New York/New Jersey port authority approves 2009 budget

It’s official. Yesterday, the Port Authority of New York and New Jersey’s board signed off on a $6.7 billion 2009 budget that calls for slating a record $3.3 billion in capital expenses while keeping operating costs flat and maintaining employment levels.

The capital budget is $725 million, or 28 percent, higher than 2008’s budget. The funds will help organizers continue to develop New Jersey Transit's Access to the Region's Core project, which calls for building two single-track tunnels beneath the Hudson River to expand passenger-rail capacity between New Jersey and Manhattan. The capital budget also includes funds to roll out a new fleet of Port Authority Trans-Hudson vehicles and modernize the rail system, as well as expand ExpressRail freight service to the port's marine terminals.  

“The infusion of investment into regional capital projects will help buffer the economic crisis ad address the region’s infrastructure challenge,” authority officials said in a prepared statement.