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Released: 12/9/2015 

DRPA Board Completes Approval of 2016 Budgets

 
$457 million combined Capital and Operations budgets continue strong focus on fiscal stewardship while funding important infrastructure enhancements

CAMDEN, N.J. (December 9, 2015): The Delaware River Port Authority (DRPA) Board of Commissioners today approved the Authority’s total 2016 operating budgets, completing the budget process for this year. The 2016 capital budget ($166.6 million )was approved at the November 18th  Board Meeting. The combined 2016 operating budget of $290.7 million, which includes DRPA and PATCO operating budgets and the Indenture/Compact budgets (debt service, management studies, etc.) reflects a less than 2% increase over the 2015 budget, while continuing to provide funding for important infrastructure investment for the Authority’s four bridges and the PATCO rail line.
 
“It’s often said, and I believe, that budgets reflect priorities,” said DRPA Chairman Ryan N. Boyer. “The budgets that we have approved ensure that we have the resources necessary to maintain and enhance the public assets with which we have been entrusted. They provide funding for key capital projects that will ensure the safety, security and convenience of our customers and stakeholders, while funding the efficient operation of the DRPA and PATCO and do so with a commitment to forego toll increases until at least 2020. The approved budgets allow us to continue to support the operation of PATCO through both operational and capital subsidies, and thanks to the financial stewardship and cost-cutting efforts that have been embraced by every member of the DRPA and PATCO teams, the DRPA budget reflects the costs of offering our newly reinstated bridge commuter discount. I’m pleased to support this budget structure and I thank my fellow Commissioners and the DRPA leadership teams, as well as both the New Jersey and Pennsylvania Governor’s offices for their ongoing support and collaboration.” 
 
“The fact that we are able to limit the overall budget to a less than 2% increase over last year’s budget, offer the bridge commuter discount, invest in our public assets and infrastructure and do so without a toll increase, speaks volumes to the work of this Board and the DRPA leadership,” said DRPA Vice Chair Jeffrey L. Nash. “Our efforts to identify efficiencies, eliminate waste and find new, innovative ways to serve our customers have been very successful. While I am pleased with where we are, as Chair of the Finance Committee, I look forward to working with my fellow Commissioners as we continue to push our team to do even better.”
 
“The 2016 operations and capital budgets reflect a lot of hard work, belt tightening and a top to bottom review of how we do business,” said DRPA CEO John T. Hanson. “Every member of our senior staff has embraced the idea of doing more with less and doing so more efficiently. I’m proud to say that the entire organization – at all levels – has also followed suit. In addition, this budget allows us to contribute an estimated $42.3 million to the general fund, which will support our five-year capital plan.”
 
The 2016 DRPA approved operating budgets total $93,567,061.  DRPA’s operating subsidy to PATCO for 2016 is estimated to be $27,879,882 of the total PATCO 2016 operating budget of $54,477,613. The remainder of the PATCO operating budget will be funded from PATCO 2016 operating revenue, which is being projected at $26,597,731.

The 2016 capital budget, which was approved by the DRPA Board on November 18th ,  is $166,554,000, of which $60,200,000 is designated for PATCO projects. The capital budget includes funding for ongoing improvements and enhancements to all four DRPA bridges, ongoing PATCO track rehab projects, improved safety and security measures, technology upgrades and preventive maintenance projects. The capital budget also includes resources for the re-opening of the Franklin Square PATCO station, PATCO station enhancements and Bridge Toll Plaza upgrades.

More information on the 2016 DRPA capital and operating budgets can be found at the links below:

 


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