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Quarterly Report on Amtrak's FY 2007 Operational Reforms Savings and Financial Performance

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On May 1, as mandated by the House passed fiscal year (FY) 2007 Appropriations Act for the Department of Transportation, we issued our second quarterly report to the House and Senate Appropriations Committees on Amtrak's savings from operational reforms and year-to-date financial performance. Amtrak is likely to realize $39 million of the $61 million in FY 2007 reform savings it originally anticipated and $224 million of the $550 million in FY 2011 savings originally anticipated once the reforms are more fully implemented. In addition, Amtrak was $99 million ahead of its budget through March 2007. Amtrak continues to make progress on many of its strategic reforms. Through January 2007 Amtrak achieved $13.1 million in operational reform savings. However, Amtrak has made little or no progress on the more challenging strategic reforms, such as network restructuring, fully allocated cost recovery from states, and labor reform. Further, Amtrak slowed the overall pace of reforms this year. As required by Congress, reports requested by the House and Senate Appropriations Committees are subject to a 15 day hold before being publicly released. In compliance with that requirement, the report was withheld from public release until May 17.