CA AB1277

Establishes a requirement for public agencies to create a project oversight committee for "megaprojects" defined as transportation projects with total estimated development and construction costs exceeding $1,000,000,000.

Requires administering agencies to develop comprehensive risk management plans that identify, quantify, and monitor project risks, including regularly reassessing reserves for potential claims and unknown risks throughout the project duration.

Project oversight committees must be composed of at least three directors (or designees) from the administering agency and two other involved public agencies, and shall be subject to open meeting laws (Ralph M. Brown Act or Bagley-Keene Open Meeting Act).

Administering agencies must provide quarterly reports to project oversight committees on construction status, expenditures, and forecasted costs; project oversight committees must provide annual reports to the California Transportation Commission until the year following project completion.

Establishes that costs incurred by public agencies for duties required under this chapter shall be reimbursed by the administering agency, with state reimbursement available if the Commission on State Mandates determines costs are state-mandated.