They’ve all come to the most profitable toll road in America.
The New Jersey Turnpike Authority collected $992 million in tolls last year, making it the most profitable toll road in the nation, according to the toll industry newsletter “Toll Roads News.”
The Turnpike’s operating expenses were $378 million and the authority had a cash flow of $614 million, according to the industry newsletter.
But, and this is a real laugher, according to a Turnpike spokesman, that $614 million isn’t actually “profit.”
“The Turnpike and Parkway both rank among the top 5 busiest toll roads in North America. High volume means high revenue,” Feeney said, adding that the Turnpike is in the midst of a $7 billion capital investment program.
“Those investments – like the Turnpike widening between interchanges 6 and 9 – are funded by bond issues,” he said. “Most of the money collected in tolls on the Turnpike and Parkway goes toward repaying those bonds.”
And a bigger road means more traffic which equates to more revenue!
Feeney added: “But that expense, nearly $600 million last year, is not even mentioned in the Toll Roads News analysis. That’s like writing a story about a family budget and leaving out the car and mortgage payments.”
Yeah, if you took out more of a mortgage than you could afford. The Turnpike spends every dime on “improvements” so they can justify their ridiculous annual toll increases. Because government never gets smaller.