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New York, New Jersey port authority approves FY2005 budget

Last week, the Port Authority of New York and New Jersey (PANYNJ) approved a $4.5 billion fiscal-year 2005 budget.

The budget includes funds to maintain and enhance security at port authority facilities, including enhanced surveillance systems and closed-circuit television monitoring systems; purchase new Port Authority Trans-Hudson passenger cars and rehabilitate existing cars; conduct a study to determine the feasibility of building a rail link between lower Manhattan and John F. Kennedy International Airport; and begin construction on the World Trade Center Transportation Hub.

During FY2005, PANYNJ expects security costs to total $355 million — a $27 million increase compared with FY2004. The authority also projects employee benefit and utility expenses to rise.

Earlier this year, the authority formed a team of employees to explore ways to streamline operations and save money. The group has identified opportunities for improvement that would save the authority about $26 million in FY2005.

Contact Progressive Railroading editorial staff.

More News from 12/13/2004