SEPTA approves FY2024 operating, capital budgets

The Southeastern Pennsylvania Transportation Authority last week approved fiscal-year 2024 operating and capital budgets.

The $1.69 billion operating budget uses SEPTA's final installment of federal pandemic relief funding, which is forecast to be exhausted in April 2024, agency officials said in a press release. Without more funds, SEPTA will face recurring structural deficits exceeding $240 million beginning in FY2025, they added.

“The federal COVID relief funds were a lifeline to help us maintain services for essential workers during the pandemic, and be prepared to support local businesses, schools and the recovering economy as more people came back," said SEPTA General Manager and CEO Leslie Richards. "SEPTA is doing its part, but without assistance soon, the level of services we provide will be significantly diminished.”

In preparation for a new "post-pandemic normal," SEPTA has prioritized replacing the Market-Frankford subway line fleet and implementing the Reimagining Regional Rail plan, which aims to to create a “lifestyle transit network” of all-day, all-week frequent service.

SEPTA's $976 million FY2024 capital budget, slightly less than FY2023's record $1.1 billion budget, supports several ongoing initiatives, including:

• trolley modernization: $1.63 billion for vehicle acquisition and infrastructure upgrades;
• wayfinding improvements: $40 million for signage, real-time information and website/mobile app upgrades;
• state of good repair and safety: $3.6 billion to rehabilitate and modernize aging legacy assets; and
• accessibility: nearly $1 billion to provide full accessibility at 45 transit-rail and Regional Rail stations over the next 12 years.