HSRA finance committee reports nearly $4.3 billion cash position, updates project funding to $44.3 billion

The California High-Speed Rail Authority Finance and Audit Committee heard an October 2025 financial briefing on Oct. 9, 2025, in which Chief Financial Officer Jamie Matalka said the authority’s cash position stood at just under $4.3 billion as of the reporting period ending July 2025.

Matalka told the committee the cash balance comprises $312 million in Proposition 1A funds, about $3.9 billion in cap-and-trade funds and $13.2 million in the Property Management Fund. He also said the total fund balance does not yet include auction results from an August 2025 cap-and-trade sale; once the Department of Finance issues an executive order, the authority expects an additional $99.4 million to be added to the fund balance.

The update included support- and capital-budget details. Matalka said the support budget for fiscal 2025-26 is $117.5 million, with $6.3 million spent in the first reporting period and an authorized headcount of 514 positions of which about 387 are filled (a 24.7% vacancy rate). He said the capital outlay budget for the current year is $2.7 billion, with $137 million spent through the same reporting period.

Matalka gave a project-level funding summary showing an authorized baseline of $37.6 billion and cumulative expenditures of $14.7 billion to date, with the state funding about 82.6% of expenditures. He said recent legislation signed into law—identified in the presentation as SB 840 and AB 1207—expanded identified project funding to about $44.3 billion.

On federal grants, Matalka said the authority will apply for two grants in October 2025: a $1.5 million “Energized” grant for Fresno depot electric-vehicle charging and hydrogen fueling infrastructure, and a $2.0 million Innovative Financing and Asset Concession grant to support public–private partnerships that leverage authority property assets. He said one previously listed pending USDOT grant application was removed after USDOT issued a new notice of funding opportunity that nullified the earlier submission.

The CFO opened his remarks by introducing himself: "My name is Jamie Matalka. I'm the CFO of the authority. And today I'll be covering the October 2025 financial reports executive summary with data through July 2025." He also told the committee, "We continue our timely payment of invoices with no late payments to report for the period."

Votes at a glance: The committee approved the minutes of the Aug. 28, 2025, Finance and Audit Committee meeting; the motion carried on roll call. The transcript records the motion and that the motion carried, but does not name the mover and seconder in the public record excerpt provided.

Why it matters: The cash position, budget adjustments and newly identified project funding affect the authority’s ability to fund ongoing construction, enter contracts and pursue federal grants. The committee asked questions about budget assumptions, vacancy rates and the treatment of recent auction proceeds.

Looking ahead, the CFO said the authority expects a small dip in capital expenditures in the next reporting period and forecast a net increase of three filled positions (reducing the vacancy rate slightly). He also said the authority had removed a pending grant application after a USDOT notice of funding opportunity change and will submit the two grants described above.