Quarterly Report on Amtrak's FY 2009 Operational Reforms Savings and Financial Performance
On July 31, 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. Amtrak’s operating loss through June 2009 was $367.2 million, 0.6 percent more than budgeted as declining passenger revenues were largely offset by declining fuel and employee benefit costs. Amtrak’s financial performance is expected to continue to erode through the remainder of the fiscal year, resulting in a forecasted year–end operating loss of $16.0 million more than budgeted. Thus far, Amtrak has not yet identified the measures it will take to close this funding gap. Amtrak expects to end the year with a cash balance of $192.8 million, well above the minimum year–end level the OIG believes is necessary. These funds could be used to close the funding gap if Amtrak can not implement sufficient operating efficiencies.