SEPTA today released its proposed Fiscal Year 2023 Capital Budget and 12-Year Program. The proposed Capital Budget is a record-breaking plan – the first to break the billion-dollar mark, while the proposed 12-Year Program represents SEPTA’s largest-ever investment in the system at $11.4 billion – almost twice as large as the current program.
There will be two virtual public hearings about the budget, with sessions on May 23 at 10 a.m. and 4 p.m. The SEPTA Board will consider the proposal at its June meeting. If approved, it will go into effect with the start of Fiscal Year 2023 on July 1.
Guided by SEPTA Forward, the Authority’s Strategic Plan, this proposal lays out SEPTA’s vision for continuing core infrastructure improvements and advancing projects of significance for the region. This historic investment transforms SEPTA’s legacy system into a lifestyle network that can be easily used for any type of trip – not just traditional 9-to-5 commutes to work. With travel trends changing post-COVID, SEPTA is making transit more useful for more people.
“Investing in transit is an investment in our climate; equitable access to opportunities; public health and safety; and economic strength,” said SEPTA General Manager and CEO Leslie S. Richards. “We are grateful to our elected officials for recognizing this and delivering the capital funding we need to create a transit system that works for everyone.”
This Capital Program advances several SEPTA Forward initiatives, such as Bus Revolution, King of Prussia Rail, Trolley Modernization, station accessibility, and rail fleet replacements – the largest source of SEPTA’s State of Good Repair needs.
Thanks to new and expanded funding sources, this Capital Program reflects a strong commitment to transit. The recently-passed Infrastructure Investment and Jobs Act (IIJA), newly-bondable state funding, and federal Congestion Mitigation and Air Quality Improvement (CMAQ) funds flexed to SEPTA from regional leaders form the core of this budget. SEPTA can now leverage this increased capital funding to pursue competitive state and federal grant opportunities.
To read the full Capital Budget and 12-Year Program proposal, click here. For details on the virtual public hearings, click here.
For more information about SEPTA, please visit www.septa.org, follow @SEPTA on Twitter, or download the official SEPTA app.