C O M M I S S I O N N E W S R E L E A S E
Contact: Lowman S. Henry,
(717) 939-9551 Ext. # 2934
ATTENTION RADIO STATIONS:
Broadcast actualities relative to this release
can be obtained by calling the Turnpike's
Information Broadcast Service at 800-563-5425
TURNPIKE FINISHES THIRD QUARTER UNDER BUDGET
Revenue Up 4.5%, Traffic Up 4.7% Through End of Third Quarter
Harrisburg (PA) -- The Pennsylvania Turnpike Commission ended the third quarter of its 1997-98 fiscal year with spending 2.9% under budget. Meanwhile, a 4.7% increase in year-to-year traffic volume has resulted in 4.5% more operating revenue for the same period compared to a year ago. The combination of revenue growth and expense management has provided a $5.4 million growth in current fiscal year operating earnings, which the Turnpike will apply to long-term debt service and roadway capital projects spending.
"This is the second consecutive year that the Turnpike commissioners have approved a no-growth budget, and through both prudent management and tight fiscal controls, we have succeeded in keeping spending under our budgeted levels," said Turnpike Executive Director John T. Durbin. "At the same time, strong traffic and revenue growth is allowing us to increase our pace with planned capital improvements and expansions to the Turnpike system."
Revenue for the period June 1, 1997 through February 28, 1998 totaled $258,770,000, a 4.5% increase over the $247,594,000 in receipts during the first three quarters of fiscal year 1996-97. This revenue increase is the result of higher traffic volumes. The total number of vehicles driving the Turnpike between June 1, 1997 and February 28, 1998 rose 4.7%, with 112,931,000 vehicles travelling on America's first superhighway compared to the 107,814,000 vehicles which utilized the roadway during the same time frame last year. In addition, while the Turnpike had budgeted for $124,019,000 in expenditures through the third quarter of the 1997-98 fiscal year, actual spending was 2.9%, or $3,540,000 less, at $120,479,000.
67676, Harrisburg, PA 17106-7676
Phone: (717) 939-9551 Fax: (717)