image credit: Adobe Stock

Philadelphia creates Transportation Fund to cover operating, capital costs for city transit

The city of Philadelphia recently split the General Fund to create a new Transportation Fund, Mayor Jim Kennedy announced on Thursday during his presentation to City Council on the Fiscal Year 2024 budget.

The split does not require additional staff or operations changes.

The Transportation Fund will be approximately $110 million and financed through the parking tax and non-tax and revenue from other government receipts associated with transportation activities. This will result in a minimal reduction in the General Fund balance for fiscal years 2024 through 2028.

Read More on Transportation Today News