SEPTA Board Approves FY23 Operating and Capital Budgets
Operating and capital budget proposals for fiscal year 2023 have been approved by the Southeastern Pennsylvania Transportation Authority’s Board of Directors, advancing plans to fund day-to-day operations and major improvement projects.
SEPTA’s fiscal year covers the 12-month period from July 1 to June 30.
The $1.61 billion operating budget includes fare improvements designed to increase ridership after COVID-19 and allows for the expansion of SEPTA Key Advantage, the authority’s new institutional pass program. SEPTA Key Advantage allows participating institutions to acquire SEPTA Key cards directly from the authority and distribute them to employees.
While Phase I is underway with Drexel University, Penn Medicine and Wawa, the SEPTA Board of Directors has approved a pricing change to make the program permanent and expand the availability of SEPTA Key Advantage to other organizations . More information on how other institutions can apply for the program will be available next month.
The new Neighborhood FleX DayPass, aimed at users traveling short distances on the regional train, will be launched this fall. The pass will cost $10 and can be used for up to 10 trips on bus, metro, tram and to any regional train station in Zone 2 in a single day. The existing One Day Independence Pass will be renamed Anywhere FleX DayPass.
There will be no fare increases and passengers will continue to benefit from fare adjustments enacted during the pandemic, including free transfer per trip on public transport modes and free rides for children 11 and older. less. Additionally, select fares will decrease beginning July 1, including the one-day convenience pass from $9 to $6 and the three-day convenience pass from $18 to $15.
The capital budget is a record plan – the first to cross the $1 billion mark, while the 12-year program represents SEPTA’s largest ever investment in the system at $11.4 billion. Guided by SEPTA Forward, the authority’s strategic plan, this landmark investment advances several initiatives, such as Bus Revolution, King of Prussia Rail, Trolley Modernization, and Rail Fleet Replacement – the largest source of state-of-the-art requirements. good condition of SEPTA. It also brings full ADA accessibility to the Market-Frankford and Broad Street lines by 2034.
The capital program will transform SEPTA’s legacy system into a lifestyle network that can be easily used for any type of commute – not just traditional 9-to-5 commutes to work. With changing post-COVID travel trends, SEPTA is making public transit more useful for more people.
Through new and expanded sources of funding, SEPTA says this capital program reflects a strong commitment to public transit. The recently passed Infrastructure Investment and Jobs Act, newly bondable state funding, and federal congestion relief and air quality improvement funds provided to SEPTA by regional partners make up the core of this budget.
“We are grateful to elected leaders at the local, state and federal levels for their commitment to advancing these sources of funding,” said SEPTA Board Chairman Pasquale T. Deon Sr. “They understand the importance to invest in public transport.
SEPTA Managing Director and CEO, Leslie S. Richards, added, “Shifting state funding to a sustainable and bondable source allows us to issue bonds to support critical capital investments, while also pursuing new competitive grant opportunities made available through the bipartisan Infrastructure Act. This will help us build an equitable, sustainable and prosperous region for all.
Full operating and capital budgets are available on the SEPTA website.