California auditor accuses high-speed rail project of risky financing

The Sacramento BeeJanuary 24, 2012 

An artist's depiction of a California high-speed train.

In yet another blow to California's troubled high-speed rail project, California's state auditor said Tuesday that the project's financing is "increasingly risky" and its oversight inadequate.

The California High-Speed Rail Authority's most recent business plan, state Auditor Elaine Howle said in a report, relies on funding sources that are so uncertain "the program's overall financial situation has become increasingly risky."

Howle's report is the latest in a series of critical reports about the project, including by the Legislative Analyst's Office and the rail authority's own peer review group.

Read the full story at SacBee.com

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