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Semiannual Report on Amtrak's Operational Reforms Savings and Financial Performance and Five-Year Financial Plan Review

File Attachment

On December 22, as mandated by the fiscal year  2010 Consolidated Appropriations Act, we issued our semiannual report to the House and Senate Appropriations Committees on Amtrak’s savings from operational reforms and  fiscal year 2010 financial performance. The report also includes our review of Amtrak’s fiscal year 2011–2015, 5-Year Financial Plan and fiscal year 2011 annual budget, as required by the Passenger Rail Investment and Improvement Act of 2008 (PRIIA).

Amtrak ended fiscal year 2010 setting records in both revenue and ridership.  As a result, its operating loss of $437.5 million was $125.5 million or 22 percent less than budgeted.  This represents a $114.6 million improvement over the forecasted loss we reported at mid-year.  Amtrak is moving towards successful implementation of the improvement initiatives outlined for fiscal year 2010, which are reflected in three of Amtrak's key performance indicators that we track, which are used to measure the company's progress in achieving its goals.  We also found that Amtrak's 5-Year Plan covering fiscal years 2011 through 2015 meets PRIIA requirements, although some information required by the Act will be delayed by 3 months, primarily due to limitations of Amtrak's new financial reporting system.  Finally, Amtrak's fiscal year 2011 budget falls within funding amounts authorized in PRIIA.