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12/10/2012 11:00:00 AM    

PANYNJ approves operating budget for 2013

The Port Authority of New York and New Jersey's (PANYNJ) board last week approved a $2.57 billion operating budget for 2013.

The budget will maintain administrative expenses at a flat level for the fifth consecutive year and maintain agency headcount at the lowest level in decades, PANYNJ officials said in a prepared statement.

The budget includes savings in compensation and benefit expenses from reforms announced in mid-2012. The board will consider the agency's capital budget at a future meeting, PANYNJ officials said.

Budget highlights include $549 million for new security efforts at the World Trade Center, airports and other facility patrols; $775,000 for a new Transparency Office to oversee and manage the flow of agency information to the public; and continued investments in environmental initiatives.

"The 2013 operating budget … is a balanced and fiscally responsible plan that contains both significant cost-cutting measures and progressive operational reforms," said PANYNJ Chairman David Samson.