The April Report was dated May 30, 2023, and posted on June 7, 2023. This was a bit slow.
The NEC generated, for the year to date, an operating cash surplus of $100.8 million (as determined by their accounting system), and the remainder of the system had an operating cash loss of $534.5 million. Combined, the entire system had, for the period, an operating cash deficit of $433.7 million.
Year to date, the NEC made debt service payments totaling $107.4 million and capital expenditures of $835.0 million. Counting all capital sources, the NEC Account had a negative balance of $10.1 million. It also has the cash reserves remaining from previous years.
For the rest of the National System, $6.154 million was needed for Debt service, and $567.6 million was spent on Capital Expenditures. The National Network Account Balance now has a negative balance of $306.2 million and also has the accumulated surplus from previous years.
The amount of appropriated money for the combined NEC and National Network received for the year was $1.0 billion. Amtrak has also received from other capital sources $598.844 million for the entire system.
The combined accumulated reserves at the beginning of the 2023 fiscal year totaled $299.1 million in cash and cash equivalents, $123.9 million in short-term investments, and $2.9 billion in available-for-sale securities. This brings total cash reserves as of October 1, 2022, to $3.323496 billion. The current ratio (Current Assets divided by Current Liabilities) was 1.894, making Amtrak quite creditworthy for any fresh borrowings even though it is slightly down from last year.
Amtrak’s October 2022 burn rate (Operating Revenues-Minus Operating Expense-Minus Debt Service-Capital Expenditures) was $210.269 million, November’s $318.8 million, December’s $256.4 million, January’s $271.7 million, February’s $295.2 million, March’s $324.201 million, and April’s burn rate was $273.9 million.
Capital Spending for the year to date was: Infrastructure Services $584.7 million, Mechanical $189.5 million, Operations $5.6 million, Digital Technology $154.7 million, Commercial and Marketing $0, ADA $69.7 million, Real Estate Stations & Facilities $30.5 million, Amtrak Police & Emergency Management $6.0 million, Safety $3.5 million, Environmental $2.4 million, Procurement $1.1 million, Acela 21 $107.2 million, Gateway $115.4 million, Planning & Strategy $49.2 million, B&P Tunnel $56.1 million, and Intercity Trainsets $31.5 million. The total was $1,403.3 million, which is $277.3 million more than last year's period.
The GAAP Loss for the year so far appears to be $1.0 billion, which is $52.9 million better than FY2022. The cash operating earnings for the year was $90.7 million, better than in FY2022.
For cash operating earnings, the corporation is $12.0 million ahead of its forecast. The GAAP figure is $18.6 million, better than the Forecast.
The number of product lines showing a measurable operating surplus for the period was six. The three with a surplus of over $1 million were:
- Northeast Regional $63.8 million
- Acela $58.2 million
- Auto Train $9.1 million
The Hoosier State (which has not run for several years) is shown as profitable to the tune of $0.9 million.
The four Virginia product lines generated a total loss of $19.8 million.
Amtrak is now showing costs based on Frequency Variable Costs, Route Variable Costs, and System Fixed Costs. Most trains covered their Frequency Variable Costs. The exception was all of the long-distance trains, not including the Auto train, Silver Meteor, and Palmetto. The capacity of most long-distance trains remains constrained. The Capitol Ltd. is running with only one coach and one sleeper, and a cross-country diner.
Ridership for the Fiscal Year to date rose more than 3,684,800 from FY2022. For the year to date, it stands at 15,294.600 (Amtrak reports ridership to the nearest 100). The total number of riders in April was 2,421,500. The situation with the long-distance trains shows a gain of riders across most product lines, except the Silver Star and Capitol Ltd. The Star has lost riders to the Silver Meteor now that it has been restored. The Silver Meteor was the biggest winner at a +87.5% gain in the new fiscal year so far. The City of New Orleans was second at a 45.7% gain. The lines that showed the smallest ridership gains after the Star and the Capitol. Ltd was the Auto Train at 3.0% and the Cardinal with +4.0%. The Acela gained 53.5%.
The Debt Limit bill was passed,, which set the bottom line for discretionary spending. The appropriators must now decide how to split the funds up. There is a likelihood that certain members will want to increase HUD funding at the expense of Amtrak. Complicating the situation, members of the merry men and women of the Freedom Caucus are balking at passing any legislation in the house as revenge against the speaker for shepherding the debt limit bill. The house appropriations committee has not set a date for the release of their draft of the THUD appropriations.
It appears that funds for Shoreliner East will be cut as the Connecticut Legislature tries to balance its budget.
Stephen Gardiner told the House Transportation and Infrastructure Committee that he expects to spend very soon (this century?) $2 billion on a long-distance fleet order.

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

RI Association of Railroad Passengers