Port Authority Vows Reforms After Audit Shows WTC Costs Soar

Promise comes on heels of audit showing World Trade Center rebuilding costs ballooned to $4 billion.

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    The staggering $15 billion price tag for rebuilding the World Trade Center is billions more than the agency in charge promised. The findings are revealed in a new audit of the Port Authority. Andrew Siff goes to find out why. (Published Wednesday, Feb. 8, 2012)

    Top officials at the government agency rebuilding the World Trade Center are promising reforms after an audit called the organization "dysfunctional'' and wasteful.     

    Auditors at Navigant Consulting issued a report this week saying the Port Authority of New York and New Jersey is plagued by inconsistent leadership, bad planning and poor cost controls.     

    They also savaged the agency for ballooning costs on the World Trade Center project.     

    Port Authority Chairman David Samson promised Thursday that the audit report won't just sit on a shelf and "gather dust.''     

    He says the agency is already looking at ways to improve capital planning and financing for big projects.