Amtrak 2015 Annual Report Download - page 12

National Railroad Passenger Corporation and Subsidiaries (Amtrak)
Notes to Consolidated Financial Statements (continued)
2. Annual Funding (continued)
10
CR and Full Year Funding
FY2016 FY2015 FY2014
Enactment date for CR September 30, 2015 September 19, 2014 October 17, 2013
Public Law number for CR 114-53 113-164 113-46
Enactment date for Full Year Funding December 18, 2015 December 16, 2014 January 17, 2014
Public Law number for Full Year Funding 114-113 113-235 113-76
Appropriated capital and debt service funds $ 1,101.5 $ 1,140.0 $ 1,050.0
Appropriated operating service funds 288.5 250.0 340.0
Total funds appropriated 1,390.0 1,390.0 1,390.0
FRA authorized withholdings (10.5)(10.7)(10.3)
Total appropriated funds designated for Amtrak $ 1,379.5 $ 1,379.3 $ 1,379.7
Funds received by Amtrak:
In FY2014 $ 1,226.0
In FY2015 $ 1,084.4 153.7
In FY2016, as of August 3, 2016 $ 899.5 294.9 —
Total funds received to date $ 899.5 $ 1,379.3 $ 1,379.7
Pursuant to appropriations under PRIIA 2008 and subsequent CRs and annual appropriations, the terms of
Amtrak’s annual operating grant generally provide funding for the associated fiscal year while the terms of
the annual 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 September 30,
2016. 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 CRs or
other appropriations legislation to support its operations for the foreseeable future.
PRRIA 2015 mandates reforms for Amtrak and its grant programs. Requirements include the development
of five-year plans for business lines and assets to be used as the basis for Amtrak’s annual grants, separate
financial reporting for the National Network and the NEC, and a process for transferring funds between the
two accounts. Beginning in FY2017, rather than providing annual grants for Amtrak’s capital and operating
needs, it is expected that the authorized funds will be provided for activities associated with Amtrak’s National
Network and NEC. Amtrak is the sole eligible entity for these grant funds and payments are to be advanced
with 50% provided at the beginning of each fiscal year and 25% paid in each of the following two quarters.
PRRIA 2015 directs the formation of committees and, where applicable, requires Amtrak to work in
partnership with stakeholders including representatives of transit, state and Federal rail transportation
authorities to plan, implement, and fund certain rail programs. There are also competitive and partnership
grant programs authorized to which Amtrak may apply: for FY2016 through FY2020, $1.1 billion is authorized
for rail infrastructure and safety improvements, $1.0 billion for Federal-State partnership grants for State-
of-Good Repair projects, and $100 million for rail restoration and enhancement grants. Although PRRIA
2015 provides that this new structure, which separates funding for the NEC and the National Network, would