$1.7 Billion Revenue Loss for The Port Authority of New York and New Jersey
The Port Authority of New York and New Jersey is facing a $1.7 billion revenue loss because so few people were driving during the Covid-19 pandemic, yet its workers get the benefits of an expensive pension plan and bloated overtime.
Looking back, a Port Authority police lieutenant retired in 2013 with a $129,000 salary and then began collecting a $172,000 pension.
An assistant airport operations manager retired with a $89,000 salary, but soon began collecting a $103,000 pension.
An electrician with a base salary of $76,000 quit and started collecting a pension of $79,000.
In 2016, our auditors at OpenTheBooks.com created a database of Port Authority salary and retirement records and found that its government employees are among the highest paid.
In 2014, the Port Authority spent $1.19 billion on pay and benefits, averaging more than $150,000 per employee.
A 2011 audit from the New York state comptroller said "overtime flows like water" at the agency. In 2014, 5,360 employees were paid overtime, about 100 of whom effectively doubled their base salary.
Back then, the Port Authority was facing $20 billion in debt and had raised tolls on residents and businesses.
The tolls remain high and now The Port Authority’s $7.3 billion budget for 2021 includes plans to sell $3.6 billion of bonds to deal with massive revenue losses.
The #WasteOfTheDay is presented by the forensic auditors at OpenTheBooks.com.