>
NJ Transit budget speeds up debt payments
NJ Transit board members approved a $1.895 billion operating and a $1.16 billion capital budget Wednesday for fiscal year 2012, which emphasizes keeping the mass transit system in good condition as a hedge against future higher repair bills.
Officials also announced plans to aggressively pay down debt over the next 10 years to allow the agency to use “pay as you go” financing for capital improvement items and projects to save money to the spent to keep the system in good repair. (Higgs, Gannett)