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The Port Authority of New York and New Jersey (PANYNJ) has proposed a $7.8 billion budget for 2015, which includes $3.6 billion in capital spending.The capital budget includes $223 million to modernize PATH rail stations and $32 million to build a new ExpressRail system at Greenville Yard in Jersey City that will allow intermodal cargo to be moved by rail, port authority officials said in a press release.The capital spending will help build and maintain critical infrastructure at PANYNJ airports, tunnels, bridges, terminals, ports and the PATH system, as well as help the authority move toward completion of the World Trade Center site. An estimated $1 billion will be invested in the region’s interstate transportation system, including tunnels, bridges and terminals, and PATH. An additional $1.6 billion is budgeted to complete construction of projects at the World Trade Center site, including the new Transportation Hub.The $2.9 billion operating budget holds an expense increase for ongoing agency operations at 1.8 percent, reflecting the ninth consecutive year of nearly flat spending, authority officials said.The operating budget includes $13.8 million for a new PATH car inspection apprentice program and additional maintenance, as well as for the completion of the PATH Train Control Center."By holding growth in spending under the rate of inflation, this budget maintains the fiscal discipline necessary so that our resources can be invested in projects that create jobs, improve our infrastructure, and enhance regional mobility," said PANYNJ Executive Director Pat Foye. "Our team undertook a thorough, disciplined process to target and prioritize our investments in areas that benefit service and ensure safety at our airports, bridges, tunnels, PATH system and ports."
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