PANYNJ approves preliminary $7 billion budget for 2012

Yesterday, the Port Authority of New York and New Jersey’s (PANYNJ) board of approved a preliminary $7 billion combined operating and capital budget for 2012 that would keep operating expenses flat, maintain the lowest headcount in 40 years and ensure capital projects will advance, PANYNJ officials said in a prepared statement.

The preliminary 2012 budget is subject to an ongoing, agency-wide review and audit led by the Special Committee of the Board at the direction of New York Gov. Andrew Cuomo and New Jersey Gov. Chris Christie.

The preliminary budget continues the authority’s cost-containment efforts, “while preserving safe and secure facilities with the installation of state-of-the-art technology, and investment in conservation and environmental programs,” PANYNJ officials said.

The budget calls for $3.66 billion in capital projects that would improve bridges, tunnels, airports and PATH, as well as seaport investments. In addition, the budget directs funding to continue progress at the World Trade Center site in New York City.

“This is an austere budget that allows us to maintain our core mission of enhancing regional mobility, while also making investments in the region’s economy to generate quality jobs during these difficult economic times,” said PANYNJ Chairman David Samson.

The preliminary operating budget would provide $2.56 billion in operating expenses, $832 million for debt service and $45 million for other expenses.