New York-New Jersey Port Authority sets 2005 budget

New York-New Jersey Port Authority sets 2005 budget The Port Authority of New York and New Jersey announced on Thursday a $4.5 billion budget for 2005, including plans to dredge the New York harbor to 50 feet and start construction of a new project at the World Trade Center site.
   The budget includes $2.1 billion for operating expenses, $1.7 billion for capital expenditures, $609 million for debt service and $51 million for other expenses. The port authority is financially self-supporting and receives no tax revenue from either New York or New Jersey states. There are no toll or fare increases at its facilities for 2005, the port authority said.
   The port authority highlighted the major elements of its capital spending for 2005 as:
   * Maintaining and enhancing security, including enhanced surveillance systems and closed-circuit television monitoring systems.
   * Initial funding toward the purchase of new PATH rail cars and the rehabilitation of existing cars.
   * Initial funding for a study to determine the feasibility of building a rail link between Lower Manhattan and John F. Kennedy International Airport.
   * Initial funding toward construction of a new domestic terminal at John F. Kennedy International Airport and an adjoining parking garage.
   * Initial funding toward modernization of Terminal B at Newark Liberty International Airport.
   * Start of construction on the World Trade Center Transportation Hub.
   * Funding to continue dredging the New York harbor channels to 50 feet.
   The port authority said that security costs for 2005 will rise to $355 million, up $27 million over the previous year.
   A team of agency employees was created by the port authority to examine cost saving methods that it says will save about $26 million in 2005. The cost savings are achieved in part through consolidation of certain business functions, allowing seasonal maintenance staff to be deployed where needed and a reduction in supplemental staff, the port authority said.
   Staff at the port authority presented the board of commissioners with a 10-year strategic plan looking at potential future projects. No funding sources have been identified for the long-range plan but the board said it will review it annually.