The Port Authority is projected to lose $99.7 million this year at its Times Square bus terminal, a place so depressing and soul-crushing that a dead bus driver recently went unnoticed for an entire afternoon. But hey, at least they've got that sweet new LED facade. According to budget numbers obtained by the Post, the Goethals Bridge will lose $5.5 million this year, while the Port Authority ferry services will hemorrhage $10.6 million. On top of all that, the agency is spending a fortune on the World Trade Center site, which has gone wildly over budget and is taking forever. Thankfully, help is on the way in the form of higher tolls and PATH fares!
Tomorrow the agency will hold public hearings in NYC and New Jersey to let people vent about a plan to hike tolls on the region's tunnels and bridges from $8 to $12 next month, with another $2 hike planned for 2014. On Friday, the full board will vote on the plan, which was reportedly initiated because of fears of a credit downgrade. The Wall Street Journal reports today that Port Authority officials "told members of its board earlier this month that the agency's debt would likely be downgraded within a year if it didn't significantly cut spending on construction and repair projects or raise new revenue." Can't we just downgrade everything in one fell swoop and get it over with?
Analysts expect the toll hikes to be approved by the full board, but at a lower amount than previously announced, in hopes of placating the angry masses by gouging them slightly less than anticipated. Unfortunately, an earlier proposal to fund the WTC memorial by making Rudy Giuliani put a quarter in a jar every time he says "9/11" seems to be off the table.
