SEPTA plans $4.3B borrowing
SEPTA reports it has cut its budget deficit and lowered fare evasion but expects to borrow about $4.3 billion over the next 12 years to sustain its capital programme. The authority also said it will not raise fares during upcoming World Cup events while other cities consider event pricing. (phillytrib.com (inquirer.com)
The Southeastern Pennsylvania Transportation Authority says it will borrow about $4.3 billion over the next 12 years to keep paying for buses, trains, stations and other capital work. (phillytrib.com) Officials told the SEPTA board on Wednesday that the agency has reduced its budget deficit and cut fare evasion, but still expects to rely on long-term borrowing to sustain its capital program. SEPTA’s proposed fiscal 2027 budget totals $2.7 billion, including a $1.84 billion operating budget and a $920.7 million capital budget. (phillytrib.com) (septa.org) The 12-year plan includes new buses, more full-length fare gates and work on aging rail equipment, but SEPTA said the program still would not fully fund replacement of Broad Street Line cars that are nearing 50 years old. Last October, the authority also shifted $394 million in capital money into operations to avoid near-term service cuts. (nbcphiladelphia.com) (septa.org) That borrowing plan lands after a year in which SEPTA warned of much sharper measures. In June 2025, the board approved a fiscal 2026 budget built around a 45% service reduction and a 21.5% fare increase if no new state funding arrived. (septa.org) The current proposal avoids new fare hikes and service cuts for now, but SEPTA says the budget depends on the second and final year of the $394 million capital-funds transfer approved by the Pennsylvania Department of Transportation. The agency said its long-term outlook remains uncertain without a permanent funding plan from Harrisburg. (septa.org) (whyy.org) SEPTA also said it will not impose special World Cup pricing for rides to Philadelphia’s six 2026 matches. The base fare for a Broad Street Line trip to Lincoln Financial Field will stay $2.90, according to the agency. (msn.com) (septa.org) That sets Philadelphia apart from other host-region transit systems. New Jersey Transit plans to charge more than $100 for the 18-mile trip between New York Penn Station and the Meadowlands during World Cup games, and The Philadelphia Inquirer reported Boston-area event fares could reach $80. (msn.com) (inquirer.com) SEPTA’s budget hearings are scheduled before a board vote in June, with the new fiscal year starting July 1, 2026. For riders, that means the immediate fight over fares has eased, but the bill for keeping the system rebuilt and running is being pushed years into the future. (septa.org) (phillytrib.com)
