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State auditor issues financial warning on California bullet train

January 25, 2012

California's $98.5-billion bullet train project has become "increasingly risky" because of uncertainty about where the money will come from to finish even the first phase, the state auditor warned Tuesday.

In the latest in a series of cautionary reports by outside agencies and groups, the report found that the California High-Speed Rail Authority has made some progress in addressing planning and fiscal concerns but still has important work to do to ensure that the project can be built as promised.

"The program's overall financial situation has become increasingly risky, in part because the authority has not provided viable funding alternatives in the event its planned funding does not materialize," the state auditor concluded.

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Image: An artist's rendering of a proposed California high speed rail station is shown. Credit: California High-Speed Rail Authority

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