PANYNJ - Growing the Region News

Vol. 1, No. 2, December 2006

Port Authority Board Approves $5.7 Billion Budget for 2007.
Capital Investments and Security Spending are Up; Administrative Costs are Down.

At its December 14 meeting, the Port Authority Board of Commissioners approved a $5.7 billion budget for 2007 that increases the agency's investment in major capital projects and security initiatives, while holding the line on operating expenses and decreasing administrative costs.

Capital funding will increase by $625 million and will focus on World Trade Center redevelopment, improvements to PATH's car fleet, advancement of the Trans-Hudson Tunnel project, upgrading of Terminal B at Newark Liberty International Airport, and construction of a new passenger terminal at John F. Kennedy International Airport.

Greater Transparency, Accountability Brought to Budget Process
As part of new governance reforms, the budget document was released in advance of the final vote of the Board of Commissioners and made available for public comment and feedback via the Internet.

Port Authority Moves Ahead to Rebuild World Trade Center Site.

Earlier this year, the Port Authority was asked to take responsibility for reaching a comprehensive agreement that would jump-start the redevelopment efforts at The World Trade Center Site.

The historic agreements we negotiated set the stage for faster progress and greater accountability.

Work Under Way
Dozens of pieces of heavy equipment and hundreds of construction workers are pouring concrete and building the foundations for the Freedom Tower, the World Trade Center Memorial, and the fourth PATH platform of the Transportation Hub.

The first steel columns for the Freedom Tower were raised on December 19. Construction of the East bathtub that will serve as the foundation for Towers 2, 3, and 4, and the Transportation Hub began in December.

By the end of 2007, more than 600 construction workers will be on site.

PANYNJ Takes on Role of Construction Manager at WTC Memorial
The Port Authority, at the request of the Governors of New York and New Jersey and the Lower Manhattan Development Corp., has assumed responsibility for construction of the WTC Memorial and Memorial Museum.

This is a very personal responsibility for us and we are committed to a fitting tribute that opens on time in 2009.

The first major construction contract to build the Memorial's foundations has been awarded. By the end of next year, steel for the memorial's base will be rising.

Transportation Hub
Preliminary work has started on the east-west pedestrian concourse. When completed, the concourse will, for the first time, link Lower Manhattan from the Hudson River all the way east via Fulton Street, and link 12 New York City subway lines.

Strategic Plan Provides 10-year Blueprint for Critical Transportation Investments.

Along with the 30 percent increase in the capital budget, the Port Authority Board of Commissioners also approved its 2007-2016 Capital Plan. The plan will refocus the agency's efforts on its core mission of driving regional growth through landmark transportation projects.

The Port Authority of New York and New Jersey recently distributed a summary of its Strategic Plan, Transportation for Regional Prosperity, to key decision makers throughout the region.

News Briefs:

	Port Authority task force announces recommendations to better secure Port of New York and New Jersey.
	Kennedy, Newark and LaGuardia airports combine to surpass 100 million passengers in 2006.
	Bayonne Bridge marks 75th anniversary.