Book Description

Report concerning the Calif. High-Speed Rail Authority¿s (Authority) readiness to manage funds authorized for building the high-speed rail network in Calif., including the $9 billion in general obligation bonds the voters authorized in Nov. 2008. This report concludes that the Authority has not adequately planned for the future development of the program. State law requires the Authority to establish an independent peer review group to review the Authority¿s plans, but only five of the eight members have been appointed. Additionally, the Authority does not currently categorize and track expenditures for admin., which state law limits to 2.5% ($225 million) of the $9 billion in bond funds authorized. Charts and tables.