Category Archives: Finances

Citizens for California High-Speed Rail Accountability (CCHSRA) Express Support for Bill to Freeze Spending of Federal Funds While Courts Stop Bond Sales

On Monday, March 24, the California Assembly Transportation Committee held a hearing on Assembly Bill 1501, introduced by Assemblyman Jim Patterson of Fresno, that would have prevented the California High-Speed Rail Authority from spending federal grant money on the bullet train while the courts continue to prohibit the state from borrowing money by selling Prop 1A bonds. Assemblyman Patterson noted that the state would be bound to matching any of the federal funding spent on the high-speed rail project.

Aaron Fukuda, co-chairman of the CCHSRA, testified as a key witness in support of AB 1501. A second featured witness in support of AB 1501 was Diane Friend, Executive Director of the Kings County Farm Bureau. In addition, Alan Scott and Frank Oliveira of CCHSRA spoke during public comment in support of AB 1501, along with policy consultant and CCHSRA ally Kevin Dayton of Labor Issues Solutions, LLC.

A California High-Speed Rail Authority representative claimed that Cap and Trade auction allowances (described by some as “taxes”) would match the federal funding. Representatives of the California Labor Federation, the State Building and Construction Trades Council of California, and individual construction trade unions spoke in opposition to AB 1501, along with representatives of high-speed rail interests.

Assemblyman Patterson had hoped the committee would pass his bill to the Assembly Appropriations Committee in order to trigger a fiscal analysis. Instead, the Democrat majority on the committee rejected the bill on an 11-4 party-line vote.

Watch the video of the AB 1501 hearing (starts at 20:50).

Now on the Web: A Centralized Primary-Source Compilation for Reports and Litigation on California High-Speed Rail Finances

If you’re looking for primary source documents about California High-Speed Rail finances, take a look at a relatively new and simple web site: California High-Speed Rail Finance Reports (Calif HSR Fin Reports). It’s the self-declared “Home For Reports And Litigation On Aspects Of The California High Speed Rail’s Finances.”

According to the authors, “As a team of financial experts, with many years of diverse experience, we have reviewed and analyzed the financial aspects of the planned California High Speed Rail project, and have documented the financial risks of this project in a series of reports. We are proud to present our reports here.

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