Amtrak 2014 Annual Report Download - page 10

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1509-1694994 2
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects,
the consolidated financial position of National Railroad Passenger Corporation and subsidiaries
at September 30, 2014 and 2013, and the consolidated results of their operations and their cash
flows for the years then ended in conformity with U.S. generally accepted accounting principles.
Federal Government Funding
As explained in Notes 1 and 2 in the accompanying consolidated financial statements, the
Company has a history of operating losses and is dependent upon substantial Federal
Government subsidies to sustain its operations and maintain its underlying infrastructure. As
further explained in Note 2 to the consolidated financial statements, the Company is receiving
Federal Government funding under the Consolidated and Further Continuing Appropriations
Act, 2015. The Company expects to receive interim Federal Government funding under
Congressional continuing resolutions for fiscal year 2016 until the formal appropriations bill is
signed into law. There are currently no Federal Government subsidies appropriated by law for
any period subsequent to December 11, 2015. Without the receipt of Federal Government
funding, the Company will not be able to continue in its current form and significant operating
changes, restructurings, or bankruptcy might occur. Our opinion is not modified with respect to
this matter.
ey
October 1, 2015
A member firm of Ernst & Young
Global Limited