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LAO flags $7 billion gap for high‑speed rail; authority promises summer update
Summary
The Legislative Analyst’s Office told the committee there is roughly a $7 billion funding gap to complete the Merced‑to‑Bakersfield initial segment and urged the legislature to seek updated cost, schedule, and funding strategy details; the High‑Speed Rail Authority committed to deliver more complete analysis in summer.
Helen Kerstien of the Legislative Analyst’s Office summarized the High‑Speed Rail Authority’s project update report and told members the update did not meet all statutory content requirements. The LAO said the authority will provide a supplemental document this summer with additional information on scope, schedule, ridership, and a new financial strategy.
The LAO reiterated that the most recent project cost estimate for the Merced‑to‑Bakersfield segment and associated obligations stood at $35,300,000,000 and that projected funding, as reported, totaled about $28,300,000,000 — leaving a roughly $7,000,000,000 gap. The LAO noted the authority is assuming…
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