NEW YORK-NEW JERSEY PORT AUTHORITY SETS $5-BILLION FISCAL 2003 BUDGET
The Port Authority of New York and New Jersey has set a $5-billion budget for 2003, including $1.84 billion earmarked for facilities.
Much of the money will go to restoring PATH commuter train service between New Jersey and Lower Manhattan that was disrupted by the destruction of the World Trade Center. Other major budget items will augment security; deepen shipping channels, and develop a new system of river barges and inland distribution centers for containerized cargo.
The budget breaks down to $1.99 billion in operating expenses, $1.84 billion in gross capital expenditures, $1.11 billion to service debt, and $66 million for other expenses.