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EXECUTIVE INFRASTRUCTURE INSIGHTNº 07
ASSET MANAGEMENTSYSTEMS THINKINGCRITICAL INFRASTRUCTURE
SELECTED FOR PUBLICATION · MONDAY 12 OCTOBER 2026
RAIL INFRASTRUCTUREASSET REGISTERSASSET MANAGEMENT

A backlog numberis only as strong as the register that can rebuild it

Amtrak's inspector general found that the company kept no record of the assets behind its $47 billion repair backlog, so the figure cannot show progress.

BY KINGKOF OPOKU-OHEMENG4 MIN READMON. 12 OCTOBER 2026
One backlog figure in three views: how it is made, how well the records agree, and when the fixes arrive.KPL GRAPHIC · DATA: AMTRAK OIG, OIG-A-2026-004
THE STRATEGIC SIGNAL

Amtrak's $47 billion repair backlog is a calculation whose working was discarded, so no repair can be shown to have reduced it. A programme funded against a number that cannot be rebuilt can only be judged by what it spends.

$47bn
Amtrak's estimated state-of-good-repair backlog, a unit-cost calculation for which the list of assets counted was not kept
1,726
assets held in the maintenance system (Maximo) but missing from the inventory (GIS) in the classes reviewed, with 227 more the other way round
10 to 15
years: Amtrak's own estimate of the time to clear the backlog rose between its FY2017 to FY2021 plans and its FY2022 to FY2024 plans
2028, 2031
management's target dates for the governance fixes and the data fixes, both after a new backlog estimate expected in 2026
01/ 06
01 / 06THE DEVELOPMENT

A backlog estimate with no working kept

VThe Amtrak Office of Inspector General (OIG) published report OIG-A-2026-004 on 10 April 2026, auditing how Amtrak governs the assets behind its state-of-good-repair backlog. The company estimates the backlog at about $47 billion and has a target to clear it by 20401.

VThe estimate multiplies a standard unit cost for each asset class by the units not in good repair, and officials said the real cost could be higher or lower. Amtrak did not save which specific assets it counted, so no later repair can be shown to have reduced the figure, and the company does not use the number to track progress1.

VAmtrak's own estimate of the time to clear the backlog, given sufficient funding, rose from 10 years in its FY2017 to FY2021 plans to 15 years in its FY2022 to FY2024 plans. With no performance metric, the OIG says the causes cannot be separated1.

02/ 06
02 / 06WHY IT MATTERS

Two records, and no routine check that they agree

VAmtrak holds its official inventory in a geospatial system (GIS) and tracks maintenance work in Maximo. Comparing 18 of its 35 asset classes, the OIG found that all signal machines in Maximo appeared in GIS, but only 69 percent of defect detectors did1.

VThe OIG traced 1,726 assets in Maximo but not in GIS and 227 in GIS but not in Maximo. Substation alignment rose from 47 to 96 percent after the OIG shared its findings. Some gaps were retired or new assets, and at the time of review no process monitored whether the inventory was complete. The results cannot be applied to the classes the OIG did not review1.

AA backlog figure inherits the gaps of the register under it. When two records disagree, the number of assets behind a figure depends on which is asked, and only a routine check can say which is right.

FIGURE 01 · FROM REGISTER TO FIGURE
THE REGISTERTwo systems, no routine completeness check
THE CALCULATIONUnit cost multiplied by units; the list counted was not kept
THE FIGUREAbout $47 billion, which cannot be rebuilt
AEach step inherits the weakness of the one before it, so the final number cannot be audited back to an asset.
03/ 06
03 / 06STRATEGIC IMPLICATIONS

The next estimate arrives before the fixes

VAmtrak management agreed with both recommendations. It set 30 September 2028 for the governance framework (strategy, policy and plan) and 30 September 2031 for the data actions, including condition assessments. It expects to publish its next plan and backlog estimate in 20261.

VOfficials involved in the work told the OIG they were unaware of the asset management policy, which sits in an appendix to the FY2024 plan, or that it did not inform their work1.

AA new estimate published before the controls exist will face the same problem as the old one. Unless the list of assets counted is kept from the start, the first honest test of the 2040 target waits for the data fixes.

04/ 06
04 / 06OUR PERSPECTIVE

Treat the figure as a conclusion that needs its working

AKIS PLUS LTD's view is that a headline backlog belongs with the record that produced it. Three controls would test it: a retained baseline listing every asset counted, with its unit cost and date; a routine completeness check between the inventory and the maintenance record, with a named owner for each difference; and reconciliation of every restated figure to the one before.

IIf the 2026 estimate is published with its baseline retained, the 2040 target can be tested for the first time. Without it, the target date may keep moving with nothing to measure the move against.

OUR PERSPECTIVE

A backlog is a number until someone can show which assets are in it.

05/ 06
05 / 06QUESTIONS FOR THE BOARD

Three questions to ask this week

  1. For each headline figure we give a board or funder, can we rebuild it today from a list of assets we kept, and who holds that list?
  2. When did we last check that our asset inventory and our maintenance record describe the same assets, and who owns each difference?
  3. When we restate a figure, can we explain every change from the last version, asset by asset?
06/ 06
06 / 06WHAT TO WATCH

The next proof points

MilestoneWho decidesStatus
Amtrak's next five-year plan and state-of-good-repair backlog estimate1AmtrakExpected 2026
Whether the new estimate keeps the list of assets countedAmtrak and its OIGNot announced
Governance framework with specific objectives and performance metrics1AmtrakTarget 30 September 2028
Data controls and condition assessments used in investment decisions1AmtrakTarget 30 September 2031
BOTTOM LINE

A backlog figure needs the list of assets behind it, kept and checked, before it can show progress.

The inspector general found Amtrak kept no record of the assets counted in its $47 billion estimate, and its asset records sit in two systems that did not fully agree. Owners should ask whether their own headline figures can be rebuilt from a list they still hold.

EVIDENCE BOUNDARY

VVerified

  • The report number, date and the $47 billion estimate with its 2040 target
  • The unit-cost method and that Amtrak did not keep the list of assets counted
  • The rise in the estimated time to clear the backlog from 10 to 15 years
  • The GIS and Maximo comparison: 69 percent, 1,726 and 227 assets, and 47 to 96 percent for substations
  • Management's agreement with both recommendations and its target dates of 30 September 2028 and 2031
  • That a new plan and backlog estimate are expected in 2026

RReported

Nothing in this category.

AKPL analysis

  • A backlog figure inherits the gaps of the register under it
  • The three controls: retained baseline, completeness check, reconciliation of restated figures
  • The questions for the board

IInference

  • That the 2026 estimate faces the same problem unless its baseline is kept
  • That the 2040 target can be tested only once a retained baseline exists
SOURCES AND EVIDENCE

Every source above is cited in the text by its number. Paragraphs marked A or I are KIS PLUS LTD analysis or inference.

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