Amtrak 2014 Annual Report Download - page 18

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National Railroad Passenger Corporation and Subsidiaries (Amtrak)
Notes to Consolidated Financial Statements (continued)
1509-1694994 10
2. Funding (continued)
September 30, 2014, $1.2 billion of the funding from the enactments had been received. Amtrak
received the remaining $153.7 million in the fiscal year ending September 30, 2015 (FY2015).
The enactment on September 28, 2012 of the Continuing Appropriations Resolutions, 2013 (the
2013 CR) as Public Law 112-175 and the enactment on March 26, 2013 of the Consolidated and
Further Continuing Appropriations Act, 2013 (the FY2013 Full Year CR) as Public Law 113-6
provided total funding of approximately $1.3 billion for Amtrak’ s fiscal year ended
September 30, 2013 (FY2013), consisting of capital and debt service assistance funds totaling
$902.2 million, of which $9.0 million was designated to the FRA for oversight of capital projects
and expenses associated with implementation of PRIIA section 212, and operating funds totaling
$441.6 million. At September 30, 2013, all of the funding from the enactments was received.
The enactment on September 19, 2014 of the 2015 CR as Public Law 113-164 along with the
enactment on December 16, 2014 of the Consolidated and Further Continuing Appropriations
Act, 2015, as Public Law 113-235 provided total funding of $1.4 billion for Amtrak’ s FY2015,
consisting of capital and debt service assistance funds totaling $1.1 billion, of which
$10.7 million is designated to the FRA for oversight of capital projects and expenses associated
with implementation of PRIIA section 212, and operating funds totaling $250.0 million. As of
September 30, 2015, $1.1 billion of the funding from the enactments had been received.
The terms of the operating grant generally provide funding for the associated fiscal year while
the capital and debt service assistance grant generally provide that such funds can be retained
until expended, generally expected to be by December 31 of the subsequent year. There are
currently no Federal operating or capital and debt services subsidies appropriated for any period
subsequent to December 11, 2015. Without such subsidies, Amtrak will not be able to continue
to operate in its current form and significant operating changes, restructuring or bankruptcy may
occur. Such changes or restructuring would likely result in asset impairments. The Company
ultimately expects it will receive sufficient funds in the form of Continuing Appropriations
Resolutions or other appropriations legislation to support its operations for the foreseeable
future.