Toll hikes locked in for 2023 – What NJ drivers will pay
The Port Authority of New York and New Jersey has locked in toll hikes for Garden State commuters for 2023.
Commissioners approved an $8.3 billion dollar capital and operating budget that includes a $1 increase in tolls for to cross over or under the Hudson River. Path fares will increase by 25-cents. The fare to ride the AirTrain also increases by a quarter to $8.25. Path fares do not increase in this budget.
Toll hikes are linked to the rate of inflation, and with inflation at a near four-decades high, the increase was anticipated.
All toll and fare hikes will take effect Jan. 8.
It is estimated the increases will generate $62 million dollars in new revenue with the authority forecasting total revenue of $1.91 billion from toll collections.
Chairman Kevin O'Toole said the budget process was challenging this year, but said in a statement, "It's a very responsible budget."
The spending proposal does not create any permanent employee positions, and invests some nearly $3 billion in capital projects.
Newark Liberty, JFK, and LaGuardia airport will see the majority of capital funding.
That includes ongoing work on the new Terminal A at Newark and more money for the JFK Airport Redevelopment program.
- According to the authority, the 2023 budget invests $2.9 billion in capital spending to modernize existing facilities or build new, state-of-the-art facilities, including:
- The ongoing transformation of the Port Authority's three major airports into world-class transportation hubs.
- Plan for the replacement of the Midtown Bus Terminal with a multi-facility terminal complex built to increase bus capacity and help ease city congestion.
- Implement a new 21st century fare collection system for PATH and AirTrain.
- Expand capacity on the PATH commuter railroad.
- Essential state-of-good-repair work critical to the upkeep of its legacy bridges and tunnels.
- The ongoing $2 billion Restoring the George program, which will rehabilitate or replace nearly every component of the world's busiest vehicular crossing, the agency's 90-year-old George Washington Bridge.
O'Toole insists the investment in these projects will pay dividends long into the future. "We remain laser-focused on building a future that benefits all users of our facilities and supports the region's economy."
You can view the entire spending plan for the Port Authority of New York and New Jersey by clicking this link.
LOOK: See how much gasoline cost the year you started driving