The Port Authority of New York and New Jersey has approved 2014 capital and operating budgets.
The $4.4 billion capital budget will keep the authority's major projects advancing. These include the raising of the Bayonne Bridge roadway, the replacement of the Goethals Bridge, the redevelopment of LaGuardia Airport's central terminal building, the replacement of the George Washington Bridge's steel deck, reconstruction of airport runways and taxiways and the redevelopment of the Greenville Yards port.
The capital budget includes $1.1 billion for state of good repair capital projects. "All state of good repair projects have been carefully evaluated as part of an exhaustive prioritization process conducted by the agency's operating and engineering professionals," the authority said.
The authority also adopted a $2.9 billion operating budget at Wednesday's board meeting. The budget keeps the operating expense growth rate at half the expected rate of inflation.
In addition to the capital and operating budgets, the board approved spending $920 million for debt service.
