The new year always brings new hope for better things to come over the next 12 months. Many folks look forward to this finally being the year they break that
The Port Authority of New York and New Jersey is a "trailblazer" in public-private partnerships, and P3 investors hope to see more action in U.S. airports.
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There are now 6,147 people hospitalized for Covid-19 in New York state, a level not seen since the middle of May. For weeks now, the mayor and the governor have been warning every day that things are getting worse, and it’s easy to get lost in a sea of numbers. But to put that figure in perspective, as the Wall Street Journal notes, it is six times the number of New Yorkers hospitalized just two months ago.
Updated Dec. 17, 2020 7:00 pm ET
The Port Authority of New York and New Jersey on Thursday approved a 15% reduction in spending for 2021 because of budget cuts and delays caused by the coronavirus pandemic.
Libby McCarthy, the Port Authority’s chief financial officer, told commissioners that the bistate transportation agency has lost $1.5 billion in revenue so far because of the pandemic and expects to have lost a total of $3 billion through March 2022. Ms. McCarthy said the agency has slowed spending for capital projects not already in construction and is reviewing its long-term spending plan.
Commissioners approved a $7.2 billion budget for 2021, a decrease of $1.3 billion compared with the previous year’s budget. The budget includes $2.4 billion to maintain and upgrade the authority’s facilities, a 33% reduction on spending outlined in the agency’s 10-year capital plan.