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On Friday, the Port Authority of Allegheny County’s board adopted a $330 million operating budget for fiscal-year 2011.

The board adopted the budget with the assumption that the state legislature will address the authority’s $47.1 million revenue shortfall, port authority officials said in a prepared statement.

“We’re not asking for a bailout — we simply want the state legislature to adopt a measure that sustains a reliable funding source, not only for the port authority, but for public transit statewide,” said port authority Chief Executive Officer Steve Bland.

If the state does not resolve funding issues, the agency will have to balance its budget by enacting a mix of service cuts, fare increases and job eliminations, port authority officials said.

The board also approved capital improvement budgets for two years: $181.7 million in FY2011 and $192.1 million in FY2012.