In April 2012, the California High-Speed Rail Authority (HSRA) released its most recent business plan, estimating the cost of constructing the first phase of the high-speed train project at $68 billion. However, the HSRA has secured only about $9 billion in voter approved bond funds and $3.5 billion in federal funds. The revised business plan also makes significant changes from prior plans, such as proposing to integrate high-speed rail with other passenger rail systems, constructing the southern portion of the system first, assuming lower construction costs, and using “cap-and-trade” auction revenues if additional federal funds fail to materialize. Consistent with the HSRA's revised business plan, the Governor’s budget plan for 2012-13 requests $5.9 billion to continue the high-speed rail project--$2.6 billion in state bond funds matched with $3.3 billion in federal funds to begin construction in the Central Valley. In addition, about $800 million is requested to make improvements to existing passenger rail services and about $250 million to complete preliminary design work and environmental reviews for various sections of the project. In this brief report, we find that HSRA has not provided sufficient detail and justification to the Legislature regarding its plan to build a high-speed train system. Specifically, funding for the project remains highly speculative and important details have not been sorted out. We recommend the Legislature not approve the Governor’s various budget proposals to provide additional funding for the project. However, we do recommend that some minimal funding be provided to continue planning efforts that are currently underway.