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To: Alberta's Child

It costs money to keep roads in working order too, but most roads in the US don’t have tolls. That’s what taxes in general are for.

Also, the GWB generates $1.5 million in revenue a DAY. That’s more than a half a billion a year. That dwarfs the costs you mentioned, which, by the way, aren’t incurred every year. So stuff it.


22 posted on 01/12/2014 4:19:40 PM PST by Paladins Prayer
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To: Paladins Prayer
It costs money to keep roads in working order too, but most roads in the US don’t have tolls. That’s what taxes in general are for.

The George Washington Bridge is owned and operated by the Port Authority of New York & New Jersey -- a bi-state agency that was created under a Federal mandate back after World War I to eliminate legal problems at the time that were associated with port commerce in New York harbor and other transportation issues between the two states. The problem is that the Port Authority of NY & NJ has no taxation authority. It does, however, have the ability to collect revenue from people and businesses who use their facilities.

One very positive aspect of the agency is that it is fully self-funded and doesn't get a dime of taxpayer money (except in very limited circumstances involving channel dredging that comes under the oversight of the U.S. Army Corps of Engineers). Another benefit of being a self-funded authority is that it has the ability to float its own bonds to pay for major projects.

A huge chunk of its revenue goes to financing bonds for major projects all over the region. The Port Authority of NY & NJ even helps fund projects in either state that don't come under its jurisdiction -- as long as the state government that requests the funding can make a compelling case that the infrastructure is critical to the PA's mission and/or its facilities. The PA, for example, is paying about $1.8 billion for three major construction projects on NJDOT bridges and highways, including the rehabilitation of the Pulaski Skyway the new Wittpen Bridge (Route 7) over the Hackensack River, and the reconstruction of Route US-1&9 in Jersey City.

Also, the GWB generates $1.5 million in revenue a DAY. That’s more than a half a billion a year. That dwarfs the costs you mentioned, which, by the way, aren’t incurred every year. So stuff it.

See previous details about bonding for major projects. The Port Authority of NY & NJ is currently on the hook for about $550M-$600M in bond payments every year -- which means they have to budget for that much money in expenditures (more than they collect from the GWB in toll revenue) before they spend even one dollar for their own operating expenses.

I hope this has been an informative post for you. (And no, I don't work for that agency.)

23 posted on 01/12/2014 4:59:49 PM PST by Alberta's Child ("I've never seen such a conclave of minstrels in my life.")
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