With more motorists on the road again, the Pa. Turnpike is looking to recoup some of its pandemic-related losses with a toll increase of five percent, writes Holly Herman for the Phoenixville Patch.
The Turnpike Commission approved a $425.2 million operating budget on May 3, along with a $651 million capital budget, effective June 1. It will implement the five-percent increase on tolls in 2023.
The turnpike has been in the process of rebuilding the highway for the past ten years. Local projects include the widening of a two-mile stretch of the turnpike at Valley Forge Interchange on Route 422 in Upper Merion Township to the Valley Forge overpass in Tredyffrin Township. The project has a price tag of $117.9 million.
This new budget excludes an annual $400 million payment to PennDOT for public transit; however, the agency has accumulated debt of $14 billion from borrowing in order to make those payments over 12 years.
According to Richard Dreher (Turnpike CFO), however, the route is currently ahead on revenues and has $250 million left to spend in fiscal year 2022.
Read more about the toll increase in the Phoenixville Patch.