Amtrak Deteriorated Financial And Operating Conditions Threaten Long Term Viability Us Gao March 2 1995
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Amtrak
Author | : U S Government Accountability Office (G |
Publisher | : BiblioGov |
Total Pages | : 24 |
Release | : 2013-06 |
Genre | : |
ISBN | : 9781289121143 |
GAO discussed Amtrak's financial and operating conditions and its fiscal year 1996 request for appropriations. GAO noted that: (1) Amtrak's financial condition has deteriorated steadily since 1990 and its ability to provide nationwide service is threatened; (2) federal subsidies in recent years have not covered the widening gap between Amtrak's expenses and revenues; (3) Amtrak drew down its working capital from a positive balance of $113 million in 1987 to a negative balance of $227 million in 1994 to meet immediate cash needs; (4) Amtrak addressed its financial situation by assuming debt, deferring maintenance, and reducing staffing, which caused a decline in service quality, ridership, and revenues; (5) Amtrak plans to reduce expenses by adjusting routes and service frequencies, retiring its oldest cars, reducing staff, and improving service and productivity; (6) even if its plan is completely successful, Amtrak will need an additional $1.3 billion in federal support to meet all of its expenses through 2000; (7) Amtrak forecasts a $2.6-billion shortfall if federal support is phased out; (8) Amtrak needs significant increases in passenger revenues or subsidies to overcome its financial problems, although revenues are not likely to increase due to fare competition from the airlines; (9) Amtrak must soon negotiate new labor agreements and agreements with freight railroads to use their track; and (10) it is uncertain what consequences will ensue in the absence of additional federal support.
Amtrak, Deteriorated Financial and Operating Conditions Threaten Long-term Viability
Author | : Kenneth M. Mead |
Publisher | : |
Total Pages | : 16 |
Release | : 1995 |
Genre | : Federal aid to transportation |
ISBN | : |
Intercity Passenger Rail
Author | : United States Accounting Office (GAO) |
Publisher | : Createspace Independent Publishing Platform |
Total Pages | : 124 |
Release | : 2018-04-30 |
Genre | : |
ISBN | : 9781717520074 |
RCED-95-71 Intercity Passenger Rail: Financial and Operating Conditions Threaten Amtrak's Long-Term Viability