A Study of the Port of New York Authority

By Frederick L. Bird | Go to book overview

Chapter Eight
POTENTIAL REVENUES from ESTABLISHED FACILITIES

THE RICH accumulation of resources which the Port Authority brings to the support of its postwar program of expansion into new and varied enterprises goes far in assuring its success. Long and exacting experience in the development and operation of self-liquidating undertakings is in itself an invaluable asset, and it is supplemented by the very tangible advantages of large financial reserves and of the proved earning power of essential facilities, most of which are still in the growth stage of productiveness. The fact that existing reserves have ample means of replenishment is the vital factor in the Authority's credit base which safeguards its launching of new projects.

The established facilities of the Port Authority have by no means exhausted their revenue potential. Collectively, they have a substantial amount of unused capacity and there are good reasons for anticipating that some of it, at least, will be utilized. This applies particularly to the vehicular crossings of the interstate boundary waters, all of which except the Holland Tunnel can accommodate very considerable increases in vehicular traffic. Assuming continuance of present toll rates, which remain at their prewar level, each million of additional vehicular crossings per year would add approximately $570,000 to operating revenue. Since the related increase in operating expenses would be small, the bulk of any increase in the gross would become available for debt service and reserves.


Capacity of Vehicular Crossings

Engineering estimates of bridge and tunnel capacity are necessarily theoretical and approximate, since they involve assumptions as to traffic conditions which are not clearly predictable over a long period. Annual capacity depends not only on the number of traffic lanes provided, the adequacy of approaches, and the efficiency with which

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