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Assembly committee warns of near‑term cash‑flow risk for High Speed Rail; LAO and inspector general press for clearer funding plan
Summary
Legislators heard from the LAO and the HSRA inspector general that the authority’s 2026 draft business plan leaves a near‑term cash‑flow gap, depends on statutory changes and assumed savings, and lacks a timing‑based funding schedule; HSRA says it can complete Merced‑to‑Bakersfield with current funding assumptions but acknowledges cash‑flow risks and pursuit of private partners.
The Assembly Transportation Committee held an oversight hearing on the California High Speed Rail Authority’s supplemental project update and the 2026 draft business plan, where nonpartisan reviewers told lawmakers the plan lacks a clear, timing‑based funding path and that a near‑term cash‑flow gap could jeopardize progress.
Inspector General Ben Belknap told the committee that, by his office’s estimation, "we are only 2 years away, give or take a few months, from the authority not having the funds on hand necessary to keep the project on schedule." He urged the authority and lawmakers to find a financing solution this year, saying future GGRF revenues and likely federal support could be insufficient in the near term.
Helen Kirstein of the Legislative Analyst’s Office (LAO) said the supplemental project update and related business plan contain tradeoffs and assumptions that matter to lawmakers. She…
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