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Quarterly Report on Amtrak’s FY 2009 Operational Reforms Savings and Financial Performance and Five–Year Financial Plan Review

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On November 19, as mandated by the FY 2009 Consolidated Appropriations Act, we issued our quarterly report to the House and Senate Appropriations Committees on Amtrak’s savings from operational reforms and year–to–date financial performance. The report also includes our review of Amtrak’s fiscal year 2010–2014 Five–Year Financial Plan and fiscal year 2010 annual budget, as required by the Passenger Rail Investment and Improvement Act of 2008 (PRIIA).

Amtrak’s fiscal year 2009 operating loss of $468.2 million was $6.8 million, or 1.4 percent less than budget. This is a $22.9 million improvement to the forecasted loss we reported last quarter. Amtrak’s 5–year financial plan complied with most PRIIA requirements. However, improvement to Amtrak’s reporting systems, such as the capacity to report information on key cost drivers for various expenses, will provide more detailed financial data that will bring the plan into full compliance with PRIIA requirements in future years. Finally, as outlined in its recently issued Strategic Guidance, Amtrak’s approach regarding tracking and measuring its savings from various operating reform initiatives has evolved to one focused on measuring its overall performance as opposed to tracking the impact of specific reform initiatives on its operations. We believe Amtrak’s new approach appears reasonable. However, as we continue to review Amtrak’s quarterly performance we will evaluate the effectiveness of this approach.