By Mike DeNardo

PHILADELPHIA (CBS) — Philadelphia school leaders are hailing their first installment of revenues from the new tax on rideshare services in the city.

Last year’s state legislation that legalized rideshare services like Uber and Lyft in Philadelphia also required them to give a cut of revenues to the School District.

School leaders gathered around a ceremonial check this morning to mark the first installment totaling $358,000.

That may not seem like much in a $2.6 billion dollar school district budget, says state senator Vincent Hughes:

“Some may think it’s a kind of small amount. But it is significant enough to help deal with some important initiatives, important programs.”

Superintendent William Hite says another good thing about the funding is, it’s predictable.

Superintendent William Hite  (credit: Mike DeNardo)

Superintendent William Hite
(credit: Mike DeNardo)

“That’s additional revenue that is recurring, sustainable, and revenue that we can plan against.”

And Sami Naim, public policy manager for Lyft, expects more revenue for schools in coming years.

“As we grow, our contribution to the Philadelphia school system grows.”

Philly schools get two-thirds of the 1.4 percent fee on rideshare revenue. The district expects to see $2 million a year from the tax.