SEPTA to use rainy day funds to plug budget gap

SEPTA’s new budget includes $58 million from its rainy day fund to cover operating expenses.
SEPTA is running through its rainy day fund faster than expected. Spokesman Andrew Busch says SEPTA can fund this year, however depleting its cash reserves will leave SEPTA with fewer options to cover a projected shortfall next fiscal year. Overall, funding to fix up the transit system is very thin.

“A solution coming from Harrisburg we’re hoping would help us address the capital budget issues, and also sort of keep us going on the operating side as well,” said spokesman Andrew Busch.Lawmakers have called for a special session in Harrisburg to discuss transportation issues around Pennsylvania. Governor Corbett would have to put that process in motion. Spokeswoman Kelli Roberts says the Governor has not reached a decision.SEPTA’s Andrew Busch says a planned fare increase in 2013 will also help close budget caps. Earlier this month, former Governor Ed Rendell presented a study with the American Public Transit Association predicting that rising gas prices will lead more drivers to leave their cars for public transit.

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