2001 Assessment of Amtrak's Financial Performance and Requirements

Office of Inspector General

Title:	2001 Assessment of Amtrak's Financial Performance and Requirements
Date:	January 24, 2002
Type:	Audit
Project ID:	CR-2002-075
Summary:	We released our fourth annual assessment of Amtrak’s financial status, a periodic review mandated by Congress in 1997 as part of the same law that requires Amtrak to become operationally self-sufficient by December 2, 2002. We found that: Amtrak is no closer to operational self-sufficiency than it was in 1997. There is insufficient time for Amtrak to become self-sufficient by the December 2, 2002 deadline. Amtrak will likely need additional funding this year to continue operating. Additional borrowing against assets—such as the 2001 mortgaging of Penn Station—would adversely affect the long-term prospects for the railroad. Even if Amtrak becomes operationally self-sufficient this year, it will still need substantial Federal funds for capital improvements. Deferral of routine maintenance is starting to catch up with Amtrak.
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