Chapter 4 of 11 · The Money Trail
FOLLOW THE MONEY
Of every dollar California has spent on this project, 54 cents went to construction contractors — the same contractors who collectively billed $1.17 billion more than they originally agreed to. Not one spending category has come in on budget. The smallest category has the highest overrun rate. And the money is still flowing at $4.65 million a day.
$13.8B
Total Spent
$4.65M per day · every day · since 2015
8 of 8
Categories Over Budget
Every single spending category · no exceptions
132%
Highest Overrun
PR / Communications · the smallest category
Budget vs. Actual Spend by Category ($M)
Annual Spend 2015–2025 ($M)
Spending Breakdown by Type
Category Overruns — Detail
Cumulative Trajectory to Completion
At current burn rate, completing Phase 1 requires an additional $75–115B. Every year of delay adds $2–4B in inflation and carrying costs.
Chapter 5 →
WHO GOT PAID
The lowest-scoring bidder won the biggest contract. A Spanish corporation controlled by the president of Real Madrid took $2.4 billion. Find out exactly who cashed the checks.