On or before March 1, 2017, and every two years thereafter, the authority shall provide a project update report, approved by the Secretary of Transportation as consistent with the criteria in this section, to the budget committees and the appropriate policy committees of both houses of the Legislature, on the development and implementation of intercity high-speed train service pursuant to Section 185030. The report, at a minimum, shall include a programwide summary, as well as details by project segment, with all information necessary to clearly describe the status of the project, including, but not limited to, all of the following:

(a) A summary describing the overall progress of the project.

(b) The baseline budget for all project phase costs, by segment or contract, beginning with the California High-Speed Rail Program Revised 2012 Business Plan.

(c) The current and projected budget, by segment or contract, for all project phase costs.

(d) Expenditures to date, by segment or contract, for all project phase costs.

(e) A comparison of the current and projected work schedule and the baseline schedule contained in the California High-Speed Rail Program Revised 2012 Business Plan.

(f) A summary of milestones achieved during the prior two-year period and milestones expected to be reached in the coming two-year period.

(g) Any issues identified during the prior two-year period and actions taken to address those issues.

(h) A thorough discussion of risks to the project and steps taken to mitigate those risks.

(Added by Stats. 2015, Ch. 12, Sec. 2. (AB 95) Effective June 24, 2015.)