The May Report was dated June 28, 2024, and posted successfully on July 2, 2024. Amtrak attempted to post on July 1, 2024, but the system could not find it when opening the file. This speaks volumes about the Amtrak web site.
The NEC generated for the year so far a cash operating surplus of $114.948 million (as determined by their accounting system), and the remainder of the system had an operating cash loss of $698.6 million. Combined, the entire system had, for the period, a cash operating deficit of $583.6 million.
To date, the NEC has made debt service payments totaling $67.402 million and capital expenditures of $1.4 billion. Counting all capital sources, the NEC Account has a positive balance of $122.361 million. It also has cash reserves that remain from previous years.
For the rest of the National System, $0.056 million was needed for Debt service, and $880.7 million was spent on Capital Expenditures. The National Network Account Balance now has a negative balance of $242.919 million. It also has the accumulated surplus from previous years.
The amount of appropriated money for the combined NEC and National Network received for the year to date was $2,067.209 million. Amtrak has also received from other capital sources $775.8 million for the entire system.
The combined accumulated reserves at the beginning of the 2024 fiscal year totaled $254 million in cash and cash equivalents, $222 million in short-term investments, and $3.2 billion in available-for-sale securities. This brings total cash reserves as of October 1, 2023, to $3.7 billion. The current ratio (Current Assets divided by Current Liabilities) was 1.98, making Amtrak quite credit-worthy for any fresh borrowings.
In October 2023, Amtrak’s burn rate (Operating Revenues-Minus Operating Expense-Minus, Debt Service-Capital Expenditures) was $278.6 million.
- November, the burn rate was $247.7 million.
- December, the burn rate was $185.7 million.
- January, the burn rate was $495.2 million.
- February, the burn rate was $388.4 million.
- March, the burn rate was $549.5 million.
- April, the burn rate was $388.7 million.
- May, the burn rate was $389.832 million.
In their tradition of changing reporting of Capital Spending for the year to date, several categories were renamed and gathered into larger categories:
- Capital Renewa): $712.8 million
- Mechanical: $276.8 million
- Operations: $11.7 million
- Digital Technology: $215.3 million
- Commercial and Marketing is no longer listed as separate category.
- ADA $86.3 million
- Stations & Facilities $52.5 million
- Amtrak Police & Emergency Management $9.6 million
- Safety $1.8 million
- Environmental -$12.3 million
- Procurement and other $1.5 million
- Acela 21: $138.2 million
- Gateway $492.7 million
- Real Estate, Strategy & Planning $72.0 million
- B&P Tunnel $77.3 million
- Intercity Trainsets $64.0 million
- Major Stations $104.9 million
- Long-Distance Equipment Procurement $4.1 million
- Total was $2.3 billion, which is $683.9 million more than FY2023 for the same period.

I'm trying to figure out how the Environmental expenses went to a negative figure. (Amtrak sold whatever contaminants they dug up to another party for a profit?) However, the figure for May is less than the amount for April, so we can assume that they did spend some money on Environmental Cleanup.

The GAAP Loss for the year so far appears to be $1.3 billion, which is $143.7 million worse than in FY2023. The cash operating earnings for the year were $65.8 million, worse than in FY2023.
For cash operating earnings, the corporation is precisely on its Forecast. The GAAP figure is $12.1 million, better than the Previous Forecast.
The number of product lines showing a measurable operating surplus for the period was 4. They were:
- Acela $79.9 million
- Northeast Regiona $72.7 million
- Auto Train $6.2 million
- Hoosier State $2.0 million
  - The Hoosier State (which has not run for several years) eliminated in the January Report was reinstated in February. Still waiting to run a single train.
The four Virginia product lines generated a total loss of $23.9 million.

Amtrak is no longer showing costs based as Frequency Variable Costs, Route Variable Costs and System Fixed Costs. Why give out information?

Ridership for the Fiscal Year so far is more than 3,543,200 from FY2023. For the year, it stands at 21,297.600 (Amtrak reports ridership to the nearest 100). The total number of riders in May was 2,875.700. The situation with the long-distance trains shows a gain of riders across most product lines, except the Sunset Ltd., and Auto Train. The Auto Train had record ridership in FY2023, so it has reverted to previous levels. The Palmetto and Lake Shore were the biggest winners at a +19.9% gain in the new fiscal year. The line that showed the most minor ridership gains after those two in negative territory was the Coast Starlight. with a 5.8% gain. The Acela gained 13.9%.
The House THUD subcommittee released its draft this month. While an improvement over the draft last year, it still made around 12% cuts in both the NEC and National System Appropriations. Aside from CRISI (Consolidated Rail Infrastructure and Safety Initiative) which got a gain, all other grants that could be used for rail were zeroed out.
The North Portal Bridge is now at 58% completion.
Amtrak has been suffering all sorts of problems with the routes going into New York City. Service has been annulled on numerous occasions. The latest shut down New York City to Boston for several hours. Problems appear to be delivery of power to the catenary. Things are not much better nationwide with a number of cancellations of long-distant trains.

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

RI Association of Railroad Passengers