WTC, commuter rail lead N.Y.-N.J. budget
The Port Authority of New York and New Jersey has released a preliminary $6.7 billion budget for 2009 dominated by expense related to rebuilding the World Trade Center and improving commuter rail facilities.
It also calls for zero growth in its operating budget and staffing levels, citing “downward pressure on its long-term capital financial capacity” because of the economic slowdown.
The budget includes $3.3 billion in capital expenditures, a 28 percent increase over 2008, $2.5 billion for operating expenses, and $825 million for debt service. Staff is to remain flat at 7,127.
Major expenditures include:
' $1.42 billion for the World Trade Center and a new station for its PATH subway.
' $370 million for new PATH cars and other subway improvements.
' $340 million for a new commuter rail tunnel under the Hudson River.
' $594 million for airports.
' $209 million for bridges and tunnels and bus terminals.
' $246 million for the Port Commerce Department, including dredging, improvements to terminals, and the Expressrail intermodal rail yards.