NY/NJ OKs $4.6B Budget

The Port Authority of New York and New Jersey approved a $4.6 billion 2001 budget, which includes more than $2 billion in capital spending, a record amount for the bi-state agency. The $2 billion represents the first installment of an ambitious five-year $9.5 billion program for bridges, tunnels, airports and other mass transit projects. The Port Authority plans to fund its 2001 capital projects with a mix of $1 billion in bonds and notes and $550 million from reserve funds. Airport passenger facility charges and federal funds will make up the rest, said Charles McClafferty, chief financial officer of the Port Authority. Aviation projects accounts for nearly half of the capital spending at about $1 billion. Among the projects planned are rail access to JFK and Newark airports and improvements at airport roadway approaches. - (Reuters)