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It’s official. The Southeastern Pennsylvania Transportation Authority (SEPTA) board yesterday approved raising fares an average of 11 percent July 9 to help address a $150 million shortfall in the authority’s $1 billion fiscal-year 2008 operating budget.
At the board’s May meeting, two city of Philadelphia members voted to veto the fare proposal. But yesterday, three-quarters of the 15-member board overturned the veto.
The fare hike will generate an additional $35 million in revenue and SEPTA will continue to seek an additional $94 million in state subsidies.
However, if the authority does not receive additional state subsidies by Sept. 2, it will have to raise fares 24 percent to generate $69 million in additional revenue, implement a 20 percent across-the-board service reduction to cut $60 million in expenses and eliminate 1,000 jobs, SEPTA said.
6/29/2007
Rail News: Rail Industry Trends
SEPTA to hike ticket prices 11 percent
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It’s official. The Southeastern Pennsylvania Transportation Authority (SEPTA) board yesterday approved raising fares an average of 11 percent July 9 to help address a $150 million shortfall in the authority’s $1 billion fiscal-year 2008 operating budget.
At the board’s May meeting, two city of Philadelphia members voted to veto the fare proposal. But yesterday, three-quarters of the 15-member board overturned the veto.
The fare hike will generate an additional $35 million in revenue and SEPTA will continue to seek an additional $94 million in state subsidies.
However, if the authority does not receive additional state subsidies by Sept. 2, it will have to raise fares 24 percent to generate $69 million in additional revenue, implement a 20 percent across-the-board service reduction to cut $60 million in expenses and eliminate 1,000 jobs, SEPTA said.
