process), and contingency reserves are being increased. Revenue and expense projections indicate that constructing an operable segment is feasible. Financial status and plans The CAHSR's latest financial projections are discussed in detail in its 2022 Proposition 1A Funding Plan (September 2022) and the 2023 Project Update Report (which is discussed at the end of this section). The legislature also had both of these documents reviewed by an independent accounting agency, and no significant problems were noted. As of September 2022, the Authority's plans indicated $23.4 billion in identified funding through 2030, with funds coming from Proposition 1A bonds, a number of federal grant program awards, and 25% of California's cap-and-trade auction proceeds. These will go towards a budgeted allocation of $17.9 billion for Central Valley construction (about ), design work for the Merced and Bakersfield extensions, the "bookend" projects now underway, completing the environmental clearances and design work needed for all of Phase 1, station construction, plus $4.6 to $6.0 billion for double-trackage, extension construction, and trainsets for the Interim IOS. As of November 2022, the Authority was seeking an additional $8 billion in funding via grants from the federal government. Should it be awarded, this funding will allow the Authority to leverage its resources and use the additional federal funds for: Double-tracking the initial 119 miles (the first priority), Construction and land acquisition to advance the extension south to Bakersfield, Purchase of the trainsets needed for the Initial Operating Segment operations, Design of the Merced and Bakersfield extensions, and Construction of the initial five HSR stations. Per the 2022 Business Plan, the expected new funding will be budgeted to: "Deliver an electrified two-track initial operating segment connecting Merced, Fresno and Bakersfield as soon as possible. Invest statewide to advance engineering and design work as every project section is environmentally cleared. Leverage new federal and state funds for targeted statewide investments. Develop a funding strategy to extend high-speed rail beyond the Central Valley and to the Bay Area as soon as possible." The funding and budget strategy is now to leverage existing state funds and use matching federal funds to achieve the optimal result in project investments. Table 3.3 in the 2022 Business Plan (on p. 55) shows how the Authority is matching the proposed funding with the different project results. For example, "System-Wide Advancement/Start Bay Area Connection" (see figure above) includes advanced design as well as right-of-way acquisition in