The board of the Port Authority approved operating and capital budgets for the 2015-16 fiscal year and, based on a 2014 Policy Brief that examined the estimated amounts the Authority could expect to receive under Act 89 transportation funding, the estimates are holding fairly true.  The Authority expects to receive $221.5 million from the state for operating support, and $108.1 million for capital needs.  That is close to the $223 million and $110 million that was projected for those spending categories.

On the operating side, the $221.5 million in state money will combine with $30 million from the County (drink and car rental taxes) and $3 million from RAD to provide $254 million in operating grants for the Authority.  That’s $10 million more than the Authority received in the fiscal year that ended yesterday.

On the expenditure side the total expense is expected to increase $12 million over FY2015 with wages rising $5 million and pension and benefits rising $7 million.  This is the final year of a four year contract and there is a 2% wage increase effective today and another 2.25% effective February of 2016.