The New York-New Jersey Port Authority has enacted a US$7.2 billion budget, freezing spending, reducing its work force by 200 jobs and boosting airport security with steel barriers to protect terminals, reported Reuters.
The bi-state agency, which is redeveloping the World Trade Center complex, is also selling two helicopters as part of its austerity measures.
"Unfortunately, given the severe economic downturn, we have had to make difficult choices to live within our means, which has meant prioritising certain projects to move forward and deferring others until we have the capacity to pay for them," executive director Chris Ward said.
For example, the replacement of the Lincoln Tunnel "helix," which funnels cars from Manhattan into the cross-Hudson River link, will be delayed for years because a less costly upgrade will extend the current roadway's life by 10 years, a spokesman said.
A new bus facility for mid-Manhattan will also be delayed.
The new budget relies on $2.5 billion of debt, nearly double the $1.4 billion of bonds that were issued this year. A new cargo facility charge will go into effect, but no details were available.
Operating expenses, which will remain steady for the third year in a row, are seen totalling $2.5 billion. Capital expenses will total $3.9 billion with $701 million of this amount slated to repay debt.
Other big-ticket items include $189 million of electrical improvements for the PATH commuter system, which carries commuters from New Jersey to Lower Manhattan and more than $120 million to safeguard three airports -- John F. Kennedy International, Newark Liberty International and LaGuardia -- by installing "bollards," or steel cylinders, that aim to prevent vehicles from crashing into passenger terminals.
The bi-state agency, which is redeveloping the World Trade Center complex, is also selling two helicopters as part of its austerity measures.
"Unfortunately, given the severe economic downturn, we have had to make difficult choices to live within our means, which has meant prioritising certain projects to move forward and deferring others until we have the capacity to pay for them," executive director Chris Ward said.
For example, the replacement of the Lincoln Tunnel "helix," which funnels cars from Manhattan into the cross-Hudson River link, will be delayed for years because a less costly upgrade will extend the current roadway's life by 10 years, a spokesman said.
A new bus facility for mid-Manhattan will also be delayed.
The new budget relies on $2.5 billion of debt, nearly double the $1.4 billion of bonds that were issued this year. A new cargo facility charge will go into effect, but no details were available.
Operating expenses, which will remain steady for the third year in a row, are seen totalling $2.5 billion. Capital expenses will total $3.9 billion with $701 million of this amount slated to repay debt.
Other big-ticket items include $189 million of electrical improvements for the PATH commuter system, which carries commuters from New Jersey to Lower Manhattan and more than $120 million to safeguard three airports -- John F. Kennedy International, Newark Liberty International and LaGuardia -- by installing "bollards," or steel cylinders, that aim to prevent vehicles from crashing into passenger terminals.