(a) As part of the business plan that is due on or before May 1, 2026, pursuant to Section 185033, the authority shall provide a detailed funding plan for the Merced to Bakersfield segment that includes all of the following information:

1. (1) An updated estimate of the funding gap for completing the segment.

2. (2) A strategy for addressing the funding gap that includes all of the following:

   1. (A) An itemized list of anticipated funds by source.
   2. (B) A timeline describing when each source of funds must be received in order to meet the authority’s schedule for segment completion.
   3. (C) The estimated project delays that would result if any funding source fails to materialize, and a discussion of how work could be resequenced to minimize these delays.
   4. (D) An assessment of the likelihood that each proposed source of funding will materialize, including the identification of any major risks for obtaining the funding and a plan for mitigating those risks.
3. (3) Options for initiating service on the segment described in subparagraph (A) of paragraph (1) of subdivision (b) of Section 185033.7 and the estimated schedule and costs associated with the service.