(Photo by Mike DeNardo)
Why such a specific number? Grab your calculators, folks: That amount equals two-thirds of one percent of revenue generated by the companies in Philly. The funds were directed toward the School District’s General Operating Fund in accordance with last July’s temporary budget agreement allowing ridesharing companies to continue operating until September of 2016.
The other third of that one percent, in case you were wondering, is lining the pockets of the Philadelphia Parking Authority (PPA).
This was the first of many checks for both local entities, as the final piece of legislation on ridesharing in the Commonwealth of Pennsylvania passed this past November mandates the companies donate an even higher percentage of their revenue.
Every fiscal quarter, 1.4 percent of all companies’ revenue will go to the School District and the PPA, to be divided in the same proportion as Thursday’s check. The School District projects between $2 and $2.5 million will pour into its yearly budget by way of revenue from rideshare fees.
“I want to thank the entire Philadelphia delegation for leading the fight to pass legislation ensuring the children of the School District Philadelphia came first,” said William Hite, the District superintendent. “The best system for the School District of Philadelphia is one that gives us predictable revenue sources, and receiving our first portion of rideshare funds is another positive step in that direction.”