The Port Authority of New York and New Jersey proposed a $10.3 billion budget for 2027, with $4.5 billion for operating expenses, $4 billion for capital projects, $1.7 billion for debt service and $100 million in deferred expenses.

The capital spending supports a $45 billion, 10-year infrastructure plan, about 22% larger than the prior plan, with rising construction and materials costs driving much of the increase.

Those previously approved adjustments include a 25-cent increase in the PATH single-ride fare to $3.50 on Jan. 3, 2027, with further annual increases through 2029 bringing the fare to $4; bridge and tunnel tolls will also rise under inflation-based and board-approved policies.

The Port Authority expects to issue $1.1 billion in new bonds to help fund the budget and proposes no new toll, fare or fee adjustments beyond increases already established under existing policies.

Major airport investments include replacing Newark Liberty’s AirTrain, planning a new Terminal B and expanding Terminal A gates, improving transit access to LaGuardia, and continuing JFK redevelopment, including the first phase of a new Terminal 1 and a ground transportation center.

Other major projects include replacing the Port Authority Bus Terminal, repairing the George Washington Bridge, working at the Lincoln Tunnel and Outerbridge Crossing, upgrading PATH, and improving port roadways and berths.

PATH funding will cover track and railcar improvements, safety and reliability upgrades, a new substation and rehabilitation work on nearby Amtrak bridges; the system is projected to serve 67 million riders in 2027.

The new Manhattan bus terminal’s interim phase is scheduled for completion in 2030, with the full project expected five years later.

The Port of New York and New Jersey, projected to handle 9 million twenty-foot-equivalent units in 2027, will receive funding for the Port Street Corridor Improvement project, wharf rehabilitation and replacement public berths at Port Newark.

Operating costs are projected to rise 5.7%, reflecting higher labor, security and maintenance expenses; the proposal includes more than $1.1 billion for security and nearly $1 billion for facility maintenance, including $25 million for weather-related repairs.

The Port Authority says it receives no tax dollars from New York, New Jersey or New York City and relies on tolls, fares, leases, third-party fees and other sources; about 35% of its budget comes from tolls and fares.

The agency invited public comments through Dec. 15, with commissioners scheduled to consider final adoption of the budget on Dec. 17.