National Railroad Passenger Corporation
60 Massachusetts Avenue, N.E., Fourth Floor
Washington, D.C. 20002-4285
FOR IMMEDIATE RELEASE
Contact: Media Relations
February 10, 2004
STATE-OF-GOOD-REPAIR IS AIM OF FY ’05 FEDERAL FUNDING PROPOSAL
Plans continue rebuilding and stabilization of national passenger railroad
WASHINGTON - Amtrak President and Chief Executive Officer David L. Gunn today sent to Congress the railroad’s FY ’05 federal grant request of $1.798 billion.
Continuing Amtrak’s comprehensive effort to return the railroad to a state-of-good-repair, the request would fund $791 million in capital projects, provide $570 million for operations and repay a $100 million federal loan obtained in 2002. The balance of the request is for debt service and working capital.
“As we enter the second year of our five-year strategic plan, this request should come as no surprise to anyone. When we announced our plan last February, we said we’d need about $1.7 billion in FY ‘05, and that is what we have proposed,” said Gunn.
The $1.8 billion request amounts to a roughly $300 million increase over the current year’s federal funding and relief, comprised of an appropriation of $1.2 billion, carry-over of more than $150 million from FY ’03 and deferral of the $100 million loan repayment.
“The nearly $1.4 billion in real dollars and $100 million in loan repayment relief will be adequate for this year, but we will need a full appropriation in FY ‘05 if we are to continue stabilizing the railroad according to our strategic plan and eventually return our plant and equipment to a state-of-good-repair,” said Gunn.
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