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On Dec. 11, the Port Authority of New York and New Jersey (PANYNJ) approved a $4.5 billion fiscal-year 2004 budget designed to improve efficiency, reliability and security.

The approval marks the first time in eight years the agency has adopted an operating and capital budget in December, according to a prepared statement. The earlier process is expected to enable PANYNJ officials to more effectively manage and plan expenses during the year.

The budget includes funds to purchase new Port Authority Trans-Hudson (PATH) rail cars and build a terminal at John F. Kennedy International Airport.

Under a four-year capital plan, the authority also expects to design a permanent World Trade Center Transportation Hub; increase security by enhancing surveillance systems, detection sensors and closed-circuit television monitoring systems; and extend passenger-rail service to the New Jersey Meadowlands.

Since the Sept. 11, 2001, terrorist attacks, PANYNJ’s revenue has decreased while security and insurance expenses, and lease payments have increased.