 1,017 1,630 3,067 3,187 2,615 709 9,504 1,666 2,830 4,238 17,025 6,875 2,030 21,243 8,085 6,310 2,476 3,614 4,239 1,298 3,981 5,759 5,619 11,140 6,816 10,828 2,810 (1,952) 158,623

$10,095 1,289 2,486 2,686 2,415 3,796 525 10,331 1,526 2,891 4,313 18,986 6,800 1,520 21,517 7,525 6,308 2,757 2,995 4,854 1,138 3,723 269 4,991 4,942 10,708 6,684 9,362 3,019 (1,400) 159,051

50,413 15,261 65,674

48,905 7,960 56,865

47,004 15,483 62,487

42,599 11,838 54,437

$228,717

$221,805

$221,110

$213,488

$179,542 49,175 $228,717

$179,440 42,365 $221,805

$179,983 41,127 $221,110

$178,638 34,850 $213,488

* Does not include capital expenditures, development expenses and charges to operating facilities.

2008 Actual

DEVELOPMENT EXPENSES (In Thousands)

2010 Budget

2009 Estimate

2009 Budget

2008 Actual

$1,774

$1,288

$1,715

($73)

Overseas Operations

1,000

961

1,051

812

Pandemic Flu Preparedness Program

1,000

724

3,774

2,259

2,766

1,462

4,300

3,092

$8,074

$6,559

7,066

$4,554

Programs and Studies: Study and Development Projects

Sub-total Bi-state Dredging Program Total Development Expenses

CAPITAL EXPENDITURES BY FACILITY (In Thousands) 2010 Budget Aviation (including PFCs) LaGuardia Airport John F. Kennedy International Airport Newark Liberty International Airport Teterboro Airport Stewart International Airport Total - Aviation

2009 Estimate

2009 Budget

2008 Actual

$103,807 268,641 106,789 24,986 15,866 520,089

$129,041 242,037 168,929 32,356 27,952 600,315

$119,746 207,453 200,540 36,596 29,730 594,065

$136,414 259,216 202,599 24,116 8,853 631,198

30,794 26,938 47,964 3,322 9,519 14,478 650 26,931 160,596

18,921 16,783 58,379 1,107 13,877 12,754 984 46,890 169,695

44,595 22,375 54,810 1,113 14,641 23,239 1,421 49,121 211,315

15,717 22,861 55,726 623 15,410 22,369 5,516 40,638 178,860

347,920 9,022 356,942

283,500 6,367 289,867

373,902 6,442 380,344

220,391 7,377 227,768

50,518 44,875 8,335 400 31,839 57,001 6,830 199,798

77,631 46,496 5,927 200 40,807 2,324 1,989 175,374

72,322 62,872 986 47,882 750 61,353 246,165

88,887 72,762 182 14 15,119 5,117 2,033 184,114

4,200 17,085 5,764 27,049

4,143 18,926 9,142 2,888 35,099

362 11,280 29,545 1,803 360 43,350

8,590 12,326 14,149 544 577 36,185

World Trade Center WTC Transportation Hub WTC Retail LLC One World Trade Center WTC Site (including infrastructure, memorial and VSC) Total - World Trade Center

349,731 232,208 453,300 561,174 1,596,413

396,369 110,150 377,350 306,199 1,190,068

391,050 110,150 438,150 480,678 1,420,028

384,945 22,068 304,161 274,534 985,708

Net Capital Expenditures - Line Departments

2,860,887

2,460,418

2,895,267

2,243,834

503,991

15,000

340,000

36,808

25,222 14,000 6,000 4,700 49,922

7,325 7,750 9,000 11,000 35,075

32,900 10,000 10,000 7,000 59,900

2,037 53,136 14,000 26,022 95,195

2,510,493 5,892

3,295,167 9,248

2,375,837 7,983

$2,516,385

$3,304,415

$2,383,820

Tunnels, Bridges & Terminals Holland Tunnel Lincoln Tunnel George Washington Bridge George Washington Bridge Bus Station Bayonne Bridge Goethals Bridge Outerbridge Crossing Port Authority Bus Terminal Total - Tunnels, Bridges & Terminals Rail PATH Rapid Transit Journal Square Transportation Center Total - Rail Port Commerce Port Newark Elizabeth - PA Marine Terminal Brooklyn - PA Marine Terminal Red Hook Container Terminal Howland Hook Marine Terminal NJ Marine Development NY and NJ Rail LLC PA Auto Marine Terminal Total - Port Commerce Development Hoboken Waterfront Development Queens West Waterfront Development Ferry Transportation Services Teleport Bathgate Industrial Park Total - Development

Access to the Region's Core (ARC Tunnel) Regional & Other Programs: Regional Development Facility Other Regional Programs New York Economic Development Program Regional Transportation Initiatives Total - Regional & Other Programs Provision for Efficiency and Phasing Total Net Capital Expenditures Add Back - Financial Income

(290,274) 3,124,526 2,022

Total Gross Capital Expenditures

$3,126,548

Changes in Net Assets Consolidated Statement of Net Assets Information on P. A. Operations by Facility Revenues and Reserves Assets & Liabilities

Revenues, Expenses and Changes in Net Assets (In Thousands) 2010 Budget

2009 Estimate

2009 Budget

Actual

$3,596,052

$3,714,628

$3,595,113

(2,262,607)

(2,348,061)

Gross Operating Revenues

$3,639,314

Expenses: Operating & Maintenance Expenses

(2,260,901) (2,315,516)

Allocated Expenses

(187,616)

Total Operating Expenses Operating Asset Obligations

(185,999)

(187,049)

(183,192)

(2,448,517) (2,501,515)

(2,449,656)

(2,531,253)

(33,731)

Net (Expenses) Recoverables related to 9-11-01

(750)

Total Expenses

(2,482,998)

Net Operating Revenues

1,156,316

Depreciation & Amortization

2008

(56,598) 204,675

(38,590) (750)

(41,301) 457,918

(2,353,438)

(2,488,996)

(2,114,636)

1,242,614

1,225,632

1,480,477

(763,792)

(708,266)

(713,414)

(646,992)

63,284 -

72,000 43,000

72,044 -

84,207 (103,744)

(494,553)

(375,402)

(425,453)

(536,345)

Net Assets before Restricted Grants, Contributions and PFCs

(38,745)

230,945

158,809

381,347

Net PFC Program

140,608

135,317

149,780

143,198

Net Grants and Contributions in Aid of Construction

479,331

376,069

381,294

319,767

57,135

59,770

55,405

49,771

15,107

72,192

$817,207

$817,480

$894,083

$9,831,364 $10,046,954 10,648,571 10,864,434 $817,207 $817,480

$8,937,281 9,831,364 $894,083

Financial Income: Interest Income Net increase/(decrease) in fair value of investments Interest and Other Expenses

1 WTC / WTC Retail Insurance Proceeds Third Party Contributions - WTC Site Increase in Net Assets Net Assets, January 1 Net Assets, December 31 Increase in Net Assets

$638,329 $10,648,571 11,286,900 $638,329

Consolidated Statement of Net Assets (In Thousands) 2010 Budget

2009 Estimate

2009 Budget

2008 Actual

ASSETS: Cash and Investments Receivables, net Restricted Receivables Deferred charges and other noncurrent assets Amounts receivable - Special Project Bonds Unamortized costs for regional programs Facilities, net Total assets

$ 4,378,932 645,182 35,324 1,341,003 995,766 757,252 21,509,330 29,662,789

$ 4,559,840 769,201 35,324 1,357,693 1,053,281 774,982 18,940,322 27,490,643

$ 3,773,569 969,811 24,683 1,477,328 1,054,291 809,759 18,969,196 27,078,637

$ 4,028,313 909,160 35,324 1,677,847 1,107,006 789,682 16,490,195 25,037,527

LIABILITIES: Accounts payable Accrued interest and other liabilities (including PAICE) Accrued pension and other employee benefits Amounts Payable - Special Project Bonds Bonds and other asset financing obligations Total liabilities NET ASSETS

854,795 816,733 692,489 995,766 15,016,106 18,375,889 $11,286,900

818,900 799,138 735,321 1,053,281 13,435,432 16,842,072 $10,648,571

565,008 428,628 1,001,341 1,054,291 13,164,935 16,214,203 $10,864,434

716,799 711,567 741,146 1,107,006 11,929,645 15,206,163 $9,831,364

$ 8,813,641

$ 8,249,383

$ 8,025,605

$ 7,526,446

Net assets are composed of: Invested in capital assets, net of related debt Restricted: 1 WTC/WTC Retail insurance proceeds Restricted Passenger Facility Charges PA Insurance Captive Entity - PAICE Unrestricted Net assets

50,000 120,000 (25,000) (25,000) (50,000) 144,088 134,088 32,515 2,254,171 2,120,100 2,756,314 $11,286,900 $10,648,571 $10,864,434

305,470 (20,938) 83,392 1,895,118 $9,831,364

INFORMATION ON PORT AUTHORITY OPERATIONS BY FACILITY (In Thousands) Gross

Depreciation

Net Income

Grants,

2010

2009

2008

Net

Before Grants

Contributions,

Budget

Estimate

Actual

Operating

O&M

Allocated

Interest

Contributions

Insurance

Net Income/

Revenues

Expenses

Amortization

& Other Exp.

& PFCs

(Loss)

Aviation LaGuardia Airport

$318,818

$212,098

$19,094

$49,382

$24,946

$13,298

$15,748

$29,046

$50,982

John F. Kennedy International Airport

968,757

587,024

31,649

146,032

86,903

117,149

36,067

153,216

178,607

123,357

Newark Liberty International Airport

732,278

380,250

27,231

122,086

72,038

130,673

13,739

144,412

148,238

132,288

31,490

18,395

1,388

9,527

4,404

(2,224)

178

(2,046)

2,706

7,983

7,951

16,976

457

(9,482)

6,663

(2,819)

(9,451)

(3,473)

2,059,294

1,214,692

79,819

Teterboro Airport Stewart International Airport Total - Aviation

327,027

188,291

249,465

72,395

321,860

$59,416

370,991

321,833

16,672

Tunnels, Bridges & Terminals Holland Tunnel

120,072

65,419

10,053

18,008

9,466

17,126

190

17,316

25,135

Lincoln Tunnel

158,824

81,461

11,670

36,376

17,421

11,896

229

12,125

19,484

7,978

George Washington Bridge

446,231

91,300

12,779

33,645

21,820

286,687

201

286,888

286,350

278,129

George Washington Bridge Bus Station

(9,416)

(9,402)

(940)

(898)

836

7,542

686

2,024

Bayonne Bridge

30,101

16,947

2,328

5,875

5,891

Goethals Bridge

115,938

24,421

3,595

9,830

6,484

Outerbridge Crossing

111,008

22,580

2,877

11,274

3,460

70,817

70,866

73,110

66,891

34,877

86,538

10,521

24,941

12,491

(99,614)

4,556

(95,058)

(81,073)

(99,241)

1,017,888

396,208

54,509

141,973

77,033

348,165

5,337

353,502

389,439

333,238

100,885

234,614

40,025

109,012

58,399

(341,165)

3,020

10,993

229

5,284

2,612

(16,098)

103,905

245,607

40,254

114,296

61,011

(357,263)

Port Authority Bus Terminal Total - Tunnels, Bridges & Terminals

71,608

56 49

71,664

(10,317)

(9,106)

1,142

(7,418)

75,607

79,332

Rail PATH Rapid Transit Journal Square Transportation Center Total - Rail

(110)

(65,300)

(16,098)

(16,167)

(16,182)

341,055

(16,208)

(81,467)

(159,700)

(20,059)

341,055 -

(143,519)

Port Commerce Port Newark

85,022

84,782

4,803

25,710

19,795

(50,068)

7,644

(42,424)

(28,222)

Elizabeth - PA Marine Terminal

96,731

32,168

1,550

38,638

35,620

(11,245)

2,058

(9,187)

4,001

(13,820)

Brooklyn - PA Marine Terminal

5,790

11,772

686

386

889

(7,943)

1,872

(6,071)

(7,528)

(12,452)

Red Hook Container Terminal Howland Hook Marine Terminal Greenville Yard New York & New Jersey Rail, LLC PA Auto Marine Terminal Total - Port Commerce

2,866

2,779

229

13,953

12,224

457

16,146

14,779

346

1,377

2,432

690

120

(169)

(552)

(4,672)

(29,653)

(24,782)

(23,685)

342 (1,865)

342

332

48,882

47,017

2,750

318 (1,207)

7,180

13,350

229

2,292

1,420

(10,111)

(6,404)

(7,476)

213,265

159,511

7,954

83,889

72,623

(110,712)

60,456

(50,256)

(60,405)

(83,053)

1,412

(2,057)

6,680

10,998

Development Essex County Resource Recovery Facility

62,563

63,641

(433)

PA Industrial Park at Elizabeth

1,005

108

286

266

337

420

201

Bathgate Industrial Park

4,802

2,104

1,466

330

894

970

150

14,466

13,476

229

2,049

793

(2,081)

(2,097)

(3,966)

3,493

2,252

3,012

1,038

(2,809)

(4,550)

(2,962)

160

3,648

4,518

2,074

(10,080)

(7,121)

(4,873)

5,726

1,903

2,999

420

721

5,524

(5,826)

(2,255)

(1,799)

92,635

85,268

15,367

10,967

(19,244)

(6,083)

(1,632)

Teleport Newark Legal & Communications Center Ferry Transportation Services Hoboken Waterfront Queens West Waterfront Total Development

32 277

754

1,871

619

World Trade Center World Trade Center WTC Site WTC Retail LLC World Trade Center

152,222

9,160

105

113,487

152,327

179,162

95,221

(157,284)

(71,136)

1,443

(344)

(16,307)

4,225

(12,082)

(7,096)

8,687

(6,384)

12,443

57,223

69,666

14,782

32,773

77,630

65,459

(164,339)

(151,112)

(149,719)

510

Net Expenses (Recoverables) related to 9-11-01

$3,639,314

183,168 (101,420)

3,610

21,250

Total Port Authority

36,480 16,518

146,688 (117,938)

4,803

3,639,314

(4,040) (2,000)

15,208

Port Authority Insurance Captive Entity, LLC

PFC Program

414 1,753

137,855

Regional and Other

Sub-total

4,803

2,260,901 $2,260,901

(4,000) 187,616 $187,616

763,792 72,392 $836,184

3,490

(750)

1,072

4,311

204,675

457,918

750

(750)

465,750

(38,744)

536,466

497,721

681,891

755,969

(72,392)

213,000

140,608

135,317

138,115

($111,136)

$749,466

$638,329

$817,207

$894,083

$465,750

3,490

Revenues and Reserves (In Thousands) 2010 Budget Gross Operating Revenues Expenses: Operating & Maintenance Expenses Allocated Expenses Total Operating Expenses Operating Asset Obligations

2009 Estimate

2009 Budget

2008 Actual

$3,639,314

$3,596,052

$3,714,628

$3,595,113

2,260,901

2,315,516

2,262,607

2,348,061

187,616

185,999

187,049

183,192

2,448,517

2,501,515

2,449,656

2,531,253

56,598

38,590

33,731

Net Expenses (Recoverables) related to 9-11-01

750

(204,675)

750

41,301 (457,918)

Total Expenses

2,482,998

2,353,438

2,488,996

2,114,636

Net Operating Revenues

1,156,316

1,242,614

1,225,632

1,480,477

63,284 -

72,000 43,000

72,044 -

Financial Income: Interest Income Net increase/(decrease) in fair value of investments Restricted Net Assets - Port Authority Insurance Captive Entity, LLC Grants and contributions in aid of construction 1 WTC / WTC Retail Insurance Proceeds Third Party Contributions - WTC Site Allocated Passenger Facility Charges Net Revenues Available for Debt Service and Reserves Debt Service: Interest on Bonds and Other Obligations Debt Maturities and Retirements Repayment of Asset Financing Obligations Total Debt Service Increase in Reserves from Operations & Financial Income Direct Investment in Facilities Appropriation to / (from) Reserves for Self-Insurance Net Increase / (Decrease) in Reserves for Year Reserves, beginning of year Reserves, end of year

(3,490)

(3,272)

(3,576)

84,207 (103,744) (4,311)

479,331

376,069

381,294

319,758

87,340

271,458

387,500

411,278

15,107

72,192

213,000

207,000

216,440

215,407

1,995,781

2,223,975

2,351,526

2,403,072

515,579

472,630

517,230

437,972

173,095

147,370

152,370

152,275

155,400

80,775

688,674

620,000

825,000

671,022

1,307,108

1,603,975

1,526,526

1,732,050

(1,179,000)

(1,400,000)

2,123

128,108

203,975

(13,474)

219,805

(1,540,000) (1,514,369)

2,596,704

2,392,729

2,500,781

2,172,924

$2,724,812

$2,596,704

$2,487,307

$2,392,729

ASSETS AND LIABILITIES (Pursuant to Port Authority Bond Resolutions) (In Thousands)

Assets Invested In Facilities Cash and Investments Other Assets Total Assets

Liabilities Consolidated Bonds and Notes Other Obligations Accounts Payable and Other Liabilities Total Liabilities Net Assets

2010 Budget

2009 Estimate

2009 Budget

Actual

$34,251,542 4,378,932 3,491,102

$31,127,016 4,559,840 3,693,447

$32,037,182 3,773,569 3,521,514

$28,616,523 4,028,314 3,748,084

42,121,576

39,380,303

39,332,265

36,392,921

13,823,156

12,283,161

12,045,774

10,794,831

2,199,775

2,216,651

2,183,539

2,305,581

1,987,846

2,336,100

1,553,402

2,501,586

18,010,777

16,835,912

15,782,715

15,601,997

$24,110,799

$22,544,391

$23,549,550

$20,790,923

$21,303,362

$19,865,062

$20,979,618

$18,317,692

1,564,857 1,159,955 2,724,812

1,411,302 1,185,402 2,596,704

1,384,223 1,103,084 2,487,307

1,270,215 1,122,514 2,392,729

82,625

80,502

$24,110,799

$22,544,391

$23,549,550

$20,790,923

2008

Net Assets Are Composed Of: Facility Infrastructure Investment Reserves: General Reserve Fund Consolidated Bond Reserve Fund Total Reserve Funds Appropriated Reserves for Self-insurance Net Assets

Outstanding Obligations and Financing

SUMMARY OF DEBT TYPE (In Thousands)

2010 Budget

Issued/ Accreted

$13,823,156

$1,799,295

300,000

50,000

(50,000)

300,000

188,960

(75,000)

186,040

77,900

(13,090)

90,990

Versatile Structure Obligations

175,200

(75,700)

250,900

(148,800)

399,700

PA Equipment Notes

123,645

25,000

(11,840)

110,485

(2,000)

112,485

Railroad Rehabilitation & Improvement Financing

123,000

Fund Buy-out Obligation

374,365

30,780

(43,211)

386,796

31,745

(43,211)

398,262

14,997,266

2,028,075

(453,141)

13,422,332

1,856,405

(416,381)

11,982,308

1,006,865

(57,515)

1,064,380

(53,725)

1,118,105

$16,004,131

$2,028,075

($510,656) $14,486,712

$1,856,405

Type: Consolidated Bonds Commercial Paper Variable Rate Master Notes

Sub-total Special Project Bonds Total Obligations

Repaid/ Refunded

2009 Estimate

Issued/ Accreted

($259,300) $12,283,161

$1,635,700

Repaid/ Refunded

2008 Actual

($147,370) $10,794,831

($470,106) $13,100,413

DEBT OBLIGATIONS AND LIMITATIONS (In Thousands)

Debt Issued

Consolidated Bonds Consolidated Notes

2010 Budget Legal Limit Available

$13,823,156 $20,339,251

2008 Actual Debt Legal Issued Limit

$12,283,161 $20,646,795

$10,794,831 $20,772,921

1,070,487

175,200

4,867,167

4,691,967

250,900

6,845,000

399,700

6,890,000

77,900

400,000

322,100

90,990

400,000

90,990

400,000

300,000

500,000

200,000

300,000

500,000

186,040

500,000

14,376,256

27,176,905

12,800,649

12,925,051

29,478,468

11,471,561

29,656,233

Port Authority Equipment Notes

123,645

250,000

126,355

110,485

250,000

112,485

250,000

Railroad Rehabilitation & Improvement Financing

123,000

500,000

377,000

n/a

Fund Buy-Out Obligation

374,365

n/a

386,796

n/a

398,262

n/a

14,997,266

27,926,905

13,304,004

13,422,332

29,728,468

11,982,308

29,906,233

1,006,865

n/a

1,064,380

n/a

1,118,105

n/a

Versatile Structure Obligations Variable Rate Master Notes Commercial Paper Bonds, Notes and other Obligations

Total Operating Obligations Special Project Bonds Total

$6,516,095

2009 Estimate Debt Legal Issued Limit

$16,004,131 $27,926,905 $13,304,004

1,086,673

$14,486,712 $29,728,468

1,093,312

$13,100,413 $29,906,233

Staffing

BUDGETED POSITIONS 2010 Budget

2009 Estimate

CHIEF ADMINISTRATIVE OFFICER Human Resources (including Medical Services) Labor Relations Operations Services Operations Standards Procurement

9 66 11 444 7 94

9 69 12 444 7 96

10 70 12 445 7 96

CHIEF, CAPITAL PLANNING Office of Strategic Initiatives Office of Business and Job Opportunity Office of Environmental & Energy Programs Planning Project Management WTC Construction

7 4 13 12 19 -116

8 -13 13 26 -122

6 -13 8 20 162 40

CHIEF ENGINEER/Engineering

557

573

604

CHIEF FINANCIAL OFFICER Comptroller's Office of Financial Analysis Priority Programs Management and Budget Treasury

4 103 7 8 40 46

5 105 9 -44 47

8 115 --79 51

8 25 9 958 172 1,081 911

7 26 12 978 179 1,088 940

7 --921 168 1,075 910

CHIEF, PUBLIC & GOVERNMENT AFFAIRS Government and Community Affairs Media Relations Marketing

2 12 9 28

2 13 11 30

2 15 14 31

CHIEF, REAL ESTATE & DEVELOPMENT Real Estate & WTC Redevelopment

2 80

2 84

2 71

105

112

123

132

136

137

INSPECTOR GENERAL Audit

30 77

30 76

29 78

OFFICE OF THE SECRETARY

PUBLIC SAFETY Office of Emergency Management

1,725 18

1,755 19

TOTAL POSITIONS

6,977

7,127

7,128

DEPARTMENT

CHIEF OPERATING OFFICER Capital Security Projects Project Management Office Aviation Port Commerce Rail / PATH Tunnels, Bridges & Terminals

CHIEF TECHNOLOGY OFFICER/TECHNOLOGY SERVICES EXECUTIVE OFFICES GENERAL COUNSEL/LAW

2008 Actual

Activity Highlights

ACTIVITY HIGHLIGHTS 2000 - 2008 ACTUAL, 2009 ESTIMATE AND 2010 BUDGET (in thousands) Tunnels, Bridges & Terminals (Eastbound Vehicular Movements) Autos Buses 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Budget 2009 Estimate 2010 Budget

115,149 110,753 114,005 112,869 115,219 114,481 115,506 115,349 112,176 110,431 110,942 111,329

Trucks

2,571 2,842 3,121 3,041 3,123 3,137 3,140 3,139 3,158 3,187 3,110 3,127

8,603 8,287 8,118 7,910 8,205 8,249 8,374 8,516 8,391 8,097 7,594 7,669

International Domestic 28,339 64,257 24,750 58,225 23,811 57,322 24,014 59,630 27,576 66,247 29,621 70,211 30,969 73,164 33,523 75,546 34,635 71,579 35,294 71,182 33,999 68,848 34,313 69,275

Total 92,596 82,975 81,133 83,644 93,823 99,832 104,133 109,069 106,214 106,476 102,847 103,588

Total 126,323 121,882 125,244 123,820 126,547 125,867 127,020 127,004 123,725 121,715 121,646 122,125

128,000

126,000

124,000

122,000

120,000 2000

Aviation - Passengers 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Budget 2009 Estimate 2010 Budget

TB&T - All Vehicles

130,000

2001

2004

2005

2006

2007

2008

2009B 2009E 2010B

Aviation - Total Passenger Traffic 110,000 105,000 100,000 95,000 90,000 85,000 80,000 2000

2001

1,829 1,953 2,201 2,383 2,620 2,800 2,988 3,100 3,069 3,172 2,670 2,724

2002

2003

2004

2005

2006

2007

2008 2009B 2009E 2010B

2007

2008

PATH - Passengers

80,000

74,087 69,791 51,920 47,920 57,725 60,787 66,966 71,592 74,954 76,808 72,620 70,986

75,000 70,000 65,000 60,000 55,000 50,000 45,000 2000

2001

Port Commerce - Containers 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Budget 2009 Estimate 2010 Budget

2003

115,000

PATH - Passengers 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Budget 2009 Estimate 2010 Budget

2002

2003

2004

2005

2006

2009B 2009E 2010B

Port Commerce - Containers

4,000

3,500

3,000

2,500

2,000

1,500

1,000 2000

2001

2002

2003

2004

2005

2006

2007

2008

2009B 2009E 2010B