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Yesterday, the Port Authority of New York and New Jersey (PANYNJ) approved a $5 billion 2006 budget that includes $2.3 billion for operating expenses and $1.9 billion for capital improvements.

The budget also includes a record $616 million in security spending, as well as funds to hire additional police officers.

Under the 2006 capital plan, PANYNJ will continue constructing the World Trade Center Transportation Hub, which will feature a permanent Port Authority Trans-Hudson terminal, and procure 340 passenger cars.

The port authority plans to cut costs by $100 million next year, and generate revenue through advertising and sponsorship programs.