SACRAMENTO (CBS SF) – The state auditor has released a new report on California’s high-speed rail project, raising new concerns about how it will be financed.

In the report, the auditor said the latest high-speed rail business plan relies on uncertain funding sources and financing for the project has become increasingly risky.

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“The High-Speed Rail Authority is estimating that to complete phase one of the program, it’s going to cost between $98.1 and $117.6 billion,” said auditor spokesperson Margarita Hernandez. “And to date, they have only secured about $12.5 billion.”

KCBS’ Chris Filippi Reports:

But Lance Simmons with the High-Speed Rail Authority said the project is on sound financial footing.

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“We will work very closely with our federal partners at the Federal Railroad Administration and with the federal government to try to identify funding sources,” Simmons said.

The auditor’s report also estimates that it will cost nearly $97 billion to operate and maintain the rail system from 2025 to 2060.

Opponents of the high-speed rail project have been given the go ahead by the Secretary of State to start collecting signatures for an initiative that would eliminate the High-Speed Rail Authority.

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