Port Authority Approves 2015 Budget Of $7.8 Billion
JERSEY CITY, N.J. (CBSNewYork/AP) - The Port Authority of New York & New Jersey has approved a budget for 2015, days after the agency implemented its fourth scheduled toll increases at bridges and tunnels.
The Port Authority on Wednesday said the proposed $7.8 billion budget holds operating expenses to $2.9 billion, a 1.8 percent increase over 2014 and at or below the rate of inflation. The agency says the increase will be offset by increased occupancy at the redeveloped World Trade Center site.
Critics of the budget say there's not enough allocated for improving the decaying Port Authority Bus Terminal. Executive Director Pat Foye says the agency expects to begin reviewing a study in February that could include a master plan for building a new terminal.
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