By Steve Strunsky | NJ Advance Media for NJ.com

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PANY&NJ

The Port Authority of New York and New Jersey gets its money from a wide variety of sources: 36% comes from tolls collected at bridges and tunnels; 30% from rents charged to retailers, restaurants and shipping companies at air and sea ports, PATH and bus terminals, and the World Trade Center; landing fees paid by airlines; parking and other revenue generators. There are also the proceeds from bonds issued for projects on both sides of the Hudson River, which later are repaid by the other revenues.

Last week, the Port Authority adopted its combined operating and capital budget for 2018, which includes $3.2 billion in maintenance and other expenses to operate its facilities, and $3.6 billion in capital spending to expand or modernize them, prolong their lives or keep them in a state of good repair.

The Port Authority said the budget will not require a hike in tolls.

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PANY&NJ

The budget provides a standard breakdown for projected revenues, maintenance and operating expenses, and net income, for each facility.

But beyond those figures, the budget also includes a number the agency refers to as "free cash flow," which subtracts the projected annual capital spending on each facility from its projected income figure — while also incorporating miscellaneous other expenses as well as grant revenues — providing what some experts say is a more complete picture of that facility's impact on the agency's cash flow for that year.

For example, while the Lincoln Tunnel's gross revenues for 2018 are projected to be $237 million, with a net income figure of $173.4 million after expenses, the Port Authority is budgeting $310 million in capital spending on the tunnel next year, which will send its "free cash flow" into the red, to the tune of negative $137.2 million, or "($137 million)", as the number appears in the budget.

The following are ranked listings of the Port Authority's top 10 cash cows, or "free cash flow" generators, and what could be called its cash hogs, or biggest drains on the agency's cash flow.

The cash cows

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10. Bathgate Industrial Park $2 million

The Bathgate Industrial Park is a joint venture of the Port Authority and the New York City Economic Development Corporation, created in 1980 to foster redevelopment of the South Bronx. The 20-acre site, formerly occupied by vacant lots and abandoned apartments, houses commercial, light industrial and educational facilities, just off the Cross-Bronx Expressway.

At $2 million the obscure Bathgate facility is projected to have a higher positive cash flow than the Lincoln Tunnel, Port Newark, LaGuardia Airport or the World Trade Center complex, thanks to $4 million in revenues, $2 million in expenses, and zero capital spending.

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Teterboro Airport, a favorite of corporate executives and wealthy individuals, hosted a National Business Aviation Association show in June 2012. (Steve Hockstein | Star-Ledger file photo)

9. Teterboro Airport $5.9 million

Teterboro Airport, located in the eastern Bergen County borough of the same name, is a general aviation facility popular among corporate and celebrity fliers largely for its proximity to Manhattan.

With revenues projected at $47.3 million and maintenance and operating expenses of $29.3, Teterboro's net income is expected to be $15.6 million. Add to that another $7.8 million in grants, while subtracting $17.5 million in capital expenses for projects including taxiway and drainage improvements, and that's $5.9 million left in positive cash flow.

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The Port Authority's Hoboken South Waterfront property is a steady, if modest moneymaker for the agency, with reliable rent payments and little overhead. (PANY&NJ)

8. Hoboken South Waterfront $7.4 million

It's been years since wrangling over development of Hoboken's southern waterfront made headlines, so casual observers could be forgiven for forgetting that the Port Authority owns a big chunk of it, and collects millions a year in lease payments linked to office buildings on the property.

With few operating expenses and no capital investment for 2018, the agency's so-called Hoboken South Waterfront property is projected to produce a cool $7.4 million in free cash on gross revenues of $8.1 million — this despite persistent calls for the Port Authority to get out of the real estate business.

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The Holland Tunnel toll plaza in Jersey City. (Larry Higgs | NJ Advance Media)

7. Holland Tunnel $81.6 million

Holland Tunnel toll takers and E-ZPass transponders at its Jersey City toll plaza will collect $202.7 million in tolls in 2018, according to the agency. That will translate to $120 million in income after operating expenses and maintenance costs. After subtracting tunnel capital spending for the year the agency has a free cash flow total of $81.6 million from the tunnel.

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The northern span of the new Goethals Bridge opened to traffic last summer. (Cassy Sommer | Staten Island Advance)

6. Goethals Bridge $85.8 million

The newly constructed Goethals Bridge, which started handling traffic in June across the Arthur Kill between Elizabeth and Staten Island, is expected to generate net revenues of $173 million in 2018. Positive cash flow will be just $85.8 million, however, due to another $88 million in continued spending in 2018 toward completion of the project.

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A ship is docked at the Elizabeth-Port Authority Marine Terminal. (Patrick Villanova | The Jersey Journal)

5. Elizabeth-Port Authority Marine Terminal $104.2 million

The Elizabeth-Port Authority Marine Terminal may be the biggest little-known revenue source among the bi-state agency's diverse portfolio of facilities.

Often overshadowed and misidentified as "Port Elizabeth" thanks to the neighboring Port Newark complex, the Elizabeth-Port Authority Marine Terminal is projected to have a free cash flow of $104.2 million in 2018 — the agency's only port facility with a positive cash flow in 2018.

That's thanks to projected gross revenues of $152.3 million, anticipated to yield a net income figure of $125.8 million after factoring in operating and maintenance costs. The Port Authority's plan to invest $21.6 million in capital dollars at its Elizabeth marine complex in 2018 will leave $104.2 million in cash.

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The Outerbridge Crossing, spanning the Arthur Kill between Perth Amboy and Staten Island, is the Port Authority's southern-most bridge. (Rachel Shapiro | The Staten Island Advance)

4. Outerbridge Crossing $127.9 million

Of its six bi-state bridges and tunnels, only the George Washington Bridge will generate more cash for the Port Authority than the relatively obscure Outerbridge Crossing, a bridge named for the Port Authority's chief engineer, Eugenius Outerbridge.

The Outerbridge, which links Perth Amboy to Staten Island, will collect a projected $164 million in tolls in 2018, according to the budget, and with just $26 million in expenses and $9.7 million in capital investment, the bridge will free up $127.9 million in cash for the agency.

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Newark Liberty International Airport continues to be a money maker for the Port Authority (Jonathan D. Salant | NJ Advance Media)

3. Newark Liberty International Airport $161.4 million

Newark Liberty International Airport is projected to take in $971.8 million in gross revenues in 2018. But subtract about $526 million maintenance and operating expenses, and another $274 million in capital spending on projects including the replacement of Terminal A, and EWR's free cash flow descends to a much lower altitude — $161.4 million, according to budget figures.

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An American Airlines jest takes off from John F. Kennedy International Airport in Queens (Tim Darragh | NJ Advance Media)

2. JFK International Airport $328.1 million

John F. Kennedy International Airport is projected to generate $1.26 billion in gross revenues in 2018, in landing fees charged to airlines, rents from restaurants and retail shops, parking, and other revenues. JFK is the Port Authority's biggest single revenue generator and the only facility that takes in more than a billion dollars annually.

But subtracting maintenance and operating expenses cuts the airport's net revenue down to $473.8 million. Another $28.8 million in grants helps boost JFK's overall cash flow, but then subtracting $174.6 million in capital spending on roadway and infrastructure improvements puts its free cash flow figure at $328.1 million for 2018.

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The George Washington Bridge, spanning the Hudson River between Fort Lee and Manhattan, is projected to be the Port Authority's top cash cow in 2018. (John O'Boyle | Star-Ledger file photo)

1. George Washington Bridge $563.3 million

The Port Authority's big cash cow for 2018, as it is most years, is the George Washington Bridge, projected to bring home $563.3 million in cash free flow for the agency.

While the GWB is projected to collect $805.2 million in tolls in the coming year, about $130 million in operating and maintenance costs will mean the world's busiest bridge will generate net revenues of $676.8 million. Subtract another $113.5 million of so in capital spending mainly on replacement of the bridge's suspender ropes and rehabilitation of its main cables, and that's $563.3 million in free cash flow.

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The cash hogs

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A locomotive at the Brooklyn-Port Authority Marine Terminal. (New York City Economic Development Corporation)

10. Brooklyn-Port Authority Marine Terminal ($7.3 million)

The Brooklyn-Port Authority Marine Terminal is a money loser even without capital spending, projected to take in $6.1 million in revenues in 2018, minus $11.2 million in operating costs and another $800,000 in other expenses for an operating loss of $5.1 million. Add $714,000 in grants, then subtract $2.1 million in capital spending, and the facility's free cash flow is negative $7.3 million.

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Rail cars are transported to Brooklyn across New York Bay on a barge from the Port Authority's Greenville Yard in Jersey City. (Alex Remnick | NJ Advance Media)

9. Greenville Yard ($14.1 million)

The Port Authority's Greenville Yard is a rail float facility that sends and receives rail-mounted shipping containers on special barges across New York Harbor to Brooklyn. The facility would almost break even when subtracting its $5.8 million in maintenance and operating expenses from its $5.6 million in revenues.

But $37 million in capital spending in 2018 toward expanding the operation, partly offset by $23 million in grants for the project, means Greenville Yards' free cash flow is projected to be negative $14.1 million on the year.

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A dockworkers unload machinery from a ship at Port Newark. (PANY&NJ)

8. Port Newark ($16.6 million)

Port Newark will have a projected $85.8 million in revenues for 2018, minus $79.9 million in operating and other expenses, for net income of $5.83 million. But $24.8 million in capital spending on roads, berths and various projects will mean Port Newark's free cash flow will be negative $16.6 million, after factoring in a couple million dollars in grant money.

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A cruise ship steams past shipping cranes at the Port Jersey-Port Authority Marine Terminal. (Andrew Mills | Star-Ledger file photo)

7. Port Jersey-Port Authority Marine Terminal ($46.3 million)

The Port Jersey-Port Authority Marine Terminal on the Jersey City-Bayonne border is the big cash hog among the agency's port operations in 2018, with a negative cash flow of $46.3 million, after its $8.5 million in projected income is offset by $57.3 million in capital spending. The cash flow figure incorporates an additional $2.45 million in grants on the plus side, minus $796,000 in miscellaneous expenses.

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Cars enter the Lincoln Tunnel in Weehawken. (Reena Rose Sibayan | The Jersey Journal)

6. Lincoln Tunnel ($137.2 million)

While the Lincoln Tunnel is projected to take in $277 million in tolls on the year, operation of the tunnel will cost the Port Authority $92.3 million in salaries for toll takers and other personnel, plus various other operating and maintenance expenses, for a net income figure of $173.4 million. But all those cars and buses take a heavy toll on the Lincoln Tunnel Helix, its cork-screwing approach ramp in Weehawken, which is responsible for the bulk of the Port Authority's $312.3 million in capital spending set aside for the Lincoln in 2018. And that capital expense — taking into account $11.4 million in other expenses and $1.8 million in grants — means the tunnel will actually be a drain of $137.2 million on the Port Authority's cash flow in the coming year.

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The Port Authority Bus Terminal in Manhattan operates at a loss. (Photo by Jason Szenes)

5. Port Authority Bus Terminal ($191.2 million)

Like most mass transit systems or facilities, the much-maligned Port Authority Bus Terminal is a perennial money loser for the agency, projected to run an operating deficit of $74.1 million in 2018. But the agency is also setting aside $117.5 million in capital funds for 2018, including $55 million for early work on replacing the terminal, and tens of millions on new gates and other short-term improvements to the existing terminal. Taking into account grant money and other expenses, that spending puts the PABT's projected cash flow for 2018 at negative $191.2 million.

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The CMA CGM Theodore Roosevelt, a 1,200-foot container ship, passed under the Bayonne Bridge on its maiden voyage to the United States on Sept. 7, 2017. It was largest capacity container ship to pass under the bridge following a $1.7 billion raising of the roadway that began in 2013. (Petty Officer 1st Class Sabrina Clarke | U.S. Coast Guard photo)

4. Bayonne Bridge ($254.9 million)

The Bayonne Bridge linking Hudson County to Staten Island across the Kill Van Kull is projected to have revenues of $41.5 million in 2018 and income of just $18.8 million, by far the least of the Port Authority's bi-state crossings in both categories. But the agency will spend $273.8 million on the bridge in capital improvements next year, which puts its free cash flow at negative $254.9 million, when also taking into account $2.4 million in other expenses and $49,000 in grants.

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LaGuardia Airport is projected to be a cash drain of $303 million in 2018, including capital spending. (Photo by Spencer Platt)

3. LaGuardia Airport ($303.4 million)

LaGuardia Airport, while the smallest of the Port Authority's three major airports, will hog up by far the most cash, with a projected free cash flow of negative $303.4 million for 2018. While LaGuardia's projected revenues of $386.9 million minus its total expenses of $316 million should produce a positive net income of $70.7 million on the year, the airport famously derided as "Third World" by former Vice President Joe Biden will consume $674.6 million in capital money in 2018, most of it as part of a $3.9 billion overhaul. Grants totaling $300.5 million help offset all that capital spending, though the airport also will incur $24.7 million in other expenses.

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A PATH train arrives at the Journal Square Station in Jersey City. (Larry Higgs | NJ Advance Media)

2. PATH ($519.9 million)

The PATH commuter rail system is another Port Authority mass transit facility that requires an annual operating subsidy, which in 2018 is projected to be $206.9 million, based on $197.1 in revenues, and a total of $404 million in expenses.

To get at PATH's free cash flow figure of negative $519.9 million for the year, subtract another $399 million in capital spending, including post-Hurricane Sandy repairs, a safety-related signaling system, work on a new Harrison Station, and even planning money for an extension of the system to Newark Liberty International Airport.

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Santiago Calatrava's sculptural Oculus tops the World Trade Center Transportation Hub. (AP Photo)

1. World Trade Center ($579.3 million)

Redevelopment of the World Trade Center site after the 2001 terror attack that killed some 3,000 people is often viewed as a physical symbol of American resiliency and resolve. But it's also a project that has required vast capital outlays that have made the trade center site a cash drain on the Port Authority ever since.

For 2018, the WTC free cash flow figure is negative $579.3 million. That includes revenues of $304 million, operating expenses of $362.7 million, grants worth $91.5 million, and total capital spending of $602.5 million.

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Steve Strunsky may be reached at sstrunsky@njadvancemedia.com. Follow him on Twitter @SteveStrunsky. Find NJ.com on Facebook.