March 28, 2023 | Regulatory

Amtrak Releases G&L Annual Report, FY24 Grant Request

Written by Marybeth Luczak, Executive Editor



(Amtrak Photograph)

Amtrak has issued its Fiscal Year (FY) 2024 General and Legislative (G&L) Annual Report for Congress, in which it seeks $3.65 billion in total grant funding, including $1.70 billion for the Northeast Corridor (NEC) and $1.95 billion for the National Network (NN). This is consistent with the FY24 annual appropriations authorized under the Infrastructure Investment and Jobs Act (IIJA).

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Amtrak-FY-24-LG-Grant-Request-Related-Materials-FINAL-1 Download

In the report, Gardner noted that Amtrak’s overall financial performance in FY22 “improved significantly, continuing our trend of recovery since the COVID-19 pandemic.” Total ridership came in at 22.9 million—71% of FY19 levels—and the railroad’s adjusted operating earnings “exceeded our estimates, led notably by a nearly 50% growth in revenue compared to FY21 as our strategy of attracting new riders, aggressively managing sales and pricing, and broadening our customer base produced results,” he explained.

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