by afiggatt
Arlington wrote:I interpret $1.5b as "the Boardman Deal", which resulted in a net increase in Amtrak funding of about $0.4b (from $1.1b -ish), which doubled the funds available for NEC capital projects.No, Amtrak received a total of $1.39 billion in (direct) federal funding in FY2016. The FY2017 appropriations deal provides Amtrak around $110 million in additional funding they can spend. Amtrak is not getting a $0.4 billion or $400 million increase. And the National Network is not "losing" $1.1 billion a year. The LD and state supported corridors had a net fully loaded loss about 1/2 of that in FY2016.
Under the old deal, Amtrak might have gotten $.4b for NEC capital projects and $.7b for operating losses, but since the "National Network" had operating losses of $1.1b, Amtrak had to transfer $.4b from the NEC Operations to National Network Operations to fully cover the National Network's operating losses.
What has changed in how the funding is structured. In FY2016, Amtrak received $288.5 million for operating grant subsidies and $1.1015 billion for capital and debt service. Of the $1.1015 billion, up to $160 million was for debt service payments and not less than $50 million to be spent on bringing stations and facilities to ADA compliance.
The funding structure is now split with 1 amount to the NEC and 1 amount for the rest of the system. The capital & maintenance funding, operating subsidies and debt service funds are now all lumped together in the money Amtrak gets and it will be up to Amtrak and the FRA & US DOT (in their role as overseeing Amtrak and doling out the funds) to spend most of the funds as needed for operating subsidies, debt service, etc. One piece of good news on the debt service is that the $300 million mortgage on NY Penn Station that was taken out in the early aughts to keep Amtrak operating will be paid off in June 2017. Will eliminate ~$34 million in annual mortgage payments.