The Port Authority of New York and New Jersey finalized an agreement that outlines funding commitments and a timeline to deepen the ports' channel to 50 feet, an action it says will improve navigational safety and allow the port to accommodate the next generation of cargo vessels. The channel deepening is scheduled for completion in 2014. "In 2003, we made a record level of investments in capital improvements in our port," said New Jersey Governor James E. McGreevey. "The Port of New York and New Jersey plays a crucial role in New York State's economy, brining in more than $100 billion worth of cargo last year," added New York Governor George E. Pataki.