Port Authority of NY and NJ approves budget, reduces headcount by 200

Written by jrood

The Port Authority of New York and New Jersey Board of Commissioners approved a $7.2 billion budget for 2011 that calls for a third consecutive year of zero growth in operating expenses and reduces headcount by 200 positions to the lowest level in 40 years. The fiscal discipline on the operating side of the budget has allowed for $3.9 billion in capital spending, enough to continue the agency's safety and security programs, to move priority projects forward and to maintain the agency's facilities in a state of good repair. The 2011 budget provides $2.5 billion in operating expenses, $3.9 billion in capital expenses, $701 million for debt service and $47 million for other expenses, which include purchases of snow equipment and other agency vehicles and major technology equipment. Port Authority Chairman Anthony Coscia said, "In these tough economic times, we must be diligent in how we spend the public's money. That's why we've developed a zero growth operating budget, and taken great care to identify capital projects in the region's best interests."

Tags: