Missed it by That Much!
by Ralph Bristol
The projected cost of California’s bullet train from San Francisco to Los Angeles has jumped to $77 billion (a 20% increase) and the opening date has been pushed back four years to 2033.
The first 119 miles is scheduled to open by 2022, 14 years after voters approved a $10 billion bond for high-speed rail in November 2008.
How to pay for the entire project remains “uncertain.”
The state has spent $2.5 billion in federal stimulus money and has an additional $930 million in federal money on the table. That’s on top of the $10 billion bond from voters.
The rest of the money comes from California’s cap-and-trade auctions, a volatile source of revenue that can be diverted by lawmakers in the future.
Predicted private investment has not come in either.
Another light rail plan, another missed cost projection.
Coincidentally, all of the misses have been low, never high. Go figure!