At its December 10 meeting, the Port Authority’s Board of Commissioners adopted a $6.3 billion 2010 budget for the agency.
In response to the economic downturn, which has significantly reduced the Port Authority’s financial capacity, the budget calls for zero growth in operating expenses for the second straight year. The budget also reduces agency headcount by 150 positions, bringing staff levels to the lowest level in 40 years. Taken on top of previous staff reductions, the Port Authority has now eliminated more than 500 non-police positions since 2004, a 9 percent reduction.
The budget also calls for other cost-control measures including:
a 20-percent reduction in overtime and a 32-percent reduction in external consultants. These and other cuts are necessary to help
counter the effect of an economic downturn that is expected to reduce facility activity more than originally forecasted.
The fiscal discipline on the operating side of the preliminary budget allows for $3.1 billion in capital spending – enough to keep priority projects moving forward and to maintain agency facilities in a state of good repair.
Details for the budget and capital plan are posted on the Port Authority’s Web site, panynj.info.