Testimony

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Amtrak's Financial Performance and Requirements

Project ID: 
CC2001135

Summary

Amtrak's financial results have not improved significantly, falling short of its business plan goals by about $120 million in 2000, the IG said in testimony before the Transportation Subcommittee of the House Appropriations Committee. While revenue and ridership have shown continued growth, Amtrak has not been able to significantly curb expenses. Amtrak needs to quickly close the gaps in its business plan if it hopes to achieve operating self-sufficiency by 2003. To do so, Amtrak must (1) fully implement high-speed rail in the Northeast Corridor, (2) maximize its mail and express business, and (3) significantly curb expense growth. In addition, Amtrak will continue to require capital funds for the foreseeable future.