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Yesterday, the Port Authority of New York and New Jersey (PANYNJ) adopted a $5.9 billion 2008 budget. The spending plan includes $2.3 billion for operating expenses, $2.58 billion for capital expenses, $814 million for debt service and $173 million for other expenditures.

The authority also approved a $29.5 billion updated 10-year capital plan, which increased $3.4 billion since the plan was initially adopted in 2006. PANYNJ will spend an additional $1 billion on security initiatives, provide another $1 billion for New Jersey Transit’s Access to the Region’s Core project and continue redeveloping the World Trade Center site.