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The Port Authority of New York and New Jersey (PANYNJ) recently approved a $7.2 billion 2011 budget.

The spending plan includes $3.9 billion for capital expenses, including $1.9 billion to continue developing the World Trade Center site, and $247 million for new Port Authority Trans-Hudson rail cars and signal system improvements.

The budget also includes $2.5 billion for operating expenses, $701 million for debt service and $47 million for other expenses, such as the purchase of snow equipment and other agency vehicles and “major technology equipment,” according to a prepared statement.

In addition, PANYNJ plans to reduce its headcount by 200 positions, shrinking its workforce to the lowest level in 40 years.