The Port Authority of New York and New Jersey passed an austere $6.3 billion operating and capital budget yesterday that keeps operating growth at zero in 2010. The agency also cut its 2007-2016 capital plan by $5 billion to $24.5 billion.
“The Port Authority grappled with some very difficult capital decisions as a result of the worldwide recession and the economic downturn,” said executive director Christopher Ward. “Our capital plan has been reduced and that has forced us to make some difficult choices. Building from the ground up our focus is on safety, security, state of good repair within all of our facilities [and] targeted regional investments remain critical priorities.”