These are the items that I noticed in the report that were interesting to
me:

The report was dated July 31, 2021 but not posted on their web page until
August 2 , 2021.
The NEC generated for the first nine months a cash operating loss of
$373.1 million (as determined by their accounting system) and the
remainder of the system had a fully allocated cash loss of $463.1 million.
Combined the entire system had for the period a cash operating deficit of
$836.2 million.
The NEC made debt service payments totaling
$91.7 million and capital expenditures of $739.6 million. Counting all
capital sources, the NEC Account has a balance of $1.6 billion plus
the cash reserves from previous years.
For the rest of the National System, $46.7 million was needed for Debt
Service and $621.7 million was spent on Capital Expenditures. The National
Network Account Balance is now $1.5 billion plus the accumulated
surplus from previous years.
The amount of money appropriated for the combined NEC and National
Network for the first nine months was $5.0 billion. Amtrak has also
received from other capital sources $445.9 million for the entire system.
The combined accumulated reserves at the beginning of the fiscal year
totaled $409.1 million in cash and cash equivalents, $170,025 in short
term investments and $2.4 billion in available for sale securities.
This brings total cash reserves as of October 1, 2020 to $2.9 billion. The current ratio
(Current Assets divided by Current Liabilities) was 2.169 which would make
Amtrak quite credit worthy for any fresh borrowings.
In October 2020 Amtrak's burn rate (Operating Revenues-Minus Operating
Expense-Minus Debt Service-Capital Expenditures) was $216.4 million. In
November the burn rate was $238.6 million. In December the burn rate was
$215.2 million. In January, the burn rate increased to $246.8 million.
In February the burn rate was $251.0 million. In March, the burn rate was
$225.5 million. In April the burn rate was $248.5 million. In May, the
burn rate was $250.4 million. In June, the burn rate was $451.3 million (due
to much higher capital spending on equipment purchases.
Capital Spending for the nine months was: Engineering $449.4 million,
Mechanical $260.9 million, Operations $8.6 million, Commercial and
Marketing $0.5 million, ADA & Stations $150.3 million, Information
Technology $68.7 million, Safety $12.7 million, Procurement $2.6
million, Acela 21 $165.8 million ($4.9 million in June), Planning
$102.6 million, and intercity Trainsets $165.8 million (an increase of
$133.3 million in June).
The GAAP Loss for the fiscal year to date appears to be $1553.0 million
which is $462.5 million worse than the same period in FY2020. The cash
operating earnings for the year was $396.0 million worse than FY2020.
Because of the expected losses due to the COVID Pandemic, Amtrak
prepared a forecast zero budget. Comparing the nine months results, the GAAP
loss is $33.7 million better than forecast and the cash operating loss is
$40.3 million better. Which is a reduction of $7.1 million during the month
of June. Much of this comes from better than expected ridership on the
longer distance trains. The remaining state supported trains and the
Northeast Corridor are not recovering as fast as the zero budget planned.
The number of product lines showing a measurable operating surplus for
the period is still at seven. The four with a surplus over $1 million were:
- Washington-Richmond $8.1 million
- Illini $4.8 million
- Washington-Norfolk $1.2 million
- Adirondack $1.0 million
- The four Virginia product lines generated a total gain of $2.2 million.
  (the Washington-Newport News continues to show a very large loss.)
Ridership for the first seven months fell more than 8,052,600 from the
comparable period in FY2020. For the year to date, it stands at 7,002,100
(Amtrak rounds to the nearest 100). In fact, the total number of riders in
all of June was 1,507,000. The situation with the long distance trains
shows a less of a loss of riders than the other product lines. The Palmetto
was able to retain its title of the greatest loser at -55.7% for the fiscal
year. Runner up was the Crescent at -50.3%. The line that actually showed a
gain was the Auto Train with a positive 3.4%. The Cardinal was
off only 7.8% so it could reach positive territory by the end of the fiscal
year. The Acela while improving slightly is still off by 71.3%.
The bipartisan infrastructure bill was passed by the full Senate. For
Amtrak it would appropriate over the next 5 fiscal years $16,000,000,000 and
authorize another $19,220,000,000. It also has substantial sums for the
three grant programs: Consolidated Rail Infrastructure and Safety Initiative
(CRISI), Federal State Partnership for Intercity Rail Passenger, and
Restoration and Enhancement. It also provides for a new grant program that
helps eliminate some grade crossings. All-together, the appropriations and
authorizations for rail equal $93,109,040,000. Many of the reforms (but not
all of them) listed in the House version were also included.
The legislation now goes to the House where Speaker Pelosi has stated
that she intends to hold the legislation until the $3.5 trillion package is
passed in full by the Senate through reconciliation. The Senate has passed a
budget proposal (on strictly party lines) that provides for an opportunity
to have the $3.5 trillion package passed by the Senate. However, at least nine
House Democrats are threatening to not to vote in favor of the budget bill
(which with solid Republican Support would derail the budget resolution)
unless a vote was held first in the Senate, “Invest in America” version, plus
other demands.
Previously the House passed its version of the “Invest in America”
reauthorization of Surface Transportation programs. The bill would authorize
payments to Amtrak of $6 billion in FY2022, $6.2 billion in FY2023, $6.4
billion in FY2024, $6.6 billion in FY2025, and $6.8 billion in FY2026
compared to a current baseline of $2 billion annually. In addition there
would a number of grant proposals including money specifically for bridges,
stations, and tunnels. The authorizations are quite substantial, would total
over $10 billion annually for fiscal years 2022-2026. The house would also
give Amtrak two tools (a right to file a private suit, and arbitration of
disputes with the Freight RR in a timely manner before the Surface
Transportation Board). It also makes a number of needed reforms. The House
has followed up with a THUD Appropriations of $2.7 billion in FY2022 for
Amtrak. The Senate Version is unknown.

Steve Musen Representative from Rhode Island to NARP’s Council of
Representatives.

RI Association of Railroad Passengers