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12/1/2006



Rail News: Rail Industry Trends

New York/New Jersey port authority proposes $5.7 billion 2007 budget



The Port Authority of New York and New Jersey (PANYNJ) recently released a preliminary $5.7 billion 2007 budget that would reduce administrative costs and increase capital funds compared with this year’s budget.

The authority proposes to increase the operating budget 1.1 percent to $2.3 billion and allot more dollars to security improvements.

A proposed $2.5 billion capital budget, which would go up $625 million compared with 2006, would allocate funds to purchase 340 new Port Authority Trans-Hudson passenger cars. The budget also would authorize funding to begin preliminary planning and site acquisition for the Trans-Hudson Express tunnel, which PANYNJ is building in conjunction with New Jersey Transit.

The board is scheduled to vote on the budget Dec. 14.


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