Ridesharing companies just pumped exactly $357,593 into the School District's coffers - Technical.ly Philly

Business

Feb. 17, 2017 8:30 am

Ridesharing companies just pumped exactly $357,593 into the School District’s coffers

The figure represents a slice of the companies' revenue in accordance to the temporary budget deal that allowed them to keep functioning in Philly.

This check was presented Thursday to the School District.

(Photo by Mike DeNardo)

Ridesharing companies operating in Philly such as Uber and Lyft cut the School District of Philadelphia a check for $357,593 yesterday.

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.”

-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here

Advertisement

Here’s why Minecraft matters for Philly public schools

Rent your neighbor’s car: Venture-backed Getaround launches in Philly

Where are people taking Lyfts to this summer? Top 10 destinations, mapped

SPONSORED

Philly

6 lessons on growing digital audience from the team behind Traffic Think Tank

Philadelphia

Technical.ly Match

Sr. Front End Engineer

Apply Now
Philadelphia/Remote

Technical.ly Match

Sr. Ruby Engineer

Apply Now
Philadelphia, PA

Linode

Software Engineer – Python

Apply Now

A 29-year veteran of Philly public schools wants to build a makerspace in East Falls

How Eagles fans use Lyft to get to the Linc

Uber’s new 8-80 Coding program backs Coded by Kids, TechGirlz and The ITEM

SPONSORED

Philly

Opportunity knocks at Pinnacle 21’s new Blue Bell HQ

Philadelphia, PA

Linode

Software Engineer – Integrations

Apply Now
Philadelphia, PA

Linode

UI/UX Designer

Apply Now
Philadelphia, PA

Linode

Customer Support Manager – Linux / Cloud Hosting

Apply Now

Sign-up for daily news updates from Technical.ly Philadelphia

Do NOT follow this link or you will be banned from the site!