Amtrak: $1.2 billion will work - industry outlook - Brief Article

Railway Age, Jan, 2004

Amtrak's expected $1.23 billion FY'04 Congressional appropriation is enough to keep the railroad operating and several of its state-of-good-repair capital programs funded. Amtrak spokesman Cliff Black told Railway Age last month that car and locomotive overhauls as well as track programs on the Northeast Corridor between New York and Washington, D.C., will continue.

Other projects, such as bridge upgrades on the New York-Boston segment of the NEC, may be deferred. Sound financial management and accounting practices instituted by President and CEO David Gunn, strong second-half revenues from record-high ridership, and long lead times on capital purchases that resulted in Amtrak spending less than originally expected produced a $200 million capital cash carryover from FY '03. Deferment of repaying a $100 million DOT loan should bring Amtrak's working FY '04 operating and capital funds to just over $1.5 billion.