Audit Reports

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January 24, 2002

2001 Assessment of Amtrak's Financial Performance and Requirements

Project ID: 
CR-2002-075
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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.