Thursday, April 21, 2016

High-speed rail project still doesn't have the money

Frank Oliviera addresses an Assembly committee on the high-speed rail's 2016 business plan.

From the report by the Legislative Analyst’s Office:

The plan assumes that additional funding will become available to pay for the $43.5 billion in construction costs for the remainder of Phase I. The plan also assumes that funding would be available in order to begin construction of the remainder of Phase I in 2018, so that the entire Phase I system would be completed and operational by 2029. While the plan does discuss some potential sources that might be able to partially fund additional portions of Phase I (such as seeking additional federal funds and securitizing operating revenues), it does not include a full funding plan.

More on the cap-and-trade issue.

In an editorial, the Chronicle doubles down on dumb:

High-speed rail is still a worthy project that could bring incredible benefits to the state and to the next generation of Californians. But there’s growing bipartisan concern about whether the authority is on the right track.

On the contrary, the high-speed rail project was poorly-conceived and narrowly authorized by California voters in 2008 after a deceptive campaign based on inflated ridership predictions and minimized costs.

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