Thruway Board Adopts 2012 Capital Program

ALBANY, NY (12/12/2011)(readMedia)-- Thruway Board Adopts 2012 Capital Program

The Boards of the New York State Thruway Authority and New York State Canal Corporation Board have approved a four-year, $850 million Capital Program for 2012 through 2015, according to Chairman Howard P. Milstein who presided at the meetings today in Albany. The approved program of construction projects was reduced from the initial $1.1 billion plan announced by the Authority and Corporation in October.

"We had to acknowledge the need to limit expenditures at the Authority and Corporation because of the reduction in travel revenue the Thruway has experienced in the last few years. We will continue to provide a safe and efficient roadway to the traveling public, but we will postpone projects that are not essential to our needs at this time," Chairman Milstein stated.

"We are mindful of Governor Cuomo's historic effort to limit state spending, and although the Authority receives no state aid, we intend to follow his lead to control operating costs and limit undue economic hardship on our customers. We have cut spending significantly in this budget, and we will restructure our operations to reflect the Governor's call for maximum government efficiency," the Chairman added.

Planned overall spending by the Authority and Corporation will be reduced by 6 percent in 2012, to $1.021 billion from $1.086 billion in the current year. Capital projects for the same period are projected at $384 million in 2012, down from $463.6 million in 2011. The plan will maintain good overall highway and bridge conditions.

The Chairman noted that even after taking into account the need to reduce costs, and the resulting lowered capital plan, the $384 million in capital projects that will be spent will nonetheless create thousands of jobs for New Yorkers in 2012.

The Thruway Authority is a self-funded, public benefit corporation that is financed by tolls and bond revenue. Federal grants will amount to a negligible 0.3 percent of its more than $1 bllion budget in 2012.

Details of the Authority and Corporation Budget and Capital Plan are posted on its Web site at http://www.thruway.ny.gov .

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