SEPTA Surplus Believed to be $130 Million
In Philadelphia, we are used to hearing that SEPTA needs to cut back its bus and trolley service and that SEPTA needs to raise the fares to continue to operate. In the past, SEPTA always cried poor after decades of financial shortfalls. Well, it seems those days are over.
Last summer, a landmark transportation funding law, Act 44, was enacted by the Pennsylvania Legislature. Since that time, SEPTA has found itself swimming in the cash. It is estimated that SEPTA will have a surplus of $130 million by the end of June, 2009. Yet, this surplus does not appear anywhere on SEPTA's budget and SEPTA officials refuse to acknowledge the surplus.
SEPTA's denial of this surplus is more troubling when you consider that our Philadelphia School District is in a position where they need to cut more than 13,000 transit passes to school students in order to save 8 million dollars. While SEPTA sits on their money, Philadelphia families are asked to dip into their pockets again to provide transportation to school students. Oh, and didn't we just have a transit police strike over money? Again, SEPTA considered money over the safety and well being of transit riders. All the while, sitting on $130 million.
Related Web Resources:
The Philadelphia Inquirer: SEPTA Mulls How To Account for $130 million ‘future’ fund
The Bulletin: SEPTA's Surplus Grows Steadily, Quietly
